Realization of “TAIEX” expert mission

In the period from October 9th to October 12th 2017 the Council for the Advancement and Oversight of the Audit of the Republic of Macedonia (SUNRM), as the holder of TAIEX- “Expert mission for the IT oversight system for legal audits of public interest entities” successfully completed an expert mission funded and organized by the European Commission – General Directorate for Neighborhood and Enlargement – Section 3 – TAIEX, Brussels, Belgium.

Experts from Estonia, Mr Märt-Martin Arengu (Mart Martin Arengu) – Tallinn, Estonia President of the Estonian Auditors’ Association and Mr. Aleksandr Beloussov (Alexander Beloussov) – Tallinn, Estonia Head of Business Reporting Systems Unit Center of Registry and Information Systems of Estonia (Head of Department for Business Systems and Reporting at the Estonian Registries and Information Systems Center) were received by the President of the Council Mr. Premtim Iseni and his team.

During the four-day stay in the Republic of Macedonia, the experts held work meetings with the representatives of the Ministry of Finance, the Ministry of Economy, the Central Register of the Republic of Macedonia, as well as with the President of the Managing Board and some of the members of the Board of Directors of the Institute for Certified Auditors of the Republic of Macedonia.

The aim of the expert mission is to support the Council for the Advancement and Oversight of the Audit of the Republic of Macedonia and the Ministry of Finance in the future assessment of future amendments to the legislation in the legal audit part of the IT system for its oversight.
The realization of this expert mission arises from the necessity for the introduction and practical implementation of the Directive 2014/56 / EU of the European Parliament and the Council of the European Union for 04/10/2014 for statutory audits and annual accounts and consolidated accounts, as well as Regulation 537/2014 for specific requirements with regard to legal review for public interest entities with a special focus on the implementation of a supervised IT system that will ensure efficient and effective supervision of authorized audits of public interest entities and other audited subjects.

They will try to prepare a project task for a future project related to the development of an information system for the practical application of international auditing standards that will provide efficient and effective supervision over legal audits of legal entities of public interest.

A final expert report is expected to include a series of proposals such as:

  • Evaluation of the necessary changes in the bylaws for analyzing the transparency reports through the use of the IT system. The establishment of an oversight system over auditors involves the introduction of a system for collecting information and market data.
  • Evaluation of the internal organization and the necessary capacity of the Council for the improvement and oversight of the audit of the Republic of Macedonia for practical implementation of the IT system for overseeing legal audits of legal entities of public interest.
  • Estonian experts are to transfer their experiences in the development of a Methodology and continuous professional development and experience in the development of IT software in relation to audit and accounting; experience in developing various methodological guidelines for developing and sharing best practices in auditing; experience in applying EU legislation in relation to Chapter 6, as well as experience in IT analysis of accounting and auditing data given in the audit report and in the annual and consolidated accounts.