Екстерната ревизија и квалитетот на финансиските извештаи на друштвата со ограничена одговорност во Косово

Abstract

This paper describes the importance of the external audit and its contribution on increase the quality of financial statements of limited liability companies (LLC) for the period 2004 – 2008 in Kosovo. In the theoretical framework of the study, regularity on audit of financial statements is designed to be a causal factor for the quality of financial statements, expressed through the types of audit opinions on the audited financial statements. Empirical basis of the study is based on data collected from all licensed auditors in Kosovo, who have performed financial audits in Kosovo LLC’s, in the period 2004-2008. Comparative method was used to determine differences in the quality of financial statements LLC’s which audited of its financial statements for the first time, compared with the LLC’s that have performed the audit of its financial statements for a period longer than one year, classifying them according to the type of activity, annual turnover and number of employees. Methods and procedures for collecting and analyzing necessary information, we used surveys. Having that our research is based on analysis quantitative values of the independent variables, type of opinion and recommendations, contained within the audit report and management report, aimed to ensure quality of the data, we have utilized the Critical Incident Technique (CIT). Using CIT it was possible expanding the number of areas related to the impact of the relevant factors on the quality of financial statements. Identified areas provided a solid foundation for establish two basic dimensions for evaluating quality of financial reporting through comparison - type of opinion and recommendations. We collected a total of 117 critical cases that were reviewed and classified into twelve areas dependent variables (dimensions that affect the quality financial statements) and two areas that are related to the independent variable (type audit opinion and recommendations of the auditor).