Minovski, Zoran

Preferred name

Minovski, Zoran

Official Name

Minovski, Zoran

Main Affiliation

zminovski@eccf.ukim.edu.mk

Now showing 1 - 10 of 10

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Quantifying FDI’s Effects on GDP and Unemployment: Evidence from North Macedonia
(Ss. Cyril and Methodius University in Skopje, Faculty of Economics-Skopje, 2025-12-20)
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The role of intellectual capital and its accounting recognition and measurement
(Ss. Cyril and Methodius University in Skopje, Faculty of Economics – Skopje, 2018)
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In the last two decades, the economy has moved from industrial to knowledge-based, with the result that basic economic resources no longer consist of natural resources, capital and labor, but knowledge. In a knowledge based economy, what creates a competitive advantage and value is the resources of knowledge such as human capital, processes, external brands, and networks. The source of companies’ economic value no longer depends only on the production of material goods, but on the creation and management of intellectual capital. As a result, the concept of intellectual capital, which quantifies knowledge, skills, relationships, processes, innovations and other components of intangible assets, has become the most important business factor. The main objective is to examine the need for modifying the accounting theory to provide a standardized and comparable approach when using accounting and intellectual capital reports. Measurement and recognition of intellectual capital in financial statements are not limited by the requirements for legal explanations, while discretionary and contextual considerations are advisable. Despite the transition from the industrial to the knowledge economy, financial reporting is not sufficiently tailored to keep pace with the change in value-creation processes and the most significant changes that will yet take a turn in the financial context and reporting on the intellectual capital of an organization.
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Public Sector Accounting, Auditing and Control in the Former Yugoslav Republic of Macedonia
(Palgrave Macmillan, Cham, 2019)
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‘Public sector accounting, auditing and control in the Former Yugoslav Republic of Macedonia’ by Atanasko Atanasovski and Zoran Minovski offers a concise and comprehensive overview of the organisation of the country and its territorial structure, as well as concise insights on the formulation and execution of central government and local and regional self-government budgets, with the focus on accounting and financial reporting and audit and other oversight (supervision) up-to-date description. The chapter concludes with the notion of challenges and future development paths in public sector accounting and auditing in Former Yugoslav Republic of Macedonia as the candidate country in the accession to the EU, with a clear emphasis on the process of transition accrual-based accounting and the implementation of IPSAS for the purpose of financial reporting by the general public sector, and State Audit Office capacity building.
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Quantifying FDI’s Effects on GDP and Unemployment: Evidence from North Macedonia
(Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, 2025-12)
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This paper examines the impact of foreign direct investment (FDI) on economic growth and unemployment in North Macedonia over the period 2014–2023. North Macedonia, a small post-transition economy with historically high unemployment, has actively pursued FDI as a development strategy. Using annual data and econometric analysis (stationarity tests, Pearson correlations, and OLS regressions in SPSS), we test four hypotheses about FDI’s relationship with GDP growth and unemployment. The results indicate a strong positive association between FDI inflows and real GDP growth and a significant negative association between FDI and the unemployment rate. In particular, higher FDI is correlated with faster GDP growth and lower unemployment, supporting the view that FDI can be a catalyst for economic development. Regression analysis further suggests that FDI has a statistically significant positive effect on GDP growth and a negative effect on unemployment, even when accounting for the growth-employment link. These findings confirm the optimistic hypothesis that FDI inflows drive macroeconomic improvements in North Macedonia. However, complementary factors (institutional quality, human capital) are crucial for maximizing FDI benefits. The paper concludes with policy implications, emphasizing the need to attract quality FDI and strengthen domestic absorptive capacities to ensure sustainable growth and job creation.
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Evaluating the Performance of ChatGPT in Accounting and Auditing Exams: An Experimental Study in North Macedonia
(Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, 2023-12-15)
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Tocev, Todor
