Skopje, 16th April 2013 (MIA) – Today, Vice Prime Minister and Minister of Finance, Zoran Stavreski allocated the first 40 audit licenses.
– Quality financial reporting is basis of both the functional market economy and sound financial system. Therefore, the audit in the Republic of Macedonia must be carried out in line with the highest international standards and best practices, by which we will minimize the potential risks and we will attract new investors, Stavreski said in his address when allocating the licenses.
Audit profession in Macedonia exists for 15 years. Since the adoption of the first Audit Law in 1997 until today, the profession has established its reputation by showing expertness and competence. In 2010, new Law was adopted, being harmonized with the EU directives.
According to the new legal framework, the established Audit Promotion and Supervision Council, operating within the Ministry of Finance, grown into autonomous and independent body, being authorized to supervise the operations of both the Institute of Chartered Auditors and the audit companies. At the same time, the Council issues licenses for chartered auditors and audit companies.
– Ministry of Finance remains open to further cooperation so as to perform the audit in expert, transparent, professional and responsible manner. Analysis of the national legislation was made and amendments to the Audit Law were carried out, the goal of which is to increase the standards for the persons carrying out quality control at the audit companies, increase the responsibility for damages of third parties when performing audit and to regulate the disciplinary measures towards the chartered auditors and audit companies, acting contrary thereto or not adhering to the audit standards and regulations.
Law was submitted to the Institute of Chartered Auditors and the Council, which gave expert and well-founded remarks and comments that will be taken into account when defining the text.