IMPROVING THE MANAGEMENT OF THE COMPANY ESTABLISHING MECHANISMS INTERNAL CONTROL IN SERBIA

Aleksandar Majstorovic, Slobodan Popović, Jelena Toskovic, Rajko Macura, Jugoslav Anicic and Dusan Anicic
Additional contact information
Aleksandar Majstorovic: UNIVERSITY UNION NIKOLA TESLA BELGRADE, 11000 BELGRADE, SERBIA
Slobodan Popović: JKP GRADSKO ZELENILO, SUTJESKA 2, 2100 NOVI SAD, SERBIA
Jelena Toskovic: AD MlEKARA SABAC, KRSMANOVACA BB, 15000 SABAC, SERBIA
Rajko Macura: BANJA LUKA COLLEGE, MILOŠA OBILIĆA 30, 78000 BANJA LUKA, BOSNA I HERCEGOVINA
Jugoslav Anicic: FACULTY OF ENTERPRENEURIAL BUSSINESS, UNIVERZITY UNION-NIKOLA TESLA 11000, BELGRADE, SERBIA
Dusan Anicic: DSN Consalting, 11000, Beograd,SERBIA

Annals - Economy Series, 2015, vol. 5, 5-9

Abstract: Countries that are in transition, the transition from one great epoch to another, changing their socioeconomic structure, habits, organization, introduced the achievements that are regarded as dominant in the systems to which they aspire to join. It is clear that we are talking about countries like the Republic of Serbia by coming close to the EU. In the above transitional situations, in addition to the classic problems related to EU accession are observed and some others such as the future of globalization. They are not alone, reveals other changes such as very dynamic changes in the markets, especially in the capital markets. In such circumstances, equity holders and investors and management is needed is an opinion on the financial statements of companies which are the subject of their interest. Investors increasingly require the best possible protection, high-quality and timely information on important events in companies, which want to eventually buy or invest in them. An opinion on the financial statements of companies are included in the audit reports. In recent decades, more and more developing various forms of control and audit in companies. They are different external audit taking place at the beginning of the year, which relate to the previous period as dominant, but it is growing from year to year and implementation of internal audits in various forms of heterogeneous enterprises. Regardless of the form of revision of their preparation and certify qualified auditors within its scope of work. Consequently, the auditors could be viewed as intermediaries between the legal entities responsible for the issuance of the financial statements and external stakeholders. They perform their tasks independently, objectively and with a great deal of independence in their work, in order to provide the necessary information to the users of audit reports. The author highlights the importance of improving financial reporting based on internal control mechanisms, but also the importance of internal audit in all companies from the countries in transition, with special emphasis on the Republic of Serbia.

Keywords: internal audit; financial statements; management (search for similar items in EconPapers)
Date: 2015
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