Laws on Accounting and Auditing adopted

On Tuesday, the Serbian parliament adopted Laws on Auditing, Accounting and Factoring which align these areas with international standards and European legislation.

New solutions will reduce the number of taxpayers of audit will decrease for one fifth to some 4,400 companies and thus audit quality will improve.

Large and medium enterprises shall carry out audit of the annual financial statements according to the criteria of the Law on Accounting, companies with a revenue of more than EUR 4.4 mil in the previous year, companies on the stock market and companies of public interest.

The Committee for Public monitoring of auditing activity should be set up as an institution for protection of public interest in the work of the Chamber of authorized auditors, audit companies, independent auditors and licensed authorized auditors.

This institution and the ministry responsible for finance affairs will have the ultimate responsibility for the quality of audits in Serbia.