Serbia: New law on audit

International Tax Review is part of Legal Benchmarking Limited, 4 Bouverie Street, London, EC4Y 8AX

Copyright © Legal Benchmarking Limited and its affiliated companies 2025

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Serbia: New law on audit

janjic-jelena.jpg

vucenovic-gordana.jpg

Jelena Janjic and Gordana Vucenovic, Eurofast Global

In July 2013 the new law on audit was 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 licence 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.

Jelena Janjic (Jelana.janjic@eurofast.eu) and Gordana Vucenovic (gordana.vucenovic@eurofast.eu)

Eurofast Global, Belgrade Office, Serbia

Tel: +381 11 3241 484

Website: www.eurofast.eu

more across site & shared bottom lb ros

More from across our site

Heads of tax need to push their teams forward as strategic business advisers to add value across the organisation, says Sandy Markwick
Scott Bessent reportedly felt undermined by Musk naming Gary Shapley as acting IRS commissioner; in other news, Baker Tilly will combine with a top 15 US firm
The promise of nine years’ tax certainty and a ‘rational and pragmatic’ government process makes APAs a no-brainer, Indian tax advisers tell ITR
Despite garnering significant revenues from multinationals, Italy’s digital services tax presents pressing double taxation issues, say Stefano Simontacchi and Francesco Saverio Scandone of BonelliErede
ITR’s research shows that in-house tax counsel in Asia also feel underserved by their advisers’ international networks
World Tax global head of research Jon Moore tells ITR how his team spots standout submissions, and gives early statistical insights into this year’s entries
Australia’s conservative opposition will repeal controversial tax agent reporting rules if elected in the country’s May general election
Shapley would be the fourth person to hold the job this year; in other news, UK tax advisory firm MHA raised fewer funds than expected from its London IPO
The US needs to be involved in pillar one for there to be more international acceptance of the project, Michael Masciangelo says
The UK regulator is investigating EY’s auditing of the national postal service as it relates to the high-profile Horizon scandal, which saw hundreds wrongfully convicted
Gift this article