Bozhinovska Lazarevska, Zorica

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Bozhinovska Lazarevska, Zorica

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EXPLORING THE ROLE OF INTERNAL AUDITORS IN ESG ASSURANCE AND IMPACT ASSESSMENT: THE CASE OF THE REPUBLIC OF NORTH MACEDONIA
(Ekonomski fakultet Univerziteta u Kragujevcu, 2023-06-17)
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Tocev, Todor
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What story do the transparency reports on the market for audit services tell? - The case of the Republic of Macedonia?
(University of St.Gallen, 2018-11)
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The obligation for presentation of transparency reports by audit firms in the Republic of Macedonia was introduced for the first time with the amendments of the Audit Law in 2005. The intention was to demystify the operations of the audit companies. The first transparency reports were published in 2007. The compulsory elements of the transparency reports fully correspond with the requirements of the Eighth EU Directive. After ten years from the publication of the first transparency reports, a dilemma arises about what perception of audit quality of audit firms they create with readers. The paper consists of four segments. The first gives an overview of the literature and past research related to the transparency reports. The second segment focuses on the genesis of transparency reports observed through changes in the legislation. The third part analyzes the data from different segments of the transparency reports for all audit firms, with a special focus on the number of customers and the realized revenues from the offered services for the period of 2007-2017. The analysis should show the relationship between the number of clients and the revenues received by the audit firms grouped into three groups - "Big Four", Audit firms which are part of international network that does not belong to the "Big Four" and Local audit firms. In the last part the knowledge gained is summarized and the question initiated in the title of the paper about the readers’ perception created by the transparency reports on the audit firms activities is answered.
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Односот помеѓу пристапот на учење, мотивацијата и постигнатите резултати
(Annual of the Faculty of Economics - Skopje, 2016)
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Во текот на студирањето студентите се соочуваат со образовните програми кои се поставени во високото образование и кои им овозможуваат на студентите да дејствуваат и да учат во различни ситуации и на тој начин да се стекнат со потребните знаења, вештини, ставови, карактеристики на личноста кои ќе им помогнат да дејствуваат како квалификувани професионалци. Овој труд ги презентира резултатите од анкетното истражување на пристапот на учење и мотивациjата на студентите од трета и од четврта година на првиот циклус на студии на департман „Сметководство и ревизија“ при Економскиот факултет во Скопје. Според резултатите што ги добивме од истражувањето, сметаме дека високата надворешна и внатрешна мотивираност на студентите доведува до зголемување на длабинскиот пристап на учење по предметите Ревизија и Интерна ревизија, односно сè повисоката надворешна мотивираност кај студентите придонесува за постигнување на сè повисоки и подобри резултати по предметите Ревизија и Интерна ревизија, а со тоа и зголемување на интересот за учење и постигнување на своите лични цели.
