PAN REVIZIJA

Telefon: 021 47 46 300
Fax: 021 540 727
Internet: www.panrevizija.co.rs
E-mail: [email protected]
BRA Register No.: 15347
Registration No.: 08706026
Account No.: 165-3830-98
PIB: 100448488
TRANSPARENCY STATEMENT “PAN REVIZIJA” DOO NOVI SAD
1.
Introduction
“PAN REVIZIJA” DOO ZA REVIZIJU I KONSALTING USLUGE NOVI SAD (hereinafter “ the
Company“ or “PAN REVIZIJA“ DOO Novi Sad), is a company licensed and registered to
conduct audit of financial statements in the Republic of Serbia. “PAN REVIZIJA” DOO Novi
Sad is entered in the Register of Audit Companies of the Republic of Serbia Ministry of
Finance and has a Decision on Licence Granting by the Republic of Serbia Ministry of
Finance No. 023-02-00067/2008-16, dated 25 February 2008. The Company is entered in the
Register of auditing companies with the Chamber of Authorized Auditors, Decision No. 51/07
dated 26 April 2007. “PAN REVIZIJA” DOO Novi Sad has drawn up this Transparency
Statement in accordance with the provision of the Law on Capital Market of the Republic of
Serbia and Rules on Criteria for Conducting Audit of Financial Statements of Public
Enterprises.
Company head office is in Novi Sad, Tolstojeva 6.
2.
Legal form and ownership structure of “PAN REVIZIJA” DOO Novi Sad
“PAN REVIZIJA” DOO Novi Sad was founded on 9 June 2000. “PAN REVIZIJA” DOO Novi Sad
is entered in the Business Entities Register with the Business Registers Agency of Serbia,
Decision No. 15347/2005.
“PAN REVIZIJA” DOO Novi Sad is organized as a limited-liability company.
Founder and stakeholder in “PAN REVIZIJA” DOO Novi Sad is Tibor Matin, certified auditor,
citizen of Serbia from Novi Sad, personal number 2301956800010.
3.
Management structure of “PAN REVIZIJA” DOO Novi Sad
The governing body is the founder of the Company as the sole member of the Company.
4.
List of companies of public interest in which “PAN REVIZIJA” DOO Novi Sad
conducted statutory audit in the previous business year
In accordance with the Law of Audit (RS “Official Herald“ No. 62/2013) companies of public
interest are the following:
- large legal persons classified as such in accordance with the law defining accounting,
- legal persons deemed to be public companies in accordance with the law defining
capital market,
- all legal persons declared by the Government, on the proposal by the competent
ministry, to be legal persons of public interest for the Republic of Serbia irrespectively
of their size.
In the previous business year (1 Jan to 31 Dec. 2013), “PAN REVIZIJA” DOO Novi Sad
concucted statutory audit of 2012 financial statements in the following companies of public
interest:
Legal persons
Large legal
Legal companies declared by the
persons in
classified as large in Government to
be legal
accordance with accordance with the
the law defining law defining capital persons of
public interest
accounting
market
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AGROTRADING DOO, Novi Sad
AGRIMATCO GROUP DIPKOM DOO, Novi Sad
ARETOL DOO; Novi Sad
CONVEST AD, Novi Sad
JOKER GAMES DOO, Novi Sad
TERMOMETAL DOO, Ada
VELETABAK DOO, Novi Sad
LETAČ DOO, Inđija
POTISJE KANJIŽA AD, Kanjiža
STYLOS DOO, Novi Sad
ZDRAVLJE LIFE DOO, Novi Sad
NOVI SAD GAS DP, Novi Sad
SRBIJAPUT AD, Beograd
NAFTA AD, Beograd
NIŠ-EKSPRES AD, Niš
STOTEKS AD, Novi Sad
TERMOVENT SC LIVNICA AD, Bačka Topola
UP MADERA AD, Beograd
GARANT AD, Futog
INFORMATIKA JP, Novi Sad
SUBOTICAGAS JKP, Subotica
SUBOTIČKA TOPLANA JKP, Subotica
VODOVOD I KANALIZACIJA JKP, Subotica
SENTA JKSP, Senta
SLOGA AD ZIP, Kanjiža
STANDARD JKP, Ada
PALIĆ LUDAŠ JP, Palić
VODOKANAL BEČEJ JP, Bečej
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4.1.
