European leaders give an update on the profession in their respective countries.
Bosnia and Herzegovina
By Augustin Mišic, president, Union of Accountants, Auditors and Financial Workers of Federation of Bosnia and Herzegovina
This year, it is of utmost importance for the accountancy profession in the Federation of BiH to align our laws with the European Union secondary legislation. The EU regulatory framework challenges the accountancy profession in terms of fulfilling the requirements with regard to transparency, comparability and accuracy of audit and financial reporting, as well as getting closer to investor demand. One of our organisation’s key projects is to establish a quality assurance system for the accountancy services providers. The project aims to have our resource centre provide better support to our members, improve the quality of their services and thus enhance public trust. The quality assurance system is developed as part of a regional cooperation project together with five other PAOs and under the ICAEW mentoring guidance.
Czech Republic
By Irena LISKAROVÁ, president, Chamber of Auditors of the Czech Republic
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By GlobalDataWhat were the trends in the last year affecting the accountancy profession in your country?
We continue to observe the trend of decline of attractiveness of the profession as whole. Nevertheless we believe that the overall effort of current professionals, international organizations and legislators is paying well and we will soon be witnessing a return of good reputation of audit professionals andaudit missions.
What challenges is the accountancy profession facing in your country in the last year?
We faced several important changes in audit legislation and the whole profession needed to adjust to those changes as well as gain sufficient knowledge of them. We prepared numerous guides and aids to help auditors better comprehend the bulk of changes and to feel comfortable on the field of the new legislation.
What are your organisation’s strategy/plans/projects for the next two to three years?
We strive to represent and advocate enhancement of reputation and credibility of the profession, and promotion of the value of professional accountants; and increasing the amount of positive media coverage on the profession. Furthermore, we continue with education and support of our professionals.
Romania
By Ciprian Mihailescu, president, Chamber of Financial Auditors Romania
What were the trends in the last year affecting the accountancy profession in your country?
- Implementation at national level of European regulations in the field of statutory audit, with a significant impact on public interest entities
- Legislative changes in the field of taxation
- Legislative changes in the audit of projects funded by European funds, which have led to the restriction of the audit market
- Lowering fees for financial audit missions
What challenges is the accountancy profession facing in your country in the last year?
- Economic and legislative uncertainties
- Increased capabilities and professional skills
- Increasing globalisation and digitalisation that also occurs in the financial and accounting field
- Reduced number of future financial audit professionals as a result of the extended period of time required to gain professional qualifications
- External events that can cause loss of confidence in the profession. The risk of a global financial crisis, as well as of public scandals linked to both public interest entities and the use of European funds, can diminish public confidence in the importance and necessity of financial audit.
- The future of the professional body in the field of financial audit following the implementation in the year 2017 at national level of the European regulations in the field of statutory audit
What are your organisation’s strategy/plans/projects for the next two to three years?
- Creating a strong national community of financial auditors
- Demonstrate the relevance and importance of the profession of financial auditor for the public interest and as advocate of sustainable economic growth
- Extending the financial audit market at national level
- High requirements for professional qualification and quality of audit services
