SRRS ICPA Conference

Serbian Ass
Accountants a

ICPA Co
Hil

Belgrade, Sep

sociation of
and Auditors

onference
lton
ptember 2019

1

Serbian Association
Auditors

 Serbian Association o
Auditors is a non-gove
professional associatio
accountants from Serb

 SAAA was established
association devoted to
accounting profession
and harmonization of
regulation with the bes
countries.

of Accountants and
s (SAAA)

of Accountants and
ernmental, nonprofit
on of professional
bia.
d in 1955, as a voluntary
o development of
n, its members education
national professional
st practices of developed

2

SAAA – Organiz

zational structure

3

SAAA Organiza

 For the purpose of
efficient support and
assistance to its
membership SAAA
developed a network
(SAAA branches)
throughout Serbia

 SAAA possess over
4,000 square meters of
business premises in
which professional
activities are carried out

ational structure

4

SAAA A

 Organization of exams for pro
as specialist qualifications;

 Organization of education, se
symposiums, congresses, inte
forms of scientific and profes

 Development and promotion
standards;

 Research and development pr
auditing and finance;

 Publishing of books, brochure
publications for the membersh
professional titles

 Development of software, IT
accounting application

Activities

ofessional qualifications as well
eminars, trainings, scientific
ernational conferences and other
ssional training and CPD;
of professional and ethical
rojects in area of accounting,
es, journals and other
hip and candidates for

tools and technologies for

5

SAAA Internatio

 SAAA participates in dev
worldwide through bilateral a

 Member of International Fed
from 1997

 Member of Accountancy E
organisation that represen
accountants from European co

 Member of Federation
Mediterraneens, association
region

 Chair member of SouthEa
Professional Accountants (SE
nongovernmental association
from South Eastern European

onal cooperation

veloping accounting profession
and multilateral cooperation:
deration of Accountants (IFAC)

Europe, international nonprofit
nts institutes of professional
ountries

des Experts Comptables
of PAOs in the Mediterranean

astern European Federation of
EEFPA), regional organization of
ns of professional accountants
n countries.

6

Quality A

 SAAA maintains a vo
for its membership

 QA system was design
of Ordre des Experts-C
Compagnie Nationale
Comptes

 QA system was additi
on experience of Body
Accountants of Roman

Assurance

oluntary system of QA

ned with the assistance
Comptables and
des Commissaires aux

ionally improved based
y of Licensed and Expert
nia (CECAR)

7

Quality A

 Three phases:

 Comprehensive questionna
weakness in quality contro
practice of firms

 Review and recommendati
 Field visit and follow up o

recommendations

 Special consideration reg

 ISQC 1
 IFAC Code of Ethics
 IFAC Guidelines
 National legislative

Assurance

aire to identify areas of
ol and audit and accounting
ions by Regional QA Committee
of implementation of

garding to:

8

Quality A

 Questionnaire:
Self-assessment
procedure to identify
areas of weakness in
quality control
procedures and audit
and accounting practic
of firms

Assurance

ce

9

Quality A

 Specialized, top-down
software for tailoring
Quality procedures an
maintaining and
updating client files.
Prepared in accordanc
with IFAC Guide for
Quality Control for
SMP and ISQC 1

Assurance

n
nd
ce

10

Quality A

 Review and recommenda
Committee

 Joint QA Committee of ex
Serbia, Bosnia and Herzeg

 Avoidance of constrains:

 Small market and limited nu
 Conflict of interest
 Law on competition - prohi
 Bias of Peer Review

 “Criticisms of traditional p
accountability, can lead to
biased and inconsistent” (M

 “But we know that the sys
unjust, unaccountable, inco
insulting, usually ignorant
frequently wrong” (Horton

Assurance

ations by Regional QA

xperts (non-practitioners) from
govina and Montenegro

umber of audit firms

ibiting practices and abusive dominance

peer review allege that it lacks
o abuse by reviewers, and may be
McCook, 2006)
stem of peer review is biased,
omplete, easily fixed, often
t, occasionally foolish, and
n, 2000)

11

Quality A

 Major Objectives:
 Raise awareness among th
the components of strong f
 Trainings with focus on im
review system
 Establishment of Regional
 Further promotion of Qual

 Major limitations:
 Inadequate national legisla
 Inherent conflict of the nat
practices
 “Tunnel vision” perspectiv
 Loss of public trust

Assurance

he membership of the SAAA of
firm quality control
mplementation of the QC and QA
l Quality Excellence Centre
lity Control Certificate

ation – roles and responsibilities
tional laws and best international
ve

12

Educ

 SAAA education prog
assessment are based o
Chartered Certified Ac
program and textbook

 Competence base appr
 Focus on practice educ
 Regularly updated and

cation

gram and final
on the Association of
ccountants (ACCA)
ks
roach
cation and training
d developed