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In the ever-evolving landscape of education, the integration of artificial intelligence (AI) has emerged as a transformative force, reshaping conventional pedagogical methods and assessment approaches. The domains of accounting and auditing, integral for preparing future professionals, have not remained immune to this technological revolution. As AI, including ChatGPT, gains prominence, it offers the potential to enhance learning and examination experiences within these disciplines. This paper presents a pioneering North Macedonian experimental research evaluating the performance of ChatGPT's effectiveness in exam performance in accounting and auditing. Leveraging 11 subject exams comprising a total of 401 questions, this research assesses ChatGPT's proficiency in addressing intricate, context-specific questions within these domains. ChatGPT 3.5 demonstrated its reliability as a "student" by successfully passing 8 out of the 11 subjects, achieving a pass rate of 73%. The findings reveal that ChatGPT 3.5 excels in responding to qualitative open-ended questions, true/false assessments, and multiple-choice questions with a single correct answer, effectively streamlining routine tasks and offering comprehensive explanations. However, it faces challenges when dealing with quantitative calculations and complex multiple-choice questions with multiple correct answers. This study contributes to the ongoing discourse on AI's role in education, sparking discussions about student access to AI tools, the balance between memorization and referencing, the potential for AI to enhance learning experiences, and the unique contributions of educators that surpass AI capabilities. As AI continues to disrupt traditional practices across professions, including education, its responsible integration promises to enhance the educational process and deliver substantial value. ChatGPT, as a versatile AI language model, stands as a powerful tool in this endeavor, offering educators and students the potential to enrich their learning journeys while recognizing the need for judicious application within its defined constraints.
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The Supreme Audit Institution in the role of improving the operation of the Ministry of Defense
(FACULTY OF SECURITY – Skopje, 2020)
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Tocev, Todor
The most important institution that regulates the national defense system in the Republic of North Macedonia is the Ministry of Defense, which in accordance with the Law on Defense creates the defense policy, determines the directions for the development of long-term and medium-term plans, manages human, material and financial resources. It is of great importance to providing support to the Army of the Republic of North Macedonia, which is a guardian of territorial integrity and sovereignty. Realizing its mission, the Army, apart from the Republic of North Macedonia, achieves the maintenance of peace and security outside the country through joint action or as part of collective security and defense systems. This paper explores the role of the Supreme Audit Institution (in our country the State Audit Office) in improving the legal and purposeful work of the Ministry of Defense, from the existence of the State Audit Office until today. Through detailed analysis of the audit reports issued by the State Audit Office for the Ministry of Defense in the last ten years, the total number of audits performed from 2010 to date is determined and identified the significant conditions regarding the financial operations of the Ministry, compliance with regulations and laws, as well other systemic weaknesses. For the analysis, all issued annual reports on the performed audits and the operation of the State Audit Office are used, as well as the last issued final audit report for the Ministry of Defense. In addition to analyzing those reports, the paper covers other literature and scientific papers on how the state audit affects the performance of the key institution in terms of defense and security.
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THE PRACTICE AND DRIVERS OF CSR DISCLOSURE AMONG THE BLUE-CHIP COMPANIES IN NORTH MACEDONIA
(Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, 2021-11-13)
Tocev, Todor
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Non-financial reporting is becoming an increasingly common topic of discussion and is a matter of time before it is regularly implemented around the world. Stakeholders want to see how companies contribute to the common good and what social activities they undertake, so although in the Macedonian practice Corporate Social Responsibility (CSR) disclosure is not mandatory, there is a growing intention to publicly disclose information about social activities. CSR is extremely important for businesses and other stakeholders, and it requires businesses to develop a corporate strategy that balances environmental, social, and ethical concerns. Through this type of activities, companies manage to increase their influence in society, to leave a good impression but also to contribute to the improvement of society and place of living, which is a win-win situation for everyone. The paper aims to examine the level of CSR reporting in domestic practice, through research conducted on the blue-chip companies listed on the Macedonian Stock Exchange. We analyzed the financial and annual reports and official websites of the joint stock companies that were part of the MBI10 index in the period from 2016 to 2020. First, a theoretical review of the CSR is presented, followed by a literature review on the CSR’s indicators and the state of the CSR in the Macedonian practice. Our findings from the conducted content analysis and linear regression show that larger and more profitable companies show a greater propensity for social responsibility and display more information about their undertaken social related activities.
