Acta Universitatis Danubius. Œconomica, Vol 8, No 2 (2012)

Opportunities and challenges in the implementation of Quality Assurance for Auditing in Kosovo

Edona Perjuci, Hysen Ismajli, Arber Hoti


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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