Indicator
Auditing practices
Implemented
Not Implemented
Not Applicable
| Level | ALB | BIH | KOS | MNE | MKD | SRB |
|---|---|---|---|---|---|---|
| There are requirements to establish audit committees for all or most SOEs. | ||||||
| external auditors are required by law to be independent of SOEs’ management and large shareholders. | ||||||
| External audits are carried out in accordance with internationally recognised auditing standards (e.g. the International Standards on Auditing). | ||||||
| For most SOEs that are required to publish financial statements (e.g. for large SOEs or those that are considered public-interest entities) an external commercial audit is required. *Only for some | ||||||
| The financial statements of at least some SOEs are subject to some form of audit, either by external commercial audit firms and/or by the state audit office. | ||||||
| SOEs publish separate financial statements. | ||||||
| Monitoring activities of state audit bodies focus on the performance and efficiency of the SOE sector as a whole. *Monitoring activities ofstate audit bodies are limited to the use of public funds and budget resources and/or consist of financial-statement audits. | ||||||
| SOEs’ financial statements are in most cases determined by an external audit to appropriately and fairly present the operations and financial condition of the SOE. |
Note that for Bosnia and Herzegovina, “State” stands for the state level, while “FBiH” stands for the Federation of Bosnia and Herzegovina and “RS” stands for Republika Srpska - the two entities of Bosnia and Herzegovina. Note that the presented scoring criteria system is not a full representation of the scoring methodology used to determine the score for an indicator. For more information, see the Methodology section.