European Financial and Accounting Journal, 2016 (vol. 11), issue 4

Articles

Modernisation of Public Sector Financial Reporting Systems in Europe - Challenges and Milestones

Michal Svoboda

European Financial and Accounting Journal 2016, 11(4):5-16 | DOI: 10.18267/j.efaj.171  

Many European countries have been carried out a modernization projects in public sector financial reporting since the last two decades. Consequence of a stronger demand for complex, reliable and relevant economic information on government is governments' efforts towards better accountability. IPSAS standards, a full accrual national financial reporting standards closed to, or national standards with clear reference to IPSAS, are often considered as the best tool for that. This article aims to identify key challenges and milestones - four key aspects of these public sector financial reporting modernization projects. It offers a comparison amongst several...

Public Sector Accounting Policy Reform in the Czech Republic: Experience from Local Governments (pilot)

Filip Hrůza, Petr Valouch

European Financial and Accounting Journal 2016, 11(4):17-37 | DOI: 10.18267/j.efaj.172  

The Czech Republic has recently introduced and implemented public sector accounting reform. The aim of the reform was to make the Czech public finance system more transparent, efficient and realistic. The authors of this reform, in fact, intended to bring public sector accounting and public financial management closer to private sector practices that, from their point of view, fulfil the reform goals previously mentioned. After a few years of functioning in this new accounting environment, certain associated points and problems have arisen that have to be tackled. The aim of this paper is to describe public sector accounting reform and its post-implementation...

ICT in Auditing: Impact of Audit Quality Norms on Interpersonal Interactions

Slobodan Kacanski

European Financial and Accounting Journal 2016, 11(4):39-64 | DOI: 10.18267/j.efaj.173  

Productivity incentives have lately been driving auditors to introduce and utilize various computer-based tools to assist their work. The aim of this study is to understand how and why productivity incentives may disturb interpersonal interaction and relations between auditors at different ranks, in the context of assurance service. A case study was carried out with auditors affiliated with Danish subsidiaries of Big 4 audit firms to inspect the implementation and utilization of global audit methodology (GAM), which is the ICT-based platform that guides subordinate auditors through the audit process. The results highlight that superior auditors tend...