IDEAS home Printed from https://ideas.repec.org/a/dug/actaec/y2012i2p106-118.html
   My bibliography  Save this article

Opportunities and Challenges in the Implementation of Quality Assurance for Auditing in Kosovo

Author

Listed:
  • Edona Perjuci-Uka

    (University of Pristina, Kosovo)

  • Hysen Ismajli

    (University of Pristina, Kosovo)

  • Arber H. Hoti

    (University of Pristina, Kosovo)

Abstract

This study examines the international requirements of audit quality assurance and focuses on the challenges faced by the newest economy in the region, Kosovo, in implementation of same. This study focuses on the monitoring of compliance by business organizations in Kosovo with the International Financial Reporting Standards and Kosovo Accounting Standards as appropriate , and the impact that this compliance or non compliance has in the economy. In addition this study examines compliance with International Standards of Auditing by auditors and reviews the quality of the audit process in the broader context of the requirements for audit quality assurance. It is found that there are weaknesses in almost all elements of Kosovo’s corporate financial reporting and auditing regime, which is not dissimilar, linked to larger challenges faced by all former Yugoslav economies in transitioning to the new market economic system. The economies of former Yugoslavia face similar challenges in integration with the European Union’s economic and financial system, because of the unique shared characteristics of the former Yugoslav system. In parallel with the economic transitional reforms undertaken within the region, the global financial reporting and auditing system has been changed, with a convergence to International financial reporting standards, international standards of auditing and a new emphasis on audit quality assurance and external oversight mechanisms to sustain it. Though Kosovo is not alone within the region in addressing the reforms required to integrate the economy fully into the EU system, the study reveals both opportunities and challenges unique to Kosovo and makes recommendations for reform.

Suggested Citation

  • Edona Perjuci-Uka & Hysen Ismajli & Arber H. Hoti, 2012. "Opportunities and Challenges in the Implementation of Quality Assurance for Auditing in Kosovo," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 2(2), pages 106-118, April.
    • Handle: RePEc:dug:actaec:y:2012:i:2:p:106-118
    as

