As part of the "EU Public Finance Management facility in Serbia" project, a two-day workshop was held, from 15-16 October, at the Ministry of Finance, where employees of the Ministry's Central Harmonization Unit were introduced to the new global internal audit standards of the Institute of Internal Auditors (IIA), the leading global organization for the internal audit profession, which will take effect on January 1, 2025.
The workshop was led by Francis Nicholson from the Institute of Internal Auditors, who provided a detailed explanation of the new standards related to the internal audit approach, highlighting the key changes compared to the current standards.
As Serbia prepares for the implementation of the new global internal audit standards, a comparative analysis will be conducted to assess how existing regulations align with the updated IIA standards. This analysis will guide the necessary amendments to Serbia's legislative framework in the coming period.
It is expected that the Government of the Republic of Serbia will adopt the revised regulatory framework before the new standards take effect.
The "EU Public Finance Management facility in Serbia" project is financed by the European Union and implemented by United Nations Development Programme (UNDP), in partnership with the Center for Excellence in Finance (CEF) and the Ministry of Finance of Slovakia.