Revizija finansijskih izveštaja u uslovima primene računovodstva fer vrednosti

Abstract

Over the last decade historical cost accounting have been moving toward the fair value accounting. The need to express assets at fair value occurs as a result of the deficiencies of traditional accounting solutions for valuation at cost, and as a result of the fact that the stating something at fair value allows the recognition of income and gains that have not yet been achieved, which improves the financial position and financial performance of the business entity. The use of fair value accounting greatly contributed to creating increased financial performance, artificially increased profits and dividends in the financial statements of business entities that incorrectly applied this method, or it came as a result of inherent limitations in the application of this method in different market conditions. This puts an auditor in a very complex and challenging situation, because the auditor is ecxpected to adequately express his opinion, even under new circumstances. A high inherent risk is something that the audit of accounting estimates, including fair value estimate, is characteristic for since the fair value valuation occurs as a result of judgment. This paper presents possible audit procedures for fair value measurements and related disclosures, and experience of auditors worldwide in the period before and after the economic crisis at the beginning of the 21st century, it also examines the views of auditors on these issues through a questionnaire in the context of empirical research, and it suggests the possibility of improving the audit of the financial statements in the Republic of Serbia in the context of fair value accounting. Audit of financial statements in the context of fair value accounting in the Republic of Serbia can be improved through intensive professional training of auditors of measuring assets and liabilities at fair value, and through development of new audit procedures that fully take into account the specifics of the environment of the Republic of Serbia, but which are based on the audit procedures used in other countries. It can also be improved through expanding audit teams with experts in the field of assessment, as well as through better cooperation and communication between external auditors and internal auditors.