The World Bank Centre for Financial Reporting Reform (CFRR) delivered an audit quality assurance workshop on October 9 and 10, 2017, as part of country level assistance to Bosnia & Herzegovina under the EU-REPARIS program.
EU-REPARIS, a regionally organized program funded by the European Union and managed by the CFRR, promotes high-quality corporate financial reporting which builds economic confidence and supports financial stability. Audits play an important role underpinning trust in the accuracy and quality of financial reporting; ensuring audit quality is therefore an important topic for governments and other stakeholders.
The Federation of Bosnia and Herzegovina and the Republic of Srpska are engaged with and working together to improve statutory audit quality assurance and public oversight in Bosnia and Herzegovina. The aim of the workshop was to build the capacity of audit regulators to improve the quality of audit and the financial transparency and accountability of the private sector. Participants included representatives of the FBiH and RS Ministries of Finance, the FBiH Chamber of Auditors, the RS Association of Accountants and Auditors, and the FBiH Public Oversight Board.
The workshop considered the existing perception of audit quality in Bosnia and Herzegovina and how the objective of statutory audit quality assurance fits within the broader statutory audit oversight framework.
There was advice on how to perform quality assurance reviews and how best to address the results, especially any issues arising. Topics covered included the essential elements of a sound framework, based on international benchmarks and good practices; methodologies and tools that could be used in quality assurance; policy considerations and legal requirements; and making the best use of the available resources. A presentation by the Serbian Chamber of Auditors gave participants a perspective on the experience of implementing an improved quality assurance system for statutory audits. Having recently faced many similar issues to those now being addressed by Bosnia and Herzegovina, as part of South-South exchanges, Serbia was able to offer valuable insight, encouragement, and tips on tackling the challenges.
Feedback confirmed that participants had found the workshop both relevant and valuable. It had usefully brought together those most involved in audit quality and financial transparency and had highlighted a number of issues for these stakeholders to consider further.
Disclaimer: This webpage was created and maintained with the financial support of the European Union. Its contents are the sole responsibility of CFRR and do not necessarily reflect the views of the European Union.