Tocev, Todor

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Tocev, Todor

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Tocev, Todor

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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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Holistic Performance Assessment: Research on the Relationship between Sustainability Reporting and Financial Performance of MBI10 Companies in R. N. Macedonia
(National and University Library of the Republic of Srpska, 2024-07-26)
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<jats:p>The complex interaction between sustainability indicators and financial performance shapes a company's resilience and long-term value creation, guiding the path toward a sustainable future in the global business world. This paper attempts to explore the relationship between sustainability reporting, measured through the ESG index (ESGIn), and the financial performance (FP) of high-ranked companies listed on the Macedonian Stock Exchange and part of the MBI10 Index. Through the analysis of ten high-ranked companies, including five banks and five companies from the real business sector, over a period of 11 years (2013-2023), the research reveals intriguing insights into the complex relationship between sustainability efforts and financial success. When analyzing the entire sample, no significant correlation between ESGIn and FP was generally observed, except for a moderately positive correlation between ESGIn and the ROE indicator. Additional sector-specific analyses reveal different patterns in the sectors. In the case of companies from the real business sector, there is a moderate positive correlation between ESGIn and the ROA and ROE indicators, while in the financial sector (banks) there is a weak positive correlation between ESGIn and the ROA and ROE indicators and a weak negative correlation between ESGIn and YPS. The analysis did not reveal a correlation between ESGIn and EPS. These results have implications for strategic decision-making in the Macedonian market and beyond, highlighting the need for tailored approaches to effectively integrate sustainability practices. The study contributes to the ongoing dialogue on the relationship between sustainability indicators and FP, providing a basis for further research and practical applications.</jats:p>
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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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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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From Basics to Intelligent Tools: Accounting Information and AI in Public‐Sector Internal Auditing
(Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, 2025-12)
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This study examines the integration of artificial intelligence (AI) in public sector internal auditing, focusing on the extent of AI adoption, the types of AI tools used, and the challenges faced by auditors in implementation. The research employs both descriptive statistical analysis and inferential techniques, including Spearman’s correlation and ANOVA, to assess the relationships between AI adoption and institutional factors. Findings indicate that while data analytics is the most commonly used AI tool, a significant proportion of respondents do not utilize AI in their auditing practices. The primary barriers to AI adoption include a lack of training, high costs, and concerns regarding data privacy. The study further reveals that AI usage varies depending on the type of institution in which they work. These insights contribute to the ongoing discussion on digital transformation in auditing, emphasizing the need for enhanced training programs and strategic investments to facilitate AI integration.
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Research Trends and Developments in Management Accounting: A Bibliometric Analysis
(2024-12)
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Purpose Management accounting, as a critical area within the broader domain of accounting, has undergone significant transformations over the years, driven by changes in business practices, technological advancements, and regulatory environments (Merigó and Yang, 2016; Cortés-Sánchez, 2019; Balstad and Berg, 2020). This study aims to identify key themes, influential authors/publications, and emerging research areas that have shaped the field through bibliometric analysis. By examining the evolution of research in management accounting, this study seeks to provide insights into the current state of the field and its future directions. Design/methodology/approach This bibliometric analysis utilized data from the Scopus database, with the search focusing on the keywords "Management" OR "Managerial" AND "Accounting". The initial search identified 66,822 manuscripts. To ensure the relevance and quality of the dataset, the PRISMA protocol was applied through its four stages: identification, screening, eligibility, and inclusion (Moher et al., 2009). Filtering criteria included the subject area of Business Management and Accounting, English language, and document type restricted to articles, which narrowed the dataset to 13,078 papers. After removing duplicates, a manual relevance check based on abstract analysis further reduced the dataset, resulting in a final set of 5,059 papers for the bibliometric analysis. The VOSviewer software was used to analyze co-authorship patterns among authors, organizations, and countries, as well as to perform keyword analysis on abstracts for the entire period and specifically for the last five years (2019-2023). Findings The dataset spans research papers from 1957 to 2023, with a noticeable increase in publications over time, particularly in recent decades. The trend culminated in 2023 with a peak of 354 papers. The most cited individual authors are Kaplan R.S., Norton D.P., Orlitzky M., Schmidt F.L., and Rynes S.L. Some of the leading journals for management accounting publications are "Accounting, Organizations and Society", "Management Accounting Research", "Accounting, Auditing, and Accountability Journal", "Journal of Cleaner Production", and "European Accounting Review". The United States and the United Kingdom rank as the top countries in the total number of published articles and citations. The analysis reveals that the most prominent research themes, based on keyword occurrences, are performance measurement, cost management, financial management, management control systems, and sustainability. These results align with Balstad and Berg's (2020) and Porporato and Werbin's (2024) findings and insights. Originality/value This study employs bibliometric analysis to offer an overview of the evolving field of management accounting. It provides valuable insights into research trends, influential authors, and key publications that have shaped the discipline over the past several decades. The findings deepen the understanding of the intellectual foundation of management accounting, guiding future research and aiding academics and practitioners in navigating the complexities of this field.
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Non-financial Reporting Analysis: Does EU Membership Affect the Disclosure of Non-financial Information in BlueChip Companies?
(Lex Localis, 2023-02)
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Non-financial reporting, as a relatively new concept, has been intensively developed in the last few decades, primarily voluntarily, as a need to provide stakeholders with an insight into business-related issues that are of broader social importance. It is becoming necessary and increasingly important for all participants in today's socio-economic environment. This paper presents qualitative and quantitative research on the disclosure of non-financial information on social responsibility in 40 listed companies from selected Balkan countries for the period from 2019 to 2021, to determine whether and how EU membership affects the scope of non-financial reporting. The results of the conducted statistical tests indicate that companies from EU countries disclose in more detail and for more segments compared to companies from non-EU countries. The transposition of the directive into law, i.e. mandatory non-financial reporting is one of the key factors for the disclosure of companies' ESG activities.
