ЈАВНИ НАДЗОР НАД РЕВИЗОРСКОМ ПРОФЕСИЈОМ И КОНТРОЛА КВАЛИТЕТА РАДА РЕВИЗОРА И РЕВИЗОРСКИХ ФИРМИ
PUBLIC OVERSIGHT OF AUDIT PROFESSION AND QUALITY ASSURANCE

Summary/Abstract: For the last few years there were a lot of discussions about establishing efficient and transparent public oversight of audit profession and quality assurance systems within the audit profession as well among legislators and regulators in either developed countries or developing and countries in transition. As a result of this and having in a mind significance of audit profession on the whole, European Union and International Federation of Accountants have adopted a few very important documents regulating quality assurance within the audit profession. Those are European Union Eight Directive: Statutory Audit of Financial Statements and Consolidate Financial Statements, IFAC’s International Standard on Quality Control 1 (ISQC1) and Statement on Membership Obligations 1-Quality Assurance. Regarding to this, the first chapter of this work deals with public oversight practice in European Union countries in the light of Eight Directive, requirements of International Federation of Accountants and national legislations and regulations in each of the European Union countries. Second chapter deals with quality assurance systems within the European Union countries, with special emphasis on institutions performing quality control, methods and scope of quality control, selection and cycles of quality control and ways of its financing. Since establishing efficient and transparent public oversight of audit profession and quality assurance systems is among others the prerequisite Bosnia and Herzegovina has to fulfill on its way to European Union, recommendations or solutions for establishing those systems are given in third chapter of this work.

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