13

Educ

 Three major professional

 Accounting Technician (A
 Certified Accountant (ACC
 Certified Public Accountan

 Specialists qualifications

 Diploma in International F
(ACCA based)

 Forensic Accountant (ACF
 Public Sector Accountant
 Internal Auditor (IIA base
 Tax Advisor
 Financial Evaluator (IVSC

cation

l qualifications:

ACCA CAT)
CA fundamental)
nt (ACCA professional)

s:

Financial Reporting Standards

FE based)
(CIPFA based)
ed)

C based)

14

Accounting Techn

Average pass rate for Accounting Technician (2004-2013)

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

RecordingIFnifno.rmTraatniosnacfoMtiroaMninsatani.nCinogntFrIionAml.cpRcloeemucnoetrnidntsginPgfroeArpuCadoriistntMPgsraTonacaxeg.diCunrgoemPsepuotpaletDioParnanlsafdtninSngiynFsgti,enCm. Sosntattreoml aenndtsPerf. Man.

 Ethic Module

 Successful pass of all exams

nician – Statistics

Requirements:
 Secondary school
 3 years of supervised experience

Average Time period for qualifying as Accounting
Te chnician

3-4 years
34%

4+ years
14%

2-3 years
52%

15

Certified Accoun

Average pass rate for Certified Accountants 2004-2013

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

PreparingFiFni.nI.nSfotramte.mfoernMtsanagMeamneangtiInngfoPrmeCoapotilroepnorSaytset&eBmussineBsuFssiinLnaaenwscsiaTlaMxaatnio. nandFiCnoannAtcurioadllitRaenpdoIrntitnegrnal Rev

 Ethic Module

 Successful pass of all exams

ntant – Statistics

Requirements:
 College or Acc. Tech certificate
 3 years of supervised experience

Average Time period for qualifying as
Certified Accountant

4+ years
iew 14%

3-4 years 2-3 years
35% 51%

16

Certified Public Acc

Average pass rate for Certified Public Accountants
2004-2013

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Assurance SPerevrifcoermsSatrnacteegMicanBaugse. mPleannt. and DevelopAmdve.nCt orporate Reporting Fin. Management
Strategic
Audit and

 Ethic Module
 Successful pass of all exams

countants – Statistics

Requirements:
 University degree
 CA certificate
 3 years of supervised experience

Average Time period for qualifying as Certified
Public Accountant

4+ years
8%

3-4 years 2-3 years
37% 55%

17

Continuing profess

 The CPD obligation is
40 points per year, equ
three-year period.

 A member who does n
during a three-year pe
to take special examin
specified by the exami

sional development

s fulfilled by realizing
ualing 120 points in a

not accomplish the CPD
eriod has the obligation
nations under a program
ination committee.

18



Register of
professional
qualifications

Available at

www.srrs.rs

19

Obstacles and

 Traditional Humboldti
 Economy in transition
 Frequent political chan

changes in legislation
 Inadequate Legislation

 Copy & Paste syndrom
 Superficial alignment w

 Balance between supp

d Constraints

ian style of Universities
n
nges followed by

n

me
with EU legislation

ply and demand

20

Solutions

 Comprehensive coope
institutions

 Focus on practical edu
theoretical academic b

 Promotion of Professi

 Attracting the best can

 Cooperation with stak

 Objective and constru
inadequate legislative

s applied

eration with academic

ucation rather than
books
ion
ndidates
keholders from industry
uctive criticism of

21

Comprehensive c
academic in

Working cooperation agreements with
all Economic Universities focused on
harmonisation of academic and
professional education syllabus

cooperation with
nstitutions

From 1969 to date, SAAA organises annual
Scientific Symposium in cooperation with
economic Universities devoted to development
of Accounting profession
SAAA Accounting Board gather all Deans of
Accounting, Audit and Business Finance
Departments of Serbian Universities

Scientific journal
“Accounting” is regularly
published bi-monthly from
1956 up to date, as
publication of national
importance in area of
accounting, audit and
finance

22

Education

 Mutually agreed perspecti
education should be build

n material

ive that professional
d-up of academic education

23

Promotion o

From 1966 to date,
SAAA is co-organiser
and sponsor of National
Accounting Competition
for Economic Secondary
Schools

of Profession

From 2000 to date, SAAA is
co-organiser and sponsor of

National Accounting
Competition for students of

Economic Universities

24

Attracting the b

 Decrease of age of candidate

Average age of new members per qu
(2004-2013)

53
50
47
44
41
38
35
32
29
26
23
20

2004
2005
2005
2006
2006
2007
2007
2008
2008
2009
2009
2010

DEC
JUN
DEC
JUN
DEC
JUN
DEC
JUN
DEC
JUN
DEC
JUN
DEC

best candidates

es and lower drop-out rate

ualification Acc. Tech.
CA
CPA

2010
2011
2011
2012
2012
2013
2013

C 25
JUN
DEC
JUN
DEC
JUN
DEC