Compliance with SMO – Statements of Obligations Issued by International Federation of Accountants IFAC
IFAC SMOs contain requirements for IFAC members and associates to support the adoption and implementation of the International Financial Reporting Standards (IFRSs), International Standards on Auditing (ISAs), the Code of Ethics of the International Ethics Standards Board for Accountants (IESBA), and the International Public Sector Accounting Standards (IPSASs), and to promote their adoption and implementation to stakeholders that are legally responsible for these activities. Institute of KAF (Accounting, Audit and Finances) was established in 2005. From that time until now we have organized our PAO in compliance with Law in force No. 04/L-014 for Accounting, Financial Report and Audit.
Under the Law No.04/L–014, the Kosovo Council for Financial Reporting (KCFR) regulates the audit and accounting profession in the country, while the certification of accountants and auditors is delegated to the professional accountancy associations.
Institute of KAF has been granted with license on April 2013, gaining thus full authority to perform and operate as professional association (PAO). We have made the organization based on strong and strict components of quality assurance based on professional standards, ethical requirements and behavior rules. In terms of compliance with SMO-s (as prescribed in the Law in force) and as a global requirement for developing the profession we have taken plenty of actions.
- SMO 1
Regarding SMO 1/ Quality Assurance with no direct responsibility for the development of a Quality Assurance (QA) review system; Institute of KAF is working continually to improve the climate for its implementation.
- SMO 2
Regarding SMO 2 /IESs, Institute of KAF has been committed toward full consolidation and functionalization of the framework settled for defying all of procedures starting from submission of candidates, identifying prequalifying and qualifying conditions IES 1/IAESB, designing professional study program based on IES 2/IAESB, designing of evaluation process based on IES 6/IAESB, more concretely based on the “Information Paper on Development and Management of Written Examination”, updating members with changes on Professional Standards, up to designing plan for CPD (continual professional development) in order to serve them as a guide for facilitating their work based on international trends.
- SMO 3
Regarding SMO 3/ ISAs, our focus is on supporting its members with their implementation. Institute of KAF maintains process of reviewing its CPD plan and educational programs to ensure that all up-to-date IAASB pronouncements are included in the program. Institute of KAF is also committed to inform its members about the latest pronouncements of the IAASB.
- SMO 4
Regarding SMO 4/ Code of Ethics, Institute of KAF works strongly to promote professional ethical requirements. Based on this was adopted a Code of Ethics and professional behavior.
- SMO 5
KAF Institute continues to promote the adoption of IPSASs in Kosovo through regular dialog with government officials.
IPSAS-s have been incorporated into educational and CPD requirements and IKAF continues to provide translated IPSASs and other IPSASB pronouncements to members and to the Government.
- SMO 6
Regarding SMO 6/ I&D, Institute of KAF has designed a policy and settled bodies that function as committees (Committee for professional ethical issues and Committee for Investigation Issues), while is obliged to report in front of KCFR related to treated cases. Members are introduced and informed for consequences coming from non-compliance with Code of Ethics and professional behavior requirements.
- SMO 7
Regarding SMO7/IFRSs, Institute of KAF through its CPD program promotes using of IFRSs and the Framework for Financial Report.
Syllabus – CIA-P1 Internal Audit Environment Syllabus and Study Guide
(Based on IIA Certifications)
Syllabus – CIA-P2 Financial Management Syllabus and Study Guide
(Based on IIA Certifications)
Syllabus – CIA-P3 Practice of Internal Auditing Syllabus and Study Guide
(Based on IIA Certifications)
Syllabus – CIA-P4 Information Systems Audit Syllabus and Study Guide
(Based on IKAF Experience)
Sullabus – CIA-P5 Corporate Governance and Risk Management Syllabus and Study Guide
(Based on IKAF Experience and IIA Certifications)
Syllabus – CEA-P1 Governance, Risk and Ethics Syllabus and Study Guide
(Based on IKAF Experience)
Syllabus – CEA-P2 Corporate Reporting Syllabus and Study Guide
(Based on ACCA Certifications)
Syllabus – CEA-P3 Business Analysis Syllabus and Study Guide
(Based on ACCA Certifications)
Syllabus – CEA-P6 Advanced Taxation Syllabus and Study Guide
(Based on IKAF Experience)
Syllabus – CEA-P7 Advanced Audit and Assurance Syllabus and Study Guide
(Based on ACCA Certifications)
Syllabus – CPA-F4 Corporate and Business Law Syllabus and Study Guide
(Based on IKAF Experience)
Syllabus – CPA-F5 Performance Management Syllabus and Study Guide
(Based on ACCA Certifications)
Syllabus – CPA-F7 Financial Reporting Syllabus and Study Guide
(Based on ACCA Certifications)
Syllabus – CPA-F8 Audit and Assurance Syllabus and Study Guide
(Based on ACCA Certifications)
Syllabus – CPA-F9 Financial Management Syllabus and Study Guide
(Based on ACCA Certifications)
Syllabus – CAT-F1 Accountant in Business Syllabus and Study Guide
(Based on ACCA Certifications)
Syllabus – CAT-F2 Management Accounting Syllabus and Study Guide
(Based on ACCA Certifications)
Syllabus – CAT-F3 Financial Accounting Syllabus and Study Guide
(Based on ACCA Certifications)
Syllabus – CAT-F6 Taxation Syllabus and Study Guide
(Based on IKAF Experience)
The primary objective of this report is to describe the current situation on the Transparency and the role of the Internal Audit in the Accountability chain at municipal level, followed by recommendations on the findings and suggesting strategic directions for improvement. Provision of public service at local level is limited due to scarce resources and in the same time local governments are exposed to risk of fraud, errors, misappropriation, inefficient and ineffective operations, while being in the spotlight of citizens about the transparency expectations.
For every local government unit, there are risks that goals and objectives may not be achieved and all efforts aimed at identifying and/or recommending prevention of such risks, are received to be internal audit job, when as a matter of fact this should be a priority task of the operational and senior management.
This publication, will consider questioning if the current mechanisms working in this direction and that are in place are functional and if not what can be improved considering that Kosovo, as any other country in transition is looking forward at improving it’s the transparency perception of the society. The current evaluation from the Transparency International ranks Republic of Kosovo on the 103rd place out of 168 countries assessed with the score 33 out of 100.
National Qualification Authority (AKK)
KAF Institute accredited as qualification provider, evaluation and certification body.
Program/Qualification validated:
PDF FILE – Accounting Technician level of Kosovo Qualification Framework (IV)
One Module = 15 EQF (15 Modules in Total)
PDF FILE – Certified Accountant level of Kosovo Qualification Framework (V)
One Module = 15 EQF (15 Modules in Total)
PDF FILE – Certified Auditor level of Kosovo Qualification Framework (V)
One Module = 15 EQF (15 Modules in Total)
Kosovo Council for Financial Reporting (KKRF)
PDF FILE Under the Law No.04/L–014, by the Kosovo Council for Financial Reporting
Institute of KAF has been granted with license on April 2013, gaining thus full authority to perform and operate as professional association (PAO).