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BANKS' CORPORATE SOCIAL RESPONSIBILITY (CSR) DISCLOSURE AND THEIR ROLE IN THE BETTERMENT OF SOCIETY IN THE REPUBLIC OF NORTH MACEDONIA
(FACTA UNIVERSITATIS - Series: Economics and Organization, 2021-12)
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Corporate Social Responsibility (CSR) is of great importance for companies and other stakeholders, which obliges the companies to establish a way of management that will simultaneously take care of the environmental, social, and ethical aspects of factors. If corporate responsibility is the guiding factor for companies, they can easily gain a competitive advantage over others. This paper researches how the banks in the Republic of North Macedonia report on CSR and in what report format CSR data is published. The research is based on the method of content analysis and statistical analysis to determine whether the size and profit of banks affect the CSR Reporting. The sample included in the research is 14 banks that the National Bank of the Republic of North Macedonia has granted a license to operate. The results of this research show that the size of banks has a positive effect on CSR reporting, while on the other hand, profit does not affect it.
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Audit Market Concentration: Some Evidence from the Republic of North Macedonia
(Lex Localis, 2023-02)
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Audit market concentration has been thoroughly researched both globally and regionally. According to previous studies, the audit market is often dominated by the Big Four at the EU level, while in the region, the concentration is lower, indicating that it has oligopolistic features. This paper analyzes and measures the concentration of the audit market in Republic of North Macedonia, through Herfindahl-Hirschman index - HHI and concentration ratio - CR4, based on three independent variables: auditrelated revenue, number of clients and number of employees. The research covers the period from 2014 to 2021 and it is concluded that at the beginning of the analyzed period (2014-2017), according to audit-related revenue, the audit market in Republic of North Macedonia had the characteristics of an oligopoly, but today it is nonconcentrated market and ranges from perfect competition to oligopoly. In terms of the number of employees and the number of clients, the results from our research show that audit market in Republic of North Macedonia is not concentrated.
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COVID-19 BLACK SWAN'S IMPACT ON THE INTERNAL AUDIT PROFESSION: THE CASE OF THE REPUBLIC OF NORTH MACEDONIA
(Faculty of Economics & Business, University of Zagreb, 2022-06)
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In the past two years, the COVID-19 pandemic has been identified with the "black swan”, an unpredictable event beyond what is normally expected of a situation and has potentially severe consequences. After the initial health shock later complemented by the economic crisis we lived in, we needed to learn some lessons. In search of an answer to the question of what we learned from the pandemic and what it was like to work and 'survive' in the shadow of many uncertainties, this research focuses on the internal audit profession in the Republic of North Macedonia. The research was conducted with a detailed structured questionnaire submitted to the internal auditors from the public and private sector in the Republic of North Macedonia who are members of the Institute of Internal Auditors - North Macedonia. The obtained answers were analyzed through descriptive statistics and ANOVA. From the results, it can be seen that there is a small significant difference between the answers of the groups of respondents, but, in general, it can be concluded that the internal auditors have already adapted to the situation with COVID-19, also that the unpredictable situation did not lead to a violation of the Code of Ethics' principles and rules of conduct for internal auditors in the Republic of North Macedonia. In the post-covid period, internal auditors expect to live in the 'New Normal' by using more technology for work. The internal auditors' current mental health is exceptionally good. To the best of our knowledge, this paper is the only one that explores the COVID-19 impact on the internal audit profession in the Republic of North Macedonia. Furthermore, it provides a good basis for further detailed research on areas relevant to the issue. We believe that this research will enrich the existing body of literature on internal audit by offering empirical evidence for the internal audit functioning in terms of crisis and the internal auditors’ mental health. The limitations concern the measurement of the variables from the survey being based only on the perception of the internal auditors. Such a measurement method might be considered less accurate in describing the actual situation.
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A pragmatic approach of the state audit engagements through an analysis of the audited municipalities' revenues and expenditures in the Republic of North Macedonia
(Association of Economic Universities of South and Eastern Europe and the Black Sea Region (ASECU), 2021)
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Kamenjarska, Tanja
The state audit is a crucial mechanism in controlling the spending of public money, hence the synonym for state audit is "guardian of public money". The Lima Declaration, and later the Mexico Declaration, began to regulate state audit a profession. The International Organization of Supreme Audit Institutions (INTOSAI) standards indicate that state audit is regulated by the highest legal act of a country (the Constitution). In the Republic of North Macedonia, the state audit is regulated by the Law on State Audit, which governs its competencies and its mandate to audit public sector entities. The activities related to the state audit in the Republic of North Macedonia are performed by the State Audit Office (SAO), as the Supreme Audit Institution (SAI). The SAO has been a member of the INTOSAI since 2001 and of the European Organization of Supreme Audit Institutions (EUROSAI) since 2002. One of the most important entities covered by the state audit in the Republic of North Macedonia are the units of local self-government (hereinafter referred to as municipalities). This research focuses on the audits of the municipalities in the Republic of North Macedonia within 10 years, in terms of the volume of audited revenues and expenditures in the municipalities. By analyzing the data obtained from the annual reports of the performed audits and the operation of the SAO (2010-2019), this research investigates the impact of the state audit engagements on the audited revenues and expenditures of the Macedonian municipalities For the analysis of the domestic practice, data was collected and extracted from 10 annual reports of the performed audits and the operation of the SAO (2010-2019). All the results of the research will be summarized in a conclusion that should indicate whether the audit of the municipalities in the Republic of North Macedonia noticed progress through the past 10 years with a particular emphasis on the trend and impact of conducted audit engagements.

Tocev, Todor

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