ON ACCOUNTING AND AUDITING - Vip

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adopted, and within this deadline they shall acquire the license for conducting financialstatements audits.Exceptionally, persons who, prior to the present Law coming into force, have acquired thecertificate or decision on the auditor professional title by passing examination in compliancewith the Federal Government's program or without passing such examination, as well aspersons who have acquired the authorized accountant title in compliance with Law onAccounting ("Official Gazette of the Federal Republic of Yugoslavia", Nos. 46/96, 74/99,22/01 and 71/01) shall have those professional titles recognized. These persons may beeligible to conduct financial statements audits specified in the Article 38 paragraph 4 of thepresent Law for no longer than for the period of three years starting from the day theCommission specified in the Article 6 paragraph 1 of the present Law was established, andwithin this deadline they shall pass the examination and acquire the authorized auditorprofessional title certificate and license for conducting financial statements audits.Persons specified in paragraphs 2 and 3 of the present Article shall register within theRegister mentioned in the Article 51, paragraph 1, item 5) of the present Law.Article 74Persons who, prior to the present Law coming into force, have started taking examinations incompliance with the Federal Government's program for acquiring auditor and authorizedauditor titles may take remaining examinations in compliance with the program under whichthey started taking examinations, no later than for the period of one year starting from theday the Commission specified in the Article 6 paragraph 1 of the present Law wasestablished.Article 75Audit companies who, prior to the present Law coming into force, have acquired the license,i.e. the Federal Ministry of Finance license, shall harmonize their businesses with theprovisions of the present Law no longer than during the period of one year starting from theday the conditions for acquiring license for conducting financial statements audits specified inthe Article 39 of the present Law were prescribed.Besides filing a request for issuing a license specified in the Article 42 of the present Law,audit companies shall also submit documents specified in paragraph 2 of the present Article,and all other necessary documents requested by the Ministry.Article 76Law on Accounting and Auditing ("Official Gazette of the Federal Republic of Yugoslavia",No. 71/02 and "Official Herald of the Republic of Serbia", No. 55/04) shall cease to be validon the day the present Law comes into force.Bylaws enacted in compliance with the law that shall cease to be valid in terms of paragraph1 of the present Article shall apply until bylaws are enacted in compliance with the presentLaw, unless opposed to the present Law.Article 77The present Law shall come into force on the eighth day after its publication in the "OfficialHerald of the Republic of Serbia".
Independent Articles of the Law on Amendments to theLaw on Free Accounting and Auditing("Official Herald of the Republic of Serbia", No. 111/2009)Article 42Legal entities founded in 2009 are not audit obligors in 2009, as well as small legal entitieswhose does not issue securities by public offer or whose securities are not being traded onthe organized security market, unless otherwise specified by separate regulation.Article 43Provisions of Article 5, Paragraphs 2 and 3, Paragraph 18 to 24 and Article 44, Paragraph 1of the present law shall be applicable from January 1st 2010.Article 44The provisions of Article 44 of the Law on registration of business entities ("Official Herald ofRS" No. 55/04 and 61/05), and Article 54 of the Law on payment transactions ("Officialgazette of SRJ" No. 2/03 and 5/03 and "Official Herald of RS" No.43/04 and 61/05) shallcease to be valid on January 1 st 2010.The provisions of Article 77, Paragraph 2, items 13) and 14) of the Law on registration ofbusiness entities ("Official Herald of RS" No. 55/04 and 61/05) shall cease to be valid on thefirst day of applicability of the act of Government from Article 24 of the present law.Article 45On the day of entering the force of the present law the Agency shall take over files,documents, records, database, tools, needed number of employees and part of informationsystem and necessary information equipment and technology that has been used byNational bank of Serbia in conducting the tasks of accepting and processing of financialstatement and keeping data registers on solvency of legal entities and entrepreneurs.Take over of files, documents, records, database, tools, needed number of employees andpart of information system and necessary information equipment and technology of Nationalbank of Serbia from Paragraph 1 of the present Article shall be executed on the bases ofagreement between National bank of Serbia and the Agency.Article 46This law shall enter into force on the next day after its publication in the "Official Herald ofRepublic of Serbia".
Page 1 and 2: LAWON ACCOUNTING AND AUDITING("Offi
Page 3 and 4: unless it is expressly stated that
Page 5 and 6: (hereinafter referred to as: the Ag
Page 7 and 8: 1. Books of Account Concept and Typ
Page 9 and 10: Legal entity, i.e. entrepreneur sha
Page 11 and 12: When initiating liquidation or bank
Page 13 and 14: entity, in terms of the Article 7 o
Page 15 and 16: Based on data from the Paragraph 2
Page 17 and 18: Authorized auditor's opinion shall
Page 19 and 20: Article 41The Ministry shall issue
Page 21 and 22: Article 47If activities with crime
Page 23 and 24: 3) it shall adopt program, conduct
Page 25 and 26: 6) it shall decide on a membership
Page 27 and 28: The Disciplinary Commission shall c
Page 29 and 30: Supervision from the Paragraph 1 of
Page 31 and 32: 1) if it does not classify itself o
Page 33: Entrepreneur shall be fined from 5.

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