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Shaping Market Perceptions: An Investigation into Macedonian Bank Stock Prices and their Drivers
(Ss. Cyril and Methodius University in Skopje, Faculty of Economics-Skopje, 2023-11-30)
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<jats:p>This research paper examines the effects of return on assets (ROA), earnings per share (EPS), and audit opinion as a control variable, on the stock prices of banks in North Macedonia. The primary aim of this research endeavor is to scrutinize the influence exerted by these financial metrics on the stock prices pertaining to banking institutions within the region of North Macedonia, while also endeavoring to ascertain the extent of said influence. To analyze this relationship, a linear multiple regression model is employed. Data were collected from the audited financial statements and annual reports of all 12 banks in North Macedonia over a ten-year period from 2012 to 2021. The research findings illustrate a notable statistical influence of audit opinions and earnings per share (EPS) on the stock valuations of banks within the North Macedonian context. To elucidate, the positive coefficient associated with the audit opinion variable signifies its discernible sway on stock prices. Likewise, the positive coefficient linked with the EPS variable highlights that augmented earnings per share correlate with an upswing in stock prices. However, it is important to note that when audit opinion is excluded from the model, the results change, and ROA shows a statistically significant impact on stock prices. This suggests that the inclusion of audit opinion as a control variable affects the relationship between ROA and stock prices. These findings imply that investors in the banking sector in North Macedonia consider audit opinion and EPS as crucial indicators of a bank's financial health, influencing their investment decisions. Maintaining a positive audit opinion and increasing EPS are important factors for boosting stock prices, which is valuable information for bank managers and investors. The recent changes in the audit report format, including the reporting of Key Audit Matters (KAM), have not yet been implemented in the domestic audit practice. As a result, auditors do not report on KAM, which may have influenced the research results differently. Also, the small sample size can be perceived as a limitation of the research. With only 12 banks in the Macedonian banking sector, the generalizability of the findings may be restricted. Future research could consider expanding the sample to enhance the representativeness of the study.</jats:p>
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Accounting Students’ and Employers’ Perceptions on Employability Skills in the SEE Country
(University of Economics, Prague, 2018)
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Accounting education at the university level in developing SEE countries has often been criticised for the inability to develop essential skills of graduates necessary for a career in professional accountancy in the 21st century. Our research study presents the results of a survey among students enrolled to an accounting degree program and employers for their perceived importance of a wide range of generic and technical skills for successful entrance to the profession. The study also investigated perceived effectiveness of the university accounting education to develop important skills at an appropriate level. The results indicated agreement between the two respondent groups in respect of the greater importance of generic skills, where students gave more weight to personal skills of time management, good presentation and characteristics of self-confidence, motivation and self-promotion. Employers valued more oral communication, knowledge of foreign languages, ethical attitude and credibility and commitment to life-long learning. The employers and students agreed that education process and program need improvements in order to allow for better development of technical and generic skills among successful graduates.
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STATE AUDITORS’ PERCEPTIONS AND PRACTICES: AN INSIGHT INTO FRAUD DETECTION IN THE REPUBLIC OF NORTH MACEDONIA
(Univerzitet u Beogradu, Ekonomski fakultet, 2024-06)
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The professional scepticism of internal auditors in context of fraud identification – research in the Republic of Macedonia
(2017-05)
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In terms of global financial crises and financial scandals of big corporations worldwide, the public awareness of the responsibility of audis in detecting and preventing fraud is increasing. The interest focuses on the important role of professional skepticism and its proper application when auditing financial statements. Occuring concerns over insufficient and inadequate application of professional skepticism in audits led to development of many debates about the role of professional skepticism and suggestions on how to improve its application in the audit practice. Despite the importance of professional skepticism, in audit literature there is no consensus and empirical data for measuring the skepticism and how it affects the behavior of auditors.This paper makes an effort to define, conceptualize and measure professional skepticism. It also identifies threats to the concept and potential opportunities, ie, measures and activities to promote the application of professional skepticism throughout the audit of financial statements, in order to improve audit quality. In order to answer the question whether the possession of a certain individual level of skepticism among auditors affects their behavior towards fraud indicators during audit engagements, an experimental research, in which students and internal auditors in the Republic of Macedonia were taken as target groups, is conducted.
