SRRS ICPA Conference

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