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Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Slovenian Institute of Auditors Meta Duhovnik, Ph.D. Senior Technical Adviser Meta Duhovnik, Ph.D.

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Presentation on theme: "Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Slovenian Institute of Auditors Meta Duhovnik, Ph.D. Senior Technical Adviser Meta Duhovnik, Ph.D."— Presentation transcript:

1 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Slovenian Institute of Auditors Meta Duhovnik, Ph.D. Senior Technical Adviser Meta Duhovnik, Ph.D. Senior Technical Adviser

2 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Slovenian Institute of Auditors §Address: Dunajska cesta 106, 1000 Ljubljana Slovenia §Telephone number: §Fax number: § §web site:

3 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Legal environment §Establishment of the Institute: 9 September, 1993 §Legal form: Institute, governed by the provisions of the Institutes By- laws (Official Gazette of the R of Slovenia No. 70/01) §Slovenian Auditing Act §(Official Gazette of the RS No. 11/01) - harmonized with the EU legislation - revizija.si/o_siru/dokumenti/zakon_o_revidiranju-an.doc

4 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Tasks and powers §The Institute carries out tasks and implements powers in the domain of l auditing and l other professional domains related to auditing §Professional domains related to auditing: l accounting l business finance l internal auditing l information systems auditing l tax analysis and consulting l valuation of business, real estate, machines and equipment

5 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Auditing services may be provided by §a company with a registered office in the Republic of Slovenia which has obtained the license of the Institute for the provision of such services - auditing company §a certified auditor (providing auditing services on an individual basis as occupation) who has obtained the license of the Institute for the provision of such services - solo-practitioner §the professional title is protected by law as long as it ensures adequate quality

6 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors BOARD STRUCTURE OF THE ORGANIZATION Senior Advisers (4)Legal Adviser Administrators (2) Director AUDITING COUNCIL AUDITING SECTION COUNCIL OF EXPERTS TAX ADVISORY SECTION BUSINESSFINANCESECTION ACCOUNTINGSECTION SECTION FOR VALUATION INFORMATION SYSTEMS AUDITING SECTION FOR INTERNAL AUDITING

7 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors The main governing bodies §BoardBoard §DirectorDirector §Auditing CouncilAuditing Council §Council of ExpertsCouncil of Experts

8 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Board of the Institute – the main tasks §adopts articles of association and other general acts §adopts working and development programs of the Institute and monitors their implementation §draws up business plans and approves annual reports of the Institute §determines policies for price formation of auditing services §determines rates and prices for the services performed by the Institute

9 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors 13 members of the Board are appointed (for a 4-year term): for a 4-year termfor a 4-year term §4 by the founder (Association of the Accountants, Treasurers and Auditors of Slovenia) §6 by registered members of the Institute §2 by the minister of finance §1 by the employees of the Institute

10 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Director of the Institute (appointed for a 4-year term by the Board of the Institute) should should §hold the license of a certified auditor §have the qualities and experience required for the management of the Institute §be a national of the Republic of Slovenia §have a certificate of no previous convictions

11 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors 9 members of the Audit Council are appointed (for a 4- year term) §5 of them, who should hold the license of a certified auditor, are elected by certified auditors §3 representatives of the interested public, who should have appropriate professional knowledge and experience in the field of accountancy and finance, are appointed by the minister of finance (two of them on proposal of the Economic Chamber of Slovenia) §director of the Institute is a member in his capacity

12 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors 11 members of the Council of Experts are appointed (for a 4-year term 11 members of the Council of Experts are appointed (for a 4-year term) §9 by the registered members of the Institute l certified auditors, auditors, certified valuators, internal auditors, management accountants, business finance experts, information systems auditors, tax consultants §2 by university institutions from among the university professors

13 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Professional work of the Institute §organized in sections l auditing section (covered by the Auditing Council) l other sections (covered by the Council of Experts) accounting section business finance section tax advisory section section for valuation (real estate, plant and machinery, business) section for information systems auditing internal auditing section

14 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors The sections are §represented by the registered members of the Institute §managed by the committees of 5 members (elected by registered members of each section) The Institute receives no external subsidies l its main source of income are fees for external quality control (paid by the auditing companies) various educational programs conferences seminars

15 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Powers of supervision - Quality Assurance §supervision of auditing companies l with the purpose to establish whether an auditing company observes auditing rules in the course of an audit l auditing rules: ISAs, Code of Professional Ethics of External Auditors, Basic Auditing Principles, Guidelines for Auditing Companies, auditing practice statements and recommendations of the Auditing Council §supervision of certified auditors §supervision of certified valuators

16 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

17 Professional Standards §According to the Auditing Act the Institute is authorized to adopt and publish the following professional standards: l auditing standards l internal auditing standards l information systems auditing standards l accounting standards l business and finance standards l standards in the field of business, real estate, machine and equipment valuation