List of public enterprises and related persons which “PAN REVIZIJA” DOO
Novi Sad rendered consulting services in the previous year.
“PAN REVIZIJA” DOO Novi Sad did not render consulting services to public enterprises and
their related persons in the previous business year.
4.2.
The list of entities related to public companies in which “PAN REVIZIJA” DOO
Novi Sad conducted audit in the previous business year
In the previous business year, “PAN REVIZIJA” DOO Novi Sad conducted audit in “JOKER
GAMES“ DOO, Novi Sad, which is an entity related to UP “MADERA“ AD, Beograd.
5.
Data on total income of “PAN REVIZIJA” DOO Novi Sad, and in particular on
income from performing audit of financial reports and rendering consulting
services with separate data relating to public enterprises and their related
entities, generated in the previous year, i.e. from 1 January 2013 to 31 December
2013:
Type of service
Income from conducting audit of financial statements of
legal persons
Income from conducting audit of financial statements of
public enterprises
Income from conducting second audit of public enterprises
under the law on public enterprises
Income from conducting audit of financial statements of
entities related to public enterprises
Total income from audit services
Fees for other services unrelated to audit
Other income
Total income for the year from 1 Jan. 2013 to 31. Dec. 2013
6.
Amount in RSD
22,652,998
1,710.968
834.778
402.500
25,601,244
106,733
2,642,155
28,350,132
Description of internal quality control system of “PAN REVIZIJA” DOO Novi Sad,
in particular from the aspect of adherence to independence principles
“PAN REVIZIJA” DOO Novi Sad has in place policy and procedures for the implementation of
the internal quality control system as a basis in planning and conducting audit of financial
statements. While the management of “PAN REVIZIJA” DOO Novi Sad assumes ultimate
responsibility for the quality control system, the partner has operational responsibility for quality
control of the Company and has a sufficient and adequate experience and capability to assume such
operational responsibility.
6.1.
Internal control system of “PAN REVIZIJA” DOO Novi Sad
In accordance with the International Standard on Quality Control - ISQC 1, “Quality Control
for Firms Performing Audits and Reviews of Financial Statements and Other Assurance and
Related Services Engagements”, “PAN REVIZIJA” DOO Novi Sad introduces and maintains
the quality control system which may give it assurance to a reasonable extent that the
Company and its employees perform their duties in accordance with professional standards
and relevant laws and regulations and that reports published by the Company or its
engagement partners correspond to the given circumstances.
Review of activities of “PAN REVIZIJA” DOO Novi Sad involves conducting control by the
Company, and it is conceived in such a way as to review the quality of audits performed on an
annual level.
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“PAN REVIZIJA” DOO Novi Sad is responsible for the control of activities and it gives
guidelines and monitors plan and control procedures. Director of “PAN REVIZIJA” DOO
Novi Sad is in charge of overall coordination and management of work control programme.
The engagement partner is responsible for the overall quality of each audit he/she is in charge
of. Control partner is a person conducting control of engagement quality, a person in the
company who is not a member of the engagement team, with adequate experience and
authority to give an objective evaluation of significant judgements of the engagement team, as
well as of conclusion reached by the team at report drawing up.
Objectives of monitoring activities of “PAN REVIZIJA” DOO Novi Sad are as follows:
- to obtain reasonable assurance of compliance with policies and rules of “PAN
REVIZIJA” DOO Novi Sad relating to audit;
- to assess operating efficiency of risk management and quality control procedures;
- to assess compliance with professional standards, as well as with criteria prescribed by
the law and
- to obtain reasonable assurance that the quality control system in place in the Company
is appropriate, convenient, efficient and implemented in practice.
Results of the review of activities, together with all recommended measures, are presented to
the management of “PAN REVIZIJA” DOO Novi Sad in order to improve its performance.
The management of “PAN REVIZIJA” DOO Novi Sad defines measures to be taken,
responsibilities of certain persons for their implementation, as well as a timeframe for their
implementation.
