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

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

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 Institute’s 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 -
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

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

5. 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
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

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

7. The main governing bodies
Board
Director
Auditing Council
Council of Experts
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

8. 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
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

9. 13 members of the Board are appointed (for 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
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

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

11. 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
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

12. 11 members of the Council of Experts are appointed (for a 4-year term)
9 by the registered members of the Institute
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
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

13. Professional work of the Institute
organized in sections
auditing section (covered by the Auditing Council)
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
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

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
its main source of income are fees for
external quality control (paid by the auditing companies)
various educational programs
conferences
seminars
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

15. Powers of supervision - Quality Assurance
supervision of auditing companies
with the purpose to establish whether an auditing company observes auditing rules in the course of an audit
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
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

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:
auditing standards
internal auditing standards
information systems auditing standards
accounting standards
business and finance standards
standards in the field of business, real estate, machine and equipment valuation
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

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

19. 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
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

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

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
accounting hours
auditing hours
business finance hours
corporate and tax law 20 hours
mathematical and statistical methods 10 hours
business communication hours
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

22. Additional - Special training programs
AUDITOR
basic training hours
special subjects
auditing hours
accounting and taxation 25 hours
business finance 15 hours
CERTIFIED AUDITOR
basic training auditor
auditing hours
accounting hours
taxation hours
business finance 26 hours
organization of auditing procedures 14 hours
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

23. Meta Duhovnik, Ph.D., Slovenian Institute of Auditors
VERIFIED INTERNAL AUDITOR
basic training hours
special subjects
auditing hours
accounting and taxation 21 hours
business finance 15 hours
VERIFIED MANAGEMENT ACCOUNTANT
accounting and taxation 62 hours
VERIFIED BUSINESS FINANCE EXPERT
business finance 52 hours
accounting and taxation 25 hours
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

24. Meta Duhovnik, Ph.D., Slovenian Institute of Auditors
VERIFIED TAX CONSULTANT
basic training hours
special subjects
tax procedures and tax audit 47 hours
accounting and taxation 25 hours
business finance 15 hours
VERIFIED INFORMATION SYSTEMS AUDITOR
information systems auditing 40 hours
information science 37 hours
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

25. Meta Duhovnik, Ph.D., Slovenian Institute of Auditors
CERTIFIED BUSINESS VALUATOR
basic training hours
special subjects
business valuation hours
accounting and taxation hours
business finance hours
CERTIFIED REAL ESTATE VALUATOR
subjects
real estate valuation hours
accounting and taxation hours
CERTIFIED MACHINE AND EQUIPMENT VALUATOR
valuation of machines and equipment hours
accounting and taxation hours
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

26. Meta Duhovnik, Ph.D., Slovenian Institute of Auditors
Conditions of admission (prescribed by the Auditing Act)
certified auditor
university degree
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
examination of professional competence to carry out tasks of a certified auditor
certificate of no previous convictions
knowledge of the Slovene language
Meta Duhovnik, Ph.D., Slovenian Institute of Auditors

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

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

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