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Preparing for the Future: Interdisciplinary Approaches in Internal Auditing Education
(2024-12)
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Tocev, Todor
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Purpose: In an era marked by rapid corporate changes and evolving business paradigms, internal auditing (IA) is crucial for ensuring organizational integrity, transparency, and effective risk management. Pizzi et al. (2021) emphasize the need for integrating digital transformation into IA education through tools like data analytics and continuous auditing, enhancing decision-making and fraud detection. Similarly, Coetzee and du Plessis (2020) highlight the importance of soft skills, while studies such as those by Popescu-Grădișteanu and Mocuta (2023) and Fonseca et al. (2020) connect IA education to improved risk assessment, transparency, and governance. Hay (2017) and Crockett (1993) further advocate for interdisciplinary and ethical approaches to better prepare graduates for growing professional demands. This research addresses the pressing need to sustain and advance IA by engaging students from various academic backgrounds beyond traditional Accounting and Auditing programs. Integrating insights from fields like E-business, Finance, and Management, the study aims to close educational gaps and enhance the preparedness of future internal auditors. This paper underscores the importance of recruiting, educating, and empowering a multifaceted workforce to ensure IA’s continued relevance and effectiveness in addressing today’s complex business challenges. Design/methodology/approach: To examine the potential of an interdisciplinary approach in sustaining IA as a profession, this study employs a multi-phase research design, encompassing a comprehensive literature review and data collection through student workshops, focus groups, and interactive activities. Relevant insights from professional bodies, including IIA Global, ACFE, IFAC, ISACA, AICPA, ICAEW, CIPFA, INTOSAI, and major auditing firms, informed the study framework. Four thematic workshops featured experienced practitioners and professors who presented and discussed core IA issues with students. In a focus group of 36 students from the Faculty of Economics-Skopje, UKIM—30% in Accounting and Auditing, and 70% from other majors (30% E-business, 17% Finance, and 23% Management and Entrepreneurship)—data were gathered in four complementary phases. Methods included two questionnaires, a psychological-educational game, and team-based research projects. The research centered on students’ perceptions of several key topics: The strategic importance, role, and responsibilities of IA within an organization (research questionnaire); IA’s influence on internal controls and corporate governance structures (research questionnaire); Identification of potential challenges in recruiting qualified IA professionals and proposed solutions for closing this gap (psychological-educational game); Reflections on necessary changes in IA education, including curriculum updates, skill requirements, and alignment across higher education institutions (team research projects). Findings: Results from the first thematic research revealed that students view IA as an essential function that extends beyond traditional financial audits, contributing directly to organizational success by improving processes, values, and goal alignment. Key IA focus areas identified include enterprise risk management (ERM), fraud prevention, regulatory compliance, and financial oversight. The second thematic survey showed diverse perspectives across academic majors: E-business students most strongly emphasized IA’s role in strengthening internal controls and corporate governance, followed by students in Accounting and Auditing, Management, and Finance. In the third thematic research, an interactive psychological-educational game prompted students to collaboratively create a “Future Memory Statement” envisioning IA’s evolution over the next decade. Their consensus: “As internal auditors, we observed that disruptive technologies have reshaped corporate operations, presenting new risks and opportunities. By 2034, this challenge was addressed by recruiting students with diverse educational backgrounds and expanded skill sets, maintaining IA’s relevance and adaptability.” This future-oriented vision aligns with the IA Foundation’s “Internal Audit: Vision 2035” initiative. The fourth phase involved a content analysis of student research projects by major, where students overwhelmingly agreed that IA should be integrated into diverse educational programs, including Finance, Management, E-business, and Economics. Essential skills identified included analytical and critical thinking (75%), communication (68%), risk management (61%), and accounting knowledge (50%). While the IA curriculum at the Faculty of Economics-Skopje aligns with those of prominent higher education institutions, students highlighted the need for more practical case studies and collaborative projects with industry partners to enhance real-world application. Originality/value: This study offers a fresh perspective on advancing IA education through an interdisciplinary lens, emphasizing the necessity of broadening IA curricula beyond traditional domains. By actively engaging students from various academic backgrounds, such as E-business, Finance, and Management, this research stresses the need to expand IA’s educational scope to prepare a workforce ready to tackle diverse corporate challenges. The incorporation of a psychological-educational game to explore real-world problem-solving provides an innovative pedagogical approach, enriching students’ practical understanding. Furthermore, the findings highlight the critical need for ongoing curriculum alignment with global standards and the inclusion of practical experiences to ensure IA education’s relevance. This study offers significant implications for educational institutions, professional associations, and industry stakeholders committed to fostering a skilled and adaptable IA workforce.
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HOW DOES EU MEMBERSHIP AFFECT NON-FINANCIAL REPORTING? EVIDENCE FROM SELECTED BALKAN COUNTRIES
(Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, 2022-11-11)
Tocev, Todor
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Non-financial reporting is a form of transparency disclosure where companies disclose information that is not primarily focused on their financial performance, but information related to their activities that contribute to society through environmental protection, social matters, employees, human rights, anti-corruption and other activities affecting the supply chain. The purpose of this research is to analyze non-financial disclosure in selected Balkan countries and to determine how EU membership affects the scope of non-financial reporting. Four countries are included in the research, two of which are EU countries and two are non-EU countries. A total of 40 blue-chip companies that are part of the national stock market indexes for the period of 2019 to 2021 were taken as a sample in the research. We applied content analysis to 120 Audited Consolidated Annual Reports, individual Non-financial Disclosure Reports and all tabs and sub-tabs of official websites from which we identified variables to be statistically tested. A detailed descriptive and comparative analysis will be made to qualitatively and quantitatively describe the characteristics of non-financial reporting in the respective countries, and then the Multivariate Kruskal-Wallis will be conducted to test whether EU membership affects the extent, title, type, and length of the report on non-financial information.
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NEW PARADIGM IN ACCOUNTING INFORMATION SYSTEMS – THE ROLE OF THE LATEST INFORMATION TECHNOLOGY TRENDS
(Faculty of Economics-Skopje, SS. Cyril and Methodius University in Skopje, 2020-11-14)
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Tocev, Todor
The purpose of this paper is to identify the impact and benefits of the latest information technologies on Accounting Information Systems (AIS). Taking into account the numerous papers related to new technologies and their application in the accounting profession within Industry 4.0, and conducted survey about perception of practitioners in Republic of North Macedonia, this paper summarizes the characteristics and key benefits of some of the new technologies for the functioning of AIS in the digital age. First of all, the evolution of AIS is elaborated, based on theoretical and empirical analysis of the accounting process from the appearance of the first AIS up to nowadays’ services and techniques available for supporting the accounting function. The first technology to be elaborated is Big Data and its potential to change the business landscape, especially in the field of automating operation processes, customer engagements, and predictive decision-making process. Secondly, the Blockchain Technology as an example of Distributed Ledger Technology (DLT), which adoption brings new possibilities in eliminating or redefining the role of entities external to the company. Cloud Computing i.e. Cloud Accounting is the third technology which is elaborated in this paper through the services it offers on the cloud, especially the way AIS process, store and backup the sensitive and confidential data. Last but not least, Artificial Intelligence (AI), a technology that could change the professional services, the need, and opportunities that are provided for a solution to the current accounting issues. In summary, taking into account the relevant literature and the perception of the respondents-practitioners, increased use of these technologies is necessary because their application reduces costs; increases transparency and confidence in information; flexibility, i.e. no time and space restrictions on their use, etc., which is especially useful in the current state of Pandemic, caused by the virus COVID-19.

Minovski, Zoran

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