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The different dioptrIA of internal auditors versus external auditors in the observation of internal controls - research in the Republic of North Macedonia
(29th EBES Conference - Lisbon, 2019-10)
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Opportunity represents an extremely important element of the fraud triangle. It is usually related to the internal controls which if not designed well or not functioning efficiently make it possible for a motivated fraudster to achieve his fraudulent scheme. The corporate scandals that marked the end of the previous and the beginning of this century were initiated and realized by unscrupulous managers taking advantage of the existence of internal controls weaknesses. Observing the internal control weaknesses as an opportunity for fraud has increased their significance in the eyes of stakeholders, such as managers, internal and external auditors. Internal control is in fact a subject to examinations and assessments performed by the both - internal and external auditors. The internal auditors being part of the organization should, on one hand, objectively assess the decisions taken by the management, and on the other hand, act advisory in designing an adequate and efficient internal control system. Hence the double identity of the internal auditors, i.e. two social categories of the internal auditors. As per the external auditors, it is exactly that double identity that jeopardizes the objectivity of internal auditors. Considering the fact that the internal auditors are part of the organization, whereas the external auditors act as outsiders, it is expected that their perceptions of the internal control system would differ. The Social Identity Theory stipulates that the internal auditors being part of the organization have an advantage over external auditors in obtaining information about the weaknesses of the internal control system and this advantage increases as the material significance of the weakness increases, as per the Organizational Silence Theory. However, the Social Identity Theory also states that the more the auditors identifies with the organization, their objectivity in assessing the internal control system decreases. In this regards, the adherence to the Code of Ethics for the Internal Auditors positively affects the objectivity of internal auditors in assessing the internal control system, and as their objectivity increases, the confidence of external auditors in the work of internal auditors also increases. Within this paper, will be presented a research which aims to determine and quantify the differences between internal and external auditors in obtaining and assessing information on the weaknesses of the internal control system. The research is consisted of two parts. In first part are discussed the differences in obtaining information about the weaknesses of the internal control system between the internal and external auditors, while in the second part, the differences in assessing the received information on the weaknesses of the internal control system. At the end of the paper, using the SPSS data processing program will be presented the results of the conducted research, i.e. on the basis of the obtained results, it will be determined whether there are significant differences between the internal and external auditors in obtaining and assessing information on the weaknesses of the internal control system.
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New challenges of the IFAC International Code of Ethics. The case of the Republic of North Macedonia
(Research Council of the Accountants Association in Poland, 2021-07-02)
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<jats:p>Purpose: The main purpose of the paper is to provide empirical evidence on certified auditors’ perceptions in the Republic of North Macedonia (RNM) about the new IFAC International Code of Ethics for Professional Accountants. Methodology/approach: A survey was conducted by distributing a questionnaire to the certified auditors in RNM, and the answers were then analyzed. Findings: The results indicate that the observance of the Code of Ethics affects the quality of audit engagements in domestic practice. The majority of practitioners believe that the fundamental principles are sufficiently clearly elaborated and can provide an appropriate basis for ethical conduct. The principle of objectivity is most exposed to threats, while the most common threat is familiarity. Safeguards created by the profession, the law, and regulations are more effective in addressing threats. Finally, practitioners agree that the innovations brought by the new Code of Ethics represent a significant benefit to the auditors’ mission to preserve and strengthen their independence. Research implications/limitations: The research provides empirical evidence of ethical behavior in domestic audit practice, but no similar research has been done before to make a comparative analysis. Originality/value: This research is the first of this type in RNM and fills the research gap in the field of ethical behavior in the domestic audit practice. </jats:p>
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THE AUDIT OPINION IN THE ROLE OF STOCK PRICES FLUCTUATIONS ON THE MACEDONIAN STOCK EXCHANGE
(Financial Studies, 2021-09-30)
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In the modern literature, the audit opinion is defined as a certificate that accompanies the financial statements of companies. The audit opinion is important because it provides an answer as to whether companies' financial statements are free from material misstatement. Although in the Republic of North Macedonia the research studies related to the influence of the audit opinions on the stock prices of the companies listed on the Macedonian Stock Exchange are almost non-existent, in the world numerous papers have researched the impact between these two variables. The purpose of this paper is to study the impact of audit opinions contained in the audit reports on the stock prices of companies in the Republic of North Macedonia. The model also includes two control variables: the net profit and the size of the companies. The sample included in the research are companies listed on the Macedonian Stock Exchange. The results of this research show that the impact of the audit opinion on the stock price is not significant, i.e., that investors in the decision-making process do not take into account the audit opinion.

Bozhinovska Lazarevska, Zorica

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