The review of activities of “PAN REVIZIJA” DOO Novi Sad also comprises conducting control by
the Chamber of Authorized Auditors designed in a way to conduct quality control of audits performed
once in six years, i.e. at least once in three years if the subject of control performs audit of public
interest.
Management of “PAN REVIZIJA” DOO Novi Sad represents that an efficient internal control
quality system has been in place in the audit company.
6.2.
Control of maintenance of independence
“PAN REVIZIJA” DOO Novi Sad adopts policies and rules designed in a way to give
reasonable assurance that “PAN REVIZIJA” DOO Novi Sad offers quality services and acts
in accordance with applicable rules of independence and ethical standards. Our standards are
based on the standards published by the International Federation of Accountants (IFAC).
Control systems of “PAN REVIZIJA” DOO Novi Sad are defined in the Rules of Internal
Procedures for the Provision of the System of Quality Control of Audit of Financial
Statements and Methodological Instruction for Performing Audit of Financial Statements.
“PAN REVIZIJA” DOO Novi Sad applies procedures of reviewing independence which
imply annual review of independence requirements.
“PAN REVIZIJA” DOO Novi Sad obtains from its professional personnel statement of
independence from clients.
The partner in charge of engagement is to make a conclusion on compliance with
independence requirements applicable to the respective audit engagement. In doing so, the
engagement partner is to do the following:
-
gather relevant information from the client in order to identify and assess circumstances
and relations that pose a threat to independence;
evaluate information on identified cases, if there is any, in order to find whether they are a
threat to independence under circumstances of audit engagement;
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undertake appropriate actions to eliminate such threats or to reduce them to an acceptable
level by implementing safeguards. The partner in charge of engagement is to promptly
notify the Company in case these matters are not resolved by appropriate actions and
document conclusions relating to independence and all relevant discussions supporting
these conclusions.
The engagement partner may identify threats to independence of audit engagement which
cannot be eliminated or reduced to an acceptable level by the implementation of safeguards.
In this case, the partner in charge of engagement shall make consultations within the
Company in order to define appropriate activities which might imply abolishing activities or
interests that create a threat or withdrawal from the audit engagement. Such discussions and
conclusions have to be documented.
The Company communicates with its partners and professional personnel on the need of
consultations on matters relating to independence if, under given circumstances, additional
information are needed or desirable.
Monitoring the policy of independence is conducted continuously in accordance with
professional standards.
Compliance with independence criteria is determined on the basis of the following acts:
- statement on professional independence obtainted from relevant personnel of the
Company,
- review of clients and independence monitoring,
- gathering relevant information on clients, including evaluation of and monitoring
business relations with the client,
- internal supervision of systems for review and monitoring personal independence of
personnel, independence in performing audits and review of the operation of firms,
- assignment of responsibility for independence review and monitoring systems,
- maintaining independence on the management level.
Management of “PAN REVIZIJA” DOO Novi Sad represents that, in accordance with the
established procedures, an internal review of compliance with independence of work of the audit
company has been conducted.
6.3.
Most recent review of the quality of work
Work of certified auditors of “PAN REVIZIJA” DOO Novi Sad was reviewed by the
Chamber of Certified Auditors in October 2012. In the process of review, it was determined
that“PAN REVIZIJA” DOO Novi Sad performed its activities in accordance with the
provisions of the Law on Audit and Accounting and other rules of audit profession.
In addition to the stated, the most recent review of the quality of work of “PAN REVIZIJA”
DOO Novi Sad was made within the control of Company activities in 2013 and it was
determined then that the Company adequately implemented its policies and procedures, as
well as International Standards on Auditing.
7.
Statement on policy relating to ongoing professional development of auditor
Continuous professional development is among key objectives of the Company policy, as
well as methods of acquiring knowledge and improving quality of services. Special attention
is paid to a continuous improvement of professional conduct of employees, performance and
expertise. Through individual training and continuous education of its employees, “PAN
REVIZIJA” DOO Novi Sad aims at faster and more successful development and
harmonization of the profession with international professional regulations.
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