State Audit Institution - Taking Care of State Money for 176 Years

24 July 2020.
State Audit Institution - Taking Care of State Money for 176 Years

The State Audit Institution marks its founding day on July 26. This year marks 176 years since 1844, when the Decree on the Establishment of the Main Control initiated the supervision over the spending of public funds in Serbia. The State Audit Institution has gone through various organizational forms, but, in continuity, it has existed up until today. SAI employees are aware of the importance of the Institution and the obligations they have today - to make that success even greater and brighter, regardless of the challenges that lie ahead. Today, more than ever, it is necessary to have a strong, credible and professional organization that will help the state to manage and use its resources wisely.

The State Audit Institution is one of the key links in the system of financial responsibility in the State. The extent to which the State Audit Institution is accepted in the role of an independent guardian of public finances, whom the citizens of Serbia trust, is best supported by the fact that the audited entities implement 75% of the recommendations sent to them by the SAI. And in order to "take care of public funds", as its slogan reads, the SAI conducts audits of financial statements, compliance of operations and performance of operations of budget users.

The new management of the State Audit Institution, headed by Dr. Duško Pejović, President and Auditor General, follows the trends in the world, so the SAI started with a significant strengthening of the most modern type of audit - performance audit. Thus, the State Audit Institution is classified as a modern supreme audit institution that goes beyond the framework of classical audit.

The objective of this type of audit is to report whether the funds have been used efficiently, effectively and economically and in accordance with the planned objectives. The citizens of the Republic of Serbia have the right to know how their money is spent, and the State Audit Institution has the obligation to report on the manner of spending money to the National Assembly, but also to the entire public, which it does, says Dr. Pejović.

In the coming period, the state audit institution will pay special attention to environmental issues, Sustainable Development Goals and other challenges and emerging situations, which will significantly help the introduction of a new system for automation of audit procedures - AMS software in audit procedures.

We will continue to point out an important life message - everything that is not controlled is usually deformed! That is why the need and role of such a control body has always been and will be important, says Dr. Pejović, the President of the SAI.