• Register
Return to: Home > Comments > The Accountant World Survey 2017: views from the locals in Europe

The Accountant World Survey 2017: views from the locals in Europe

Irena LISKAROVÁ, President, The Chamber of Auditors of the Czech Republic
Romania, Ciprian Teodor Mihailescu, President, Chamber of Financial Auditors of Romania
European leaders give an update on the profession in their respective countries.

Bosnia and Herzegovina

By Augustin Mišic, president, Union of Accountants, Auditors and Financial Workers of Federation of Bosnia and Herzegovina

This year, it is of utmost importance for the accountancy profession in the Federation of BiH to align our laws with the European Union secondary legislation. The EU regulatory framework challenges the accountancy profession in terms of fulfilling the requirements with regard to transparency, comparability and accuracy of audit and financial reporting, as well as getting closer to investor demand. One of our organisation’s key projects is to establish a quality assurance system for the accountancy services providers. The project aims to have our resource centre provide better support to our members, improve the quality of their services and thus enhance public trust. The quality assurance system is developed as part of a regional cooperation project together with five other PAOs and under the ICAEW mentoring guidance.
 

Czech Republic

By Irena LISKAROVÁ, president, Chamber of Auditors of the Czech Republic

What were the trends in the last year affecting the accountancy profession in your country?
We continue to observe the trend of decline of attractiveness of the profession as whole. Nevertheless we believe that the overall effort of current professionals, international organizations and legislators is paying well and we will soon be witnessing a return of good reputation of audit professionals andaudit missions.

What challenges is the accountancy profession facing in your country in the last year?
We faced several important changes in audit legislation and the whole profession needed to adjust to those changes as well as gain sufficient knowledge of them. We prepared numerous guides and aids to help auditors better comprehend the bulk of changes and to feel comfortable on the field of the new legislation.

What are your organisation’s strategy/plans/projects for the next two to three years?
We strive to represent and advocate enhancement of reputation and credibility of the profession, and promotion of the value of professional accountants; and increasing the amount of positive media coverage on the profession. Furthermore, we continue with education and support of our professionals.

 

Romania

By Ciprian Mihailescu, president, Chamber of Financial Auditors Romania

What were the trends in the last year affecting the accountancy profession in your country?

  • Implementation at national level of European regulations in the field of statutory audit, with a significant impact on public interest entities
  • Legislative changes in the field of taxation
  • Legislative changes in the audit of projects funded by European funds, which have led to the restriction of the audit market
  • Lowering fees for financial audit missions

What challenges is the accountancy profession facing in your country in the last year?

  • Economic and legislative uncertainties
  • Increased capabilities and professional skills
  • Increasing globalisation and digitalisation that also occurs in the financial and accounting field
  • Reduced number of future financial audit professionals as a result of the extended period of time required to gain professional qualifications
  • External events that can cause loss of confidence in the profession. The risk of a global financial crisis, as well as of public scandals linked to both public interest entities and the use of European funds, can diminish public confidence in the importance and necessity of financial audit.
  • The future of the professional body in the field of financial audit following the implementation in the year 2017 at national level of the European regulations in the field of statutory audit

What are your organisation’s strategy/plans/projects for the next two to three years?

  • Creating a strong national community of financial auditors
  • Demonstrate the relevance and importance of the profession of financial auditor for the public interest and as advocate of sustainable economic growth
  • Extending the financial audit market at national level
  • High requirements for professional qualification and quality of audit services

Top Content

    Choosing the right location can have cast-iron benefits

    As Game of Thrones, one of the biggest television shows of all time, comes to an end, Joe Pickard looks at how tax incentives offered to television and film production companies help the wider economy.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.