ANALYSIS
Local Accounting &
Audit Practices
It’s critical that companies working
in Macedonia are aware of the gaps
between regulations on paper and
in practice. While much local legislation is now aligned with international practice, compliance with and
enforcement of these regulations can
vary widely. This lack of legal certainty increases company risk when
engaging local service providers,
forming local partnerships and more.
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Unfortunately, assessing and tracking implementation of a law is much
more difficult than simply verifying its
existence. A report published earlier
this year by the World Bank Cen•
tre for Financial Reporting Reform1
provides a number of useful insights
along this line on the Macedonian
accounting and auditing sphere. Some
of its findings of particular interest to
•
business people working here might
inc