AmCham Macedonia Fall 2015 (Issue 47) | Page 17

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. • 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