The Securities Commission adopted the Rulebook on quality assurance reviews of conducted audits, the work of audit companies, independent auditors and licensed authorized auditors, as well as the Methodology for quality reviews of conducted audits and quality assurance reviews of operations of audit firms, independent auditors and licensed authorized auditors. The Methodology constitutes an integral part of this Rulebook.
The Rulebook and the Methodology were published in the RS Official Gazette No 64/2020, on 5 May 2020.
The Rulebook comes into force on 13 May 2020.
The Law on Auditing provides that quality assurance reviews should be appropriate to the complexity of the business of an audit firm or independent auditor which is additionally regulated by the Commission's general enactments.
In order to perform quality assurance reviews the Commission adopted the Methodology for performing quality assurance reviews of conducted audits and quality assurance reviews of operations of audit firms, independent auditors and licensed authorized auditors.
In comparison to the previous period, and the quality assurance reviews conducted pursuant to the old Law on Audit (Official Gazette of RS, No 62/2013), there were no crucial changes to the Rulebook and the Methodology.
The Methodology itself was harmonized with the revised International Standards on Auditing and the provisions of the new Law on Auditing.
Rulebook on quality assurance reviews of audit engagements and quality assurance reviews of audit firms, independent auditors, and licensed authorised auditors
Rulebook on quality assurance reviews of audit engagements and quality assurance reviews of audit firms, independent auditors, and licensed authorised auditors