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Workshop on Review of Accounting and Auditing Practices within the ROSC Initiative
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| On December 22, 2004, the World Bank organized a workshop in Belgrade to present the draft policy recommendations from the Report on the Observance of Standards and Codes (ROSC) in respect of accounting and auditing practices in Serbia. This workshop was organized in cooperation with the Ministry of Finance, the National Bank and other key stakeholders. |   | | Mr. Michael Gascoyne, the Bank’s Sr Financial Management Specialist, opened the workshop with the message that there are clear linkages between the quality of corporate financial reporting, financial sector stability and increased private sector growth , and without private sector growth there is little prospect of raising the living standards of Serbia’s citizens. Mr. Gascoyne explained that the ROSC assessment benchmarked Serbia’s |  From left to right:
  Mr. Dusan Lalic,
 General Manager,
 National Bank of Serbia
 Ms. Sanja Zevtovic,
 Head of Department,
 Ministry of Finance | legislative framework and implementation of that framework against global or regionally accepted standards. In respect of auditing and accounting, the relevant benchmarks for Serbia are International Financial Reporting Standards, International Standards on Auditing, and the relevant portions of the acquis communautaire, aimed at improving financial reporting. He further noted that the ROSC report could form the analytical underpinning for a reform agenda to more closely align the financial reporting environment in Serbia with that required for membership of the European Union. Mr. Neil Wallace, from the Institute of Chartered Accountants of Scotland, underlined the key findings and recommendations of the accounting and auditing ROSC report for Serbia, aimed at enhancing the quality of corporate financial reporting. Mr. Wallace sent a strong message to the participants: a sound corporate financial reporting system is the cornerstone of a well functioning market economy and a robust financial system. However, agreement and consensus between all interested parties should be obtained prior to implementing reforms. In this respect Mr. Wallace advised that the establishment of a National Steering Group, representing all such interested parties, should be the first step along any reform path in Serbia. In his concluding remarks, Mr. David Nagy from the World Bank, Europe and Central Asia Region, noted that any reforms undertaken in line with the ROSC recommendations could be supported by The Road to Europe – Program of Accounting Reform and Institutional Strengthening (REPARIS) programme. The REPARIS programme will provide support for the adoption, implementation and enforcement of the acquis communautaire, aimed at improving financial reporting. Mr. Nagy explained that REPARIS is a regional program of technical assistance aimed at creating a transparent policy environment and effective institutional framework for corporate reporting in South East and South Central Europe. | | Background Documentation:
Roundtable and Presentations | | For More information, please contact: Frederic Gielen,
Senior Financial Management Specialist, World Bank
Email: Fgielen@worldbank.org
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