During the year 2013 the Commission of Public Oversight of Statutory Auditors has passed 5 years since its creation. The main challenge facing the Commission as a young Regulatory Body is to establish itself as effectivelyworking organization.

 

During the year the Commission’s efforts was aimedto increase the efficiency of quality control activities of statutory auditors certifying the annual financial statements of public-interest entities; an activeparticipation in the development, adoption and defending the position of our country inrelation to the proposed by the European Commission drafts for amending the Directive 2006/43/EC and Regulation for audit of public-interest entities;institutionalapprovalanddevelopmentof theCommission.

 

The actions, undertaken by the Commission in January 2013, were aimed at classify theinformationabout the activity of public-interest entities and as a result it was made a list with these organizations. In the process of making the list, the Commission has founded some problems related to two of the already discussed shortcomings of the Independent Financial Audit Act – one of them is related to the legal definition of the term „telecommunication services” and the criteria for identifying companies as public-interest entities. A very small part of the companies providing telecommunications services, as well as those which produce, transmit and sell electricity and/or heat might be considered significant for society with the volume of their activities or the impact they have on the market or the society as a whole. The Commission prepared a suggestion for creating criteria for identifying companies as public-interest entities, which will be discussed in the forthcoming change of the Independent Financial Audit Act, needed for transpositionof the Directive 2014/56/EC. The determination of the population of the firms was assessed as useful by the registered auditors, whose are subject of control by CPOSA. In case of need were defined by the Commission objective criteria for evaluating the adequacy of time and human resources, invested in performing audit engagements and during the year under review were undertaken to perform a statistic analysis of the relevant information from the Annual Activity Reports of the statutory auditors for the professional year which ended 30.06.2013. In this connection, it was made a suggestion to the professional organization for change in the content of the annual reports of the statutory auditors and it will be discussed soon.