New Law on Audit

Serbia/October 2013

In July 2013 the new law on audit has been adopted by the Government of Serbia. The new law is geared towards compliance with the requirements of the new Eight EU directive, as well as aiming to eliminate discrepancies in application of the existing Law.

The main changes contained in the new law are outlined below:

-The international audit standards will be published in the Official Gazette.

-The law has defined the minimum number of auditors that must be employed in an audit company.

-The audit of financial statements can be conducted by Independent Certified Auditors –entrepreneurs.

– The audit of financial statements can also be conducted by foreign audit companies and auditors from EU countries as well as from third countries, provided that they are licensed for auditing in Serbia.

-The conditions for obtaining a license for a Certified Auditor and Certified Internal Auditor are defined with additional detailed criteria.

-Additional details are prescribed in relation to the exam for obtaining the vocation and professional specialisation of a certified auditor.

-The Chamber of Certified Auditors will be in charge of the control of audit companies.

Apart from the above, the law has defined in detail the following terms as well:

-Audit Company;

-Liability insurance;

-Cooperation Agreement;

-Transparency Report;

-Companies with audit obligation;

-Deadline for selecting an audit company;

-Audit Committee of Companies of Public Interests;

-Control of Audit Companies and Certified Auditors; and

-Board of public oversight over the audit.

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