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

Listed author(s):
  • Edona Perjuci-Uka


    (University of Pristina, Kosovo)

  • Hysen Ismajli


    (University of Pristina, Kosovo)

  • Arber H. Hoti


    (University of Pristina, Kosovo)

Registered author(s):

    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.

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    Article provided by Danubius University of Galati in its journal ACTA UNIVERSITATIS DANUBIUS. OECONOMICA.

    Volume (Year): (2012)
    Issue (Month): 2(2) (April)
    Pages: 106-118

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    Handle: RePEc:dug:actaec:y:2012:i:2:p:106-118
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    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. 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.
    3. 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.
    4. Derek Bailey, 1995. "Accounting in transition in the transitional economy," European Accounting Review, Taylor & Francis Journals, vol. 4(4), pages 595-623.
    5. Neil Garrod & Ivan Turk, 1995. "The development of accounting regulation in Slovenia," European Accounting Review, Taylor & Francis Journals, vol. 4(4), pages 749-764.
    6. 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.
    7. Garrod, Neil, 2000. "Environmental contingencies and sustainable modes of corporate governance," Journal of Accounting and Public Policy, Elsevier, vol. 19(3), pages 237-261.
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