Recognition of
qualific
SAAA professional
qualifications are directly
recognised on territory of
whole region (Republic
of Srpska, Bosnia and
Herzegovina,
Montenegro, Macedonia,
Kosovo*) enabling its
members to practice audit
and accounting
Foundation of regional
qualification
f professional
cations
26
Recognition of
qualific
Market recognition of
qualifications…
Industry
Banks
Foreign investors
General Auditor office
Tax Office
And expertise:
From 1957 SAAA publis
journal “Accounting Practi
manual and guide for acco
tax and finance
f professional
cations
sh 15 day
ice” – practical
ounting, audit,
27
IAASB Internat
The legislation states that
listed entities should be c
with the International Au
Standards Board (IAASB
SAAA has established an
ongoing process for the tr
pronouncements (working
Translation is done on reg
Committee made up from
government, academic in
Serbia, Bosnia and Herze
tional Standards
t audits of listed and non-
conducted in accordance
uditing and Assurance
B) pronouncements
n self-sustaining and
ranslation of the IAASB
g from 2005 up to 2013)
gional level by Translation
m representatives from PAO,
nstitutions and industry from
egovina and Montenegro.
28
IAASB Internat
Balance of the
capacities and
needs in the region
Future of continued
translation depends
on IFAC policy
toward member-
organisations!
tional Standards
29
IESBA Code of Eth
Accou
SAAA has adopte
Code of Ethics in
From 1989 up to d
Ethic is directly im
SAAA members
hics for Professional
untants
ed first IFAC based
1989
date, IFAC Code of
mplemented for
30
IESBA Code of Eth
Accou
Translation is done on
regional level by
Translation Committee
made up from
representatives from
PAO, government,
academic institutions and
industry from Serbia,
Bosnia and Herzegovina
and Montenegro
hics for Professional
untants
d
31
IESBA Code of Eth
Accou
Ethic module included in prof
Minimum of 3 Ethic focused
Tailored Software for training
procedures and safe guards re
conflict of interests and maint
hics for Professional
untants
fessional certification program
seminars through year
g, raising awareness, establishing
elated to threats to Ethic and
taining and updating client files
32
IESBA Code of Eth
Accou
Members Consulting s
and dilemmas
Members Legal adviso
Inadequate legislative
hics for Professional
untants
service for Ethic issues
ory service
33
IPS
The application of cash b
sector entities was adopte
SAAA promote and advo
accrual based IPSAS
SAAA maintains a strong
demographic in its memb
Section of Public Accoun
working body
Two regular semi-annual
in addition to one-day tra
specific to the public sect
SAS
based IPSAS for all public
ed in Serbia in 2003
ocate a transition to full
g and active ‘public sector’
bership
ntants as a permanent
l, three days-long seminars
ainings to address issues
tor
34
IPS
Translation is done on
regional level by Translation
Committee made up from
representatives from PAO,
government, academic
institutions and industry from
Serbia, Bosnia and
Herzegovina and Montenegro
Cooperation with foreign
PAO with focus on Public
Sector
SAAA certificates are
recognized by CIPFA
SAS
m
o
35
Investigation a
SAAA first Investigation
established in 1955 as an
From that period onward
system:
the Investigation Committ
Discipline Committee
Appeal Committee
SAAA established mixed
Possible action:
formal reprimand,
possibility of appeal
freezing of membership st
revocation of certification
possibility of appeal
and Discipline
n and Discipline body was
Court of Honor
SAAA maintain a three tier
tee,
d based approach
tatus,
and license
36
Investigation a
Regional cooperation
Investigation and Disc
through share of data b
sanctions
Serbian Legal system
its definition of who c
and Discipline
regarding
cipline mechanism
bases and reports on
is quite restrictive in
can impose penalties
37
International Fin
Standard
SAAA has established an self-sus
and ongoing process for the transl
the IASB standards (from 2005 on
both IFRS and IFRS for SME
Translation is done on regional le
Translation Committee made up f
representatives from PAO, govern
academic institutions and industry
Serbia, Bosnia and Herzegovina a
Montenegro.
nancial Reporting
ds (IFRS)
staining
lation of
nward) –
evel by
from
nment,
y from
and
38
International Fin
Standard
Frequent trainings in applic
SME
Cooperation with foreign P
(Paul Pacter, IASB; Richar
nancial Reporting
ds (IFRS)
cation of IFRS and IFRS for
PAO and lecturers in education
rd Martin, ACCA, etc)
39
Importance of
Quality of financial re
decision making
Key qualitative charac
Understandability
Relevance
Reliability
Comparability
f Accountants
eporting essential for
cteristics:
40
FUTU
The future of the pr
based not on fea
on the hop
URE
rofession should be
ar of sanctions, but
pe of success
41