Abstract
‘Public sector accounting, auditing and control in the Republic of Srpska’ by Bobana Čegar, Jelena Poljašević and Duško Šnjegota offers provides a comprehensive overview of the organisation of the Republic of Srpska as one of two entities in the Bosnia and Herzegovina, and its territorial structure, as well as concise insights on the formulation and execution of central government and local and regional self-government budgets, on accounting and financial reporting methodology and on audit and other oversight (supervision) practice. The chapter concludes with the notion of challenges and future development paths in public sector accounting and auditing in Republic of Srpska (i.e. consistent application of IPSAS, consistent application of the GFS methodology and further strengthening of the role of the treasury system), given Bosnia and Herzegovina’s clear prospect of joining the EU, and its status of being a potential candidate country.
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Notes
- 1.
Official Gazette of the Republic of Srpska (RS) stands for a public record titled Službeni glasnik Republike Srpske, in which all laws, regulations, decrees, appointments and official decisions passed in the Parliament or adopted by the Government are published in native language and released in the public domain: http://www.slglasnik.org/.
- 2.
GFS 2001, 2.59.
- 3.
The Pension and Disability Insurance Fund has been part of the Republic budget since 1 January 2016.
- 4.
“External public audit” means government audit. However, due to the complexity of this public function in Bosnia and Herzegovina, i.e. the existence of a total of four audit institutions which operate autonomously and independently from one another in fulfilling their legal mandates, with clearly demarcated powers and responsibilities, the term “government” in this audit is replaced by the term “external public”.
- 5.
In addition to the traditional (direct) budget users, the term “public sector” also covers a number of other institutions and bodies, such as indirect budget users, parts of public institutions, various agencies, directorates and extra-budgetary funds, public enterprises, public institutions, quasi-public enterprises, etc.
- 6.
Methodologies were prepared and adopted by the top and middle management of the Supreme Audit Office in 2014. The Guides were adopted by the Coordination Board for Auditing the Institutions of Bosnia and Herzegovina.
- 7.
- 8.
Official Gazette of the Republic of Srpska, 17/08.
- 9.
The Law on the System of Internal Financial Controls in the Public Sector of the Republic of Srpska [Zakon o sistemu internih finansijskih kontrola u javnom sektoru Republike Srpske] (Official Gazette of the Republic of Srpska, 91/16) defines financial management and control as a system of internal controls to be established and accounted for by the manager of the entity, and to provide reasonable assurance, based on risk management, that the budget and other funds will be used in a lawful, economical, efficient and effective manner in the achievement of the entity’s goals.
References
Čegar, B. (2016). Treasury System Impact on Financial Statements in the Public Sector. Banja Luka, Acta Economica, no. 24.
Poljašević, J. (2013). Financial Reporting in the Public Sector According to International Standards. In 8th Congress of Accountants and Auditors of Montenegro: “Prospects for Accounting and Financial Professions in the EU Accession Process”. The Institute of Certified Accountants of Montenegro, Budva. pp. 153–171.
Poljašević, J. (2014). Financial Reporting in the Public Sector. Faculty of Economics, Banja Luka and FINRAR, Banja Luka.
Šnjegota, D. (2015). Auditing Public-Private Partnership Projects. Association of Accountants and Auditors of the Republic of Srpska, FINRAR 11, Banja Luka.
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Čegar, B., Poljašević, J., Šnjegota, D. (2019). Public Sector Accounting, Auditing and Control in the Republic of Srpska. In: Vašiček, V., Roje, G. (eds) Public Sector Accounting, Auditing and Control in South Eastern Europe. Public Sector Financial Management. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-03353-8_8
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