The first conference took place on September 27, 2024 in Banja Luka, Republika Srpska in cooperation with Association of Accountants and Auditors of Republika Srpska. The event was attended by 85 participants, including guests from Brčko District. The second conference was on October 02, 2024 in Sarajevo, Federation of Bosnia and Herzegovina in cooperation with the Union of Accountants, Auditors and Financial Workers of Federation of Bosnia and Herzegovina (UAAFWFBH) and Chamber of Auditors of Federation of Bosnia and Herzegovina. The event was attended by 102 participants.
 
The overall aim of these conferences was to raise awareness in Bosnia and Herzegovina of the corporate sustainability reporting framework and discuss how to strengthen corporate governance, with a particular emphasis on state-owned enterprises (SOEs).

The keynote speech on new European Sustainability Reporting Requirements, including the European Sustainability Reporting Standards (ESRS), was delivered by representatives of the European Financial Reporting Advisory Group (EFRAG). The audience was introduced to the general provisions of the first set of sector-agnostic ESRS and learned more about key concepts such as double materiality and supply chain. EFRAG’s presentation at each conference was remotely complemented by Accountancy Europe and the International Federation of Accountants. They discussed how the profession, supported by professional accounting organizations, can prepare for and build capacity to meet new responsibilities and demands in sustainability reporting and assurance, with a particular focus on SMEs.

Another session outlined good international practices regarding the audit committee’s role and responsibilities in relation to corporate financial and sustainability reporting. It provided insights into meeting the challenges of implementing an effective audit committee following the provisions of the European Union (EU) acquis. The theoretical aspects were exemplified through the activities of audit committees in Romania, highlighting relevant issues for SOEs.

Each keynote address was followed by a panel discussion with local experts and practitioners. These were a great opportunity to exchange views and express opinions on the conference’s topics from different perspectives, including those of corporate financial reporting regulators, the auditing profession, academia, supreme audit institution, board members in charge of non-financial reporting, and audit committee members.

It was noted that there was currently only limited reporting on environmental, social, and governance aspects on a voluntary basis in Bosnia and Herzegovina. Efforts are now needed to amend national legislation at all institutional levels to introduce sustainability reporting requirements in line with EU provisions.

It was agreed that clarifying and strengthening the functions and responsibilities of audit committees would enhance the quality of corporate reporting. This would include:

• Improvements in the legal framework.
• Increasing the professionalization of audit committee members, i.e., the majority should be required to possess knowledge in the field of corporate financial and sustainability reporting, along with a good understanding of the environment in which the entity operates.
• Making use of available online platforms to meet more frequently without the need to travel (where applicable).
• Improving communication at various levels, e.g., between audit committee members and external auditors, company management, internal auditors, etc.
• Ensuring that audit committee members have access to tailored training on a permanent and sustainable basis.

REPARIS for SMEs would continue to be a valuable source of information and support in achieving these aims.