Experts meeting on the topic of materiality in the public sector audit

Sarajevo, January 25th, 2019 - The delegation of the State Audit Institution of Montenegro attended an expert meeting on the topic of materiality in the public sector audit with a focus on the compliance audit, organized by the Audit Office of the institutions of Bosnia and Herzegovina.

The delegation of Montenegro consisted of senator Nikola Kovačević, head of the department - state auditor Vesna Mihailović and state auditor Špiro Mijović. The meeting was also attended by the financial audit auditors from state audit institutions of Croatia, Serbia and Bosnia and Herzegovina.

The aim of the meeting was to exchange experiences related to the implementation of the concept of quantitative and qualitative materiality in the public sector, the application of professional audit judgment in determining materiality, with a focus on public sector specificities, setting criteria for auditing public sector compliance, etc.

Participants expressed a strong need for further monitoring and joint action on issues identified during the meeting as a common challenge.

After the expert meeting, Senator Nikola K. Kovačević and his associates paid a working visit to the Audit Office of the institutions in the Federation of Bosnia and Herzegovina, during which he met with Auditor General Dževad Nekić. On this occasion, they discussed possible models of cooperation for exchange of experience in the field of public sector audit.