    Download full text from publisher

    File URL: http://journals.univ-danubius.ro/index.php/oeconomica/article/view/1267/1115
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Frank Harding, 2000. "What is the role of Europe in an increasingly harmonized world?," European Accounting Review, Taylor & Francis Journals, vol. 9(4), pages 593-601.
    2. Heutger, Viola, 2004. "A more coherent European wide legal language," European Integration online Papers (EIoP), European Community Studies Association Austria (ECSA-A), vol. 8, March.
    3. Derek Bailey, 1995. "Accounting in transition in the transitional economy," European Accounting Review, Taylor & Francis Journals, vol. 4(4), pages 595-623.
    4. Neil Garrod & Ivan Turk, 1995. "The development of accounting regulation in Slovenia," European Accounting Review, Taylor & Francis Journals, vol. 4(4), pages 749-764.
    5. Pat Sucher & Svetlana Bychkova, 2001. "Auditor independence in economies in transition: a study of Russia," European Accounting Review, Taylor & Francis Journals, vol. 10(4), pages 817-841.
    6. Erik Van Der Plaats, 2000. "Regulating auditor independence," European Accounting Review, Taylor & Francis Journals, vol. 9(4), pages 625-638.
    7. Willie Seal & Pat Sucher & Ivan Zelenka, 1995. "The changing organization of Czech accounting," European Accounting Review, Taylor & Francis Journals, vol. 4(4), pages 659-681.
    8. Sally Aisbitt & Christopher Nobes, 2001. "The true and fair view requirement in recent national implementations," Accounting and Business Research, Taylor & Francis Journals, vol. 31(2), pages 83-90.
    9. M. Petrovic & I. Turk, 1995. "History, theory and practice of accounting in Yugoslavia," European Accounting Review, Taylor & Francis Journals, vol. 4(4), pages 809-826.
    10. Garrod, Neil, 2000. "Environmental contingencies and sustainable modes of corporate governance," Journal of Accounting and Public Policy, Elsevier, vol. 19(3), pages 237-261.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Edona PERJUCI & Hysen ISMAJLI & Ardiana BUNJAKU, 2019. "Adoption of International Financial Reporting Standards (IFRSs) and their Impact on Loan Terms: Kosovo Case," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 17(153), pages 124-124.
    2. Irena Solodchenko & Pat Sucher, 2005. "Accounting in Ukraine since independence: Real politik, problems and prospects," European Accounting Review, Taylor & Francis Journals, vol. 14(3), pages 603-633.
    3. Mennicken, Andrea, 2010. "From inspection to auditing: audit and markets as linked ecologies," LSE Research Online Documents on Economics 27054, London School of Economics and Political Science, LSE Library.
    4. Tyrrall, David & Woodward, David & Rakhimbekova, Almagoul, 2007. "The relevance of International Financial Reporting Standards to a developing country: Evidence from Kazakhstan," The International Journal of Accounting, Elsevier, vol. 42(1), pages 82-110.
    5. Axel Haller, 2002. "Financial accounting developments in the European Union: past events and future prospects," European Accounting Review, Taylor & Francis Journals, vol. 11(1), pages 153-190.
    6. S. David Young, 1999. "From plan to market: financial statements and economic transition in the East German enterprise," European Accounting Review, Taylor & Francis Journals, vol. 8(1), pages 157-189.
    7. Riad Abdulraouf, 2006. "La comptabilité en Syrie," Post-Print halshs-00548042, HAL.
    8. Metka Duhovnik, 2011. "Time to Endorse the ISAs for European Use: The Emerging Markets' Perspective," Accounting in Europe, Taylor & Francis Journals, vol. 8(2), pages 129-140.
    9. Mennicken, Andrea, 2010. "From inspection to auditing: Audit and markets as linked ecologies," Accounting, Organizations and Society, Elsevier, vol. 35(3), pages 334-359, April.
    10. Huerta, Esperanza & Petrides, Yanira & Braun, Gary P., 2013. "Translation of IFRS: Language as a barrier to comparability," Research in Accounting Regulation, Elsevier, vol. 25(1), pages 1-12.
    11. Hana Vomáčková, 2007. "Přístupy k vědeckému výzkumu v oblasti vypovídací schopnosti finančního účetnictví na případu statě Katariny Hellström na téma Významnost informací finančního účetnictví v transformujících se ekonomik," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2007(4), pages 73-77.
    12. Laaksonen, Jenni, 2022. "Translation, hegemony and accounting: A critical research framework with an illustration from the IFRS context," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 89(C).
    13. Mohammad Hudaib & Roszaini Haniffa, 2009. "Exploring auditor independence: an interpretive approach," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 22(2), pages 221-246, January.
    14. Marsida Ashiku, 2016. "Internationalization of Albanian Firms: Challenges and Opportunities," European Journal of Economics and Business Studies Articles, Revistia Research and Publishing, vol. 2, September.
    15. Anne Marie Garvey & Laura Parte & Bridget McNally & José Antonio Gonzalo-Angulo, 2021. "True and Fair Override: Accounting Expert Opinions, Explanations from Behavioural Theories, and Discussions for Sustainability Accounting," Sustainability, MDPI, vol. 13(4), pages 1-23, February.
    16. Danuta Krzywda & Derek Bailey & Marek Schroeder, 1998. "The development of the role of the statutory audit in the transitional Polish economy," European Accounting Review, Taylor & Francis Journals, vol. 7(3), pages 407-440.
    17. N. King & A. Beattie & A. -M. Cristescu & P. Weetman, 2001. "Developing accounting and audit in a transition economy: the Romanian experience," European Accounting Review, Taylor & Francis Journals, vol. 10(1), pages 149-171.
    18. Hamilton, Gavin & Ó hÓgartaigh, Ciarán, 2009. "The Third Policeman: ‘The true and fair view’, language and the habitus of accounting," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 20(8), pages 910-920.
    19. Zeff, Stephen A., 2007. "Some obstacles to global financial reporting comparability and convergence at a high level of quality," The British Accounting Review, Elsevier, vol. 39(4), pages 290-302.
    20. Craner, John & Krzywda, Danuta & Novotny, Jiri & Schroeder, Marek, 2000. "The Determination of a Group for Accounting Purposes in the UK, Poland, and the Czech Republic in a Supranational Context," The International Journal of Accounting, Elsevier, vol. 35(3), pages 355-397, September.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:dug:actaec:y:2012:i:2:p:106-118. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Daniela Robu (email available below). General contact details of provider: https://edirc.repec.org/data/fedanro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.