Support to SAO of Serbia
Project title: Audit Quality Control in the State Audit Institution
Beneficiary: State Audit Institution of Serbia
Budget and its source: 249 710 EUR, European Union
The project was expected to deliver the following results:
- Result 1: SAI introduced an appropriate audit quality control system aligned with EU and international auditing standards:
Activity 1.1. Acquainting with ISSAI 40 and other relevant ISSAIs related to quality control, such as ISSAI 100, 200, 300, 400, 1000, 1220, 1620, 3100, 4100 and 4200, i.e. taking into consideration the latest ISSAI Framework;
Activity 1.2. Developed Assessment report of the existing quality control practice at SAI and preparing a detailed map of the current quality control system, mapping out strengths and weaknesses as well as identifying the compliance with the relevant standards;
Activity 1.3. Developed Policy Paper and Action Plan for updating the audit quality assurance and control system of the SAI. The Policy Paper and Action Planl encompassed all the components as defined in the ISSAIs and ISSAI GUIDs, and shall take a due consideration of the national legal framework and local circumstances affecting the work of the SAI of Serbia;
- Result 2: SAI standardized its audit practice in the State Audit Institution in accordance with good practice:
Activity 2.1. Prepared audit quality assurance and control guidelines and procedures, including checklists and templates for financial, compliance and performance audits; guidelines and procedures tested during the selected pilot audits and performed “after-testing” improvements to the drafts;
Activity 2.2. Organized two study visits for the SAI Serbia staff to the EU MS SAIs on audit quality assurance and Control. SAIs’existing quality control system and procedures, highlighted the lessons learned and still existing challenges. All audit types (financial, compliance and performance) covered;
Activity 2.3. Provided practical trainings/workshops tailored to the needs of the SAI Serbia and aimed at audit staff, including medium and top management.
Implementer / Partners: State Audit Office of Latvia
Implementation time period: 2017 - 2018