Financial Crime World

Financial Reporting and Auditing Standards Get Boost in Serbia and Montenegro

The Ministry of Finance of Serbia has launched a comprehensive training programme to address the skills gap in financial reporting and auditing standards. The “You Can Count on Our Support” initiative, supported by PwC and administered by the World Bank, aimed to equip finance professionals with the necessary expertise.

Programme Overview

The project was implemented in four regional centres in Serbia - Belgrade, Novi Sad, Kragujevac, and Nis - targeting finance departments, accountants, auditors, and financial consultants from local and international companies, as well as public and private sectors. The training programme was designed to enhance the knowledge and skills of participants on International Financial Reporting Standards (IFRS) and International Auditing Standards (ISA).

Training Content

The programme consisted of several forms and streams of training, including:

  • E-learnings on IFRS and ISA basics
  • Recorded webex sessions
  • Courses on IFRS and ISA standards, each lasting six days
  • Short workshops and seminars on specific IFRS and ISA standards

Recruitment and Awareness Campaign

To recruit participants, PwC supported the Ministry in launching a wider awareness campaign, which included:

  • Live presentations
  • Launch events in selected cities
  • Targeted online emailing
  • Social media outreach

The campaign reached an impressive 205,000 individuals in Serbia, making it a successful endeavour to bridge the skills gap in financial reporting and auditing standards in the region.

Sustainability

To ensure sustainability, PwC developed additional modules for future trainers, aimed at increasing their presentation and educational skills. This will enable them to continue providing training on IFRS and ISA standards in the future.

Conclusion

The “You Can Count on Our Support” initiative has made a significant impact in bridging the skills gap in financial reporting and auditing standards in Serbia and Montenegro. The comprehensive training programme has equipped finance professionals with the necessary expertise, and the awareness campaign has reached a large audience.