18 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Already adopted and published §auditing rules §internal auditing standards §accounting standards §business-finance standards §business-finance principles

19 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Important responsibility in the accounting field §According to the Companies Act the Institute is authorized to set and prepare Slovenian Accounting Standards, which are to be approved by the Ministry of Finance and Ministry of Economy §New SAS were put into force on 1 January, 2002 and are in the process of renewal

20 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Enforcement of professional standards §accounting standards l enforced by the Companies Act and other special acts (referring to banks, insurance companies, mutual funds, etc.) §auditing standards l ISAs and other auditing rules are enforced by the Auditing Act §other standards l enforced by professional rules

21 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Educational programs §Language: Slovene §Minimum formal education requirement: B. Sc. §Certification requirements and training programs are offered by the Institute §BASIC TRAINING for all training programs (except for certified real estate valuator and certified machine and equipment valuator): 76 hours accounting18 hoursaccounting18 hours auditing 8 hoursauditing 8 hours business finance15 hoursbusiness finance15 hours corporate and tax law20 hourscorporate and tax law20 hours mathematical and statistical methods10 hoursmathematical and statistical methods10 hours business communication 5 hoursbusiness communication 5 hours

22 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Additional - Special training programs §AUDITOR l basic training76 hours l special subjects auditing37 hoursauditing37 hours accounting and taxation25 hoursaccounting and taxation25 hours business finance15 hoursbusiness finance15 hours §CERTIFIED AUDITOR l basic trainingauditor l special subjects auditing28 hoursauditing28 hours accounting30 hoursaccounting30 hours taxation16 hourstaxation16 hours business finance26 hoursbusiness finance26 hours organization of auditing procedures14 hoursorganization of auditing procedures14 hours

23 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors §VERIFIED INTERNAL AUDITOR l basic training76 hours l special subjects auditing41 hoursauditing41 hours accounting and taxation21 hoursaccounting and taxation21 hours business finance15 hoursbusiness finance15 hours §VERIFIED MANAGEMENT ACCOUNTANT l basic training76 hours l special subjects accounting and taxation62 hoursaccounting and taxation62 hours business finance15 hoursbusiness finance15 hours §VERIFIED BUSINESS FINANCE EXPERT l basic training76 hours l special subjects business finance52 hoursbusiness finance52 hours accounting and taxation25 hoursaccounting and taxation25 hours

24 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors §VERIFIED TAX CONSULTANT l basic training76 hours l special subjects tax procedures and tax audit47 hourstax procedures and tax audit47 hours accounting and taxation25 hoursaccounting and taxation25 hours business finance15 hoursbusiness finance15 hours §VERIFIED INFORMATION SYSTEMS AUDITOR l basic training76 hours l special subjects information systems auditing40 hoursinformation systems auditing40 hours information science37 hoursinformation science37 hours

25 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors §CERTIFIED BUSINESS VALUATOR l basic training76 hours l special subjects business valuation52 hoursbusiness valuation52 hours accounting and taxation26 hoursaccounting and taxation26 hours business finance15 hoursbusiness finance15 hours §CERTIFIED REAL ESTATE VALUATOR l subjects real estate valuation 132 hoursreal estate valuation 132 hours accounting and taxation15 hoursaccounting and taxation15 hours business finance15 hoursbusiness finance15 hours §CERTIFIED MACHINE AND EQUIPMENT VALUATOR l subjects valuation of machines and equipment 132 hoursvaluation of machines and equipment 132 hours accounting and taxation20 hoursaccounting and taxation20 hours business finance15 hoursbusiness finance15 hours

26 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Conditions of admission (prescribed by the Auditing Act Conditions of admission (prescribed by the Auditing Act) §certified auditor l university degree l five years working experience of which minimum three years in auditing after the date of obtaining the license to carry out the tasks of an auditor l examination of professional competence to carry out tasks of a certified auditor l certificate of no previous convictions l knowledge of the Slovene language

27 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors §auditor university degree two years working experience –in the field of auditing or internal auditing examination of professional competence to carry out the tasks of an auditor certificate of no previous convictions knowledge of the Slovene language §certified valuator university degree five years working experience in the field requiring knowledge necessary for carrying out the tasks of a valuator examination of professional competence to carry out the tasks of a certified valuator certificate of no previous convictions knowledge of the Slovene language

28 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Conditions of admission (for other titles, not prescribed by the Auditing Act Conditions of admission (for other titles, not prescribed by the Auditing Act) §internal auditor, management accountant, business finance expert, information systems auditor, tax consultant professional qualifications obtained in graduate school appropriate working experience examination of professional competence to carry out the tasks of a certain profession certificate of no previous convictions knowledge of the Slovene language fulfillment of requirements set by the code of ethics for the profession in question

29 Meta Duhovnik, Ph.D., Slovenian Institute of Auditors Continuing training requirements §30 hours of training per year (for all titles)


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