2014年-世界发展银行全球_Slovenia_Report_on_the_Observance_of_Standards_and_Codes___Accounting_and_Auditing_93页_2mb

Summary of the Report on the Observance of Standards and Codes (ROSC) in Slovenia

Executive Summary

Slovenia has made sound progress in reforming its accounting and auditing frameworks since the 2004 A&A ROSC, aligning with the EU acquis communautaire and international standards. Key improvements include the establishment of the Agency for Public Oversight of Auditing (APOA), the adoption of IFRS for public interest entities (PIEs), and enhanced financial transparency requirements. However, challenges remain in the monitoring and enforcement of these standards, which limits the practical application of the legislation.

The country is experiencing a double-dip recession, with a significant banking crisis and high non-performing loan ratios. The state's substantial ownership of banks and SOEs has led to a reliance on political rather than commercial criteria, undermining the quality of financial reporting. There is limited demand for high-quality financial statements, which in turn reduces the incentive for robust enforcement.

The report highlights the need for further reforms to strengthen the institutional capacity for monitoring and enforcing financial reporting standards. It also emphasizes the importance of improving the governance of SOEs and audit oversight institutions to enhance public confidence in financial information.

Core Content

1. Legislative Framework

• Slovenia has aligned its accounting and auditing laws with the EU acquis and international standards such as IFRS and ISA.
• The Statutory Audit Directive (SAD) and related regulations have been implemented.
• The New Accounting Directive has not yet been fully transposed into national law.
• The Auditing Act needs revision to focus solely on audit services and remove non-audit regulations.
• There is a need to simplify financial reporting requirements for SMEs while maintaining good international benchmarks for larger entities.

2. Professional Oversight and Standards

• The APOA and SIA are responsible for public oversight and quality assurance of the audit profession.
• These institutions require greater capacity, resources, and methodological support to fulfill their roles effectively.
• The governance of APOA and SIA needs improvement, and the Slovenian Parliament should play a more active role in monitoring their activities.

3. Accounting and Auditing Practices

• Financial statements show a relatively high degree of compliance with relevant standards, but some disclosures are incomplete.
• The quality of unaudited financial statements by SMEs is weak, potentially affecting the reliability of economic decisions.
• Audit fees have declined by about 30% due to an oversupply of auditors and a limited number of audit clients.
• Many audit firms lack up-to-date ISA-compliant methodologies and have limited resources to improve them.

4. Economic and Political Context

• Slovenia has a population of 2.06 million and a GDP per capita of US$22,015 in 2012.
• The economy is export-dependent, with manufacturing accounting for 18.3% of GDP.
• In 2012, 58,000 companies had limited liability, with 98.9% being SMEs.
• The banking sector is highly state-controlled, with government banks accounting for 55% of the financial system.
• The debt-to-GDP ratio has increased significantly, from 22% in 2008 to 71.7% in 2013, with projections of further rise to 80.9%.
• The country is in a severe banking crisis, with non-performing loan ratios among the highest in OECD countries.

5. Governance of SOEs

• SOEs account for over 30% of all companies and contribute significantly to the economy.
• Governance arrangements for SOEs are weak, and there is limited systematic assessment of their fiscal risks.
• Strengthening SOE governance is crucial for improving the quality of financial reporting and public accountability.

Main Recommendations

A. High Priority Recommendations

• Fully transpose the requirements of the EU acquis communautaire, including the new EU accounting directive.
• Simplify the national financial reporting framework and consider adopting IFRS for SMEs and the member states option for micro-entities.
• Strengthen the capacity of financial sector regulators to enforce financial reporting standards.
• Develop and implement methodologies for public oversight and quality assurance, and support small audit practices.
• Improve the governance and funding arrangements for APOA and SIA.
• Enhance the governance of SOEs and create a systematic approach for reviewing their financial statements.

B. Other Recommendations

• Revise the Auditing Act to focus only on audit services and remove non-audit service regulations.
• Establish transparent, predictable, and sustainable processes for introducing new financial reporting requirements.
• Continue improving education and training programs for accountants and auditors in line with international education standards.
• Promote demand for high-quality financial reporting through public confidence initiatives, especially for PIEs, banks, and insurance companies.

Key Findings

• Slovenia has a reasonably good legislative framework for accounting and auditing.
• There is limited demand for high-quality financial statements, which affects monitoring and enforcement.
• The banking crisis and state ownership have contributed to weak financial reporting and governance.
• The current financial reporting environment is not sufficient to support economic stability and investor confidence.
• Institutional capacity and resources for enforcement and oversight remain inadequate.
• The implementation of the 2004 A&A ROSC policy recommendations is still incomplete.

Conclusion

The report concludes that real and meaningful reform in Slovenia's accounting and auditing environment can only occur with increased demand for high-quality financial reporting, particularly from the state and its relevant authorities. Strengthening governance, enforcement, and oversight institutions is essential to achieving this goal and ensuring the protection of the public interest.