THE CAPABILITY OF THE PUBLIC INTERNAL AUDIT FUNCTION IN SERBIA TO EFFECTIVELY CARRY OUT ITS ROLE

Abstract

The aim of this paper is to assess the capability of the internal audit function in the Serbian public sector to add value to the public sector entities by performing its work effectively, to support progress of and achieve the requirements of EU Chapter 32 – Financial control, opened in 2015. We reviewed the annual reports regularly published by the Ministry of finance as well as SAI’s annual activity reports for the period from 2016 to 2022. The results of our analysis show that the internal audit function in the Serbian public sector is still at the initial stage of its development. Our recommendation refers to the change of the model of organization of the internal audit function in the small entities and providing adequate resources for internal auditor’s continual professional education.