V. Mizdrakovic

Internal audit in the COVID-19 environment: Key aspects and perspectives of remote auditing

The European Journal of Applied Economics

It was very difficult to predict the global pandemic caused by the new coronavirus COVID-19 disea... more It was very difficult to predict the global pandemic caused by the new coronavirus COVID-19 disease that spread around the world. There is no doubt that the pandemic will have a serious impact on worldwide economy because besides causing a health crisis, the pandemic threatens to generate an economic and financial crisis. Therefore, the management of service providing entities were faced with a challenge of finding a model to perform their business activities and take care of the employees' health at the same time. This paper discusses possible solutions related to internal audit as a service providing profession. The research findings in the field have led to the conclusion that auditors can take advantage of this business environment to undergo complete digital transformation and make extensive use of remote auditing, since the function of internal audit can be further improved by using new information and communication technologies. The results of the research, which was focu...

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Mandatory audit of financial statements: Does agricultural sector differ from others?

Ekonomika poljoprivrede, 2021

The main purpose of this paper is to determine if there are any differences when it comes to the ... more The main purpose of this paper is to determine if there are any differences when it comes to the type of opinion and content of audit reports between agricultural and other public companies (non-agricultural). Research sample consists of 398 public companies, and this number makes up about 70% of the total number of public companies listed on the Belgrade Stock Exchange. The sample was divided into two groups; one comprising companies from the agriculture, forestry and fishing sector (29); while the second group consists of public companies from other sectors (369). The research results indicate that companies in the first group received unqualified auditor's opinions more often than second group companies. The similarity between the first and the second group is the dominant use of auditing services of domestic companies with an average share of 64.70% compared to the international and Big 4 auditing companies.

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The Characteristics of Forensic Audit and Differences in Relation to External Audit

Proceedings of the 1st International Scientific Conference - FINIZ 2015, 2015

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Mark to market accounting as a magnifier of financial crises

The main objective of this paper is to provide an analysis on whether mark-to-market accounting m... more The main objective of this paper is to provide an analysis on whether mark-to-market accounting magnifies financial crises. Even though the results of numerous studies on this topic offer various conclusions, the majority of them conclude that fair value accounting, or mark-to-market accounting, does not cause financial crises. Most studies that had similar conclusions dealt with the 2006-2008 period, whereas we focus our research on period from 1881 to present day. Primarily, we will point out the historical context of the implementation of mark-to-market accounting and consequences it has, since it seems that some lessons from the past have been forgotten. We consider the long term relationship between US GDP and the S&P 500 index values and key historical developments to conclude that implementation of mark-to-market accounting contributes to creating of asset bubbles and assets overestimations. Even though mark-to-market accounting does not cause financial crises, it does magnif...

Analiza efikasnosti kapitala u kompanijama u Srbiji

Creative Accounting: From Creativity to Misuse

Proceedings of the 1st International Scientific Conference - FINIZ 2014, 2014

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Korišćenje interneta u visokotehnološkom kriminalu

Proceedings of the 1st International Scientific Conference - Sinteza 2014, 2014

Poslovne organizacije se danas suočavaju sa povećanom opasnošću od visokotehnološkog ili cyber kr... more Poslovne organizacije se danas suočavaju sa povećanom opasnošću od visokotehnološkog ili cyber kriminala. Različita istraživanja na globalnom nivou, pokazuju porast ove vrste kriminalnih radnji koje su počinjene na računaru i mreži, s obzirom na to da se danas sve više ljudi i organizacija oslanja upravo na internet i informacione tehnologije. Kao novi podsistem ekonomskog kriminala, visokotehnološki kriminal predstavlja opasnu pretnju. Počinioci kriminalnih radnji mogu uz pomoć interneta, pored ostalih sredstava, na veoma brz i lak način, iz raznih delova sveta, naneti značajne štete, kako fizičkim, tako i pravnim licima. U ovom radu, pokušaćemo da pružimo više informacija u vezi implikacija koje pomenute aktivnosti mogu imati na poslovne organizacije.

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Audit timeliness and market capitalization: Evidence from an emerging market

Industrija, 2019

This paper analyses the lag of audit reports for companies included on Belgrade Stock Exchange (B... more This paper analyses the lag of audit reports for companies included on Belgrade Stock Exchange (BELEX). Its purpose is to define which of listed variables have an influence on the length of time between the end of the financial reporting period and the date the audit report is made public. The research sample includes 400 firm year observations for 2017, representing approximately 70% of the total number of public companies on the BELEX. The results are interpreted through descriptive analysis, correlation analysis between the given variables, and linear regression. Based on these results, the authors created a model which highlights critical factors in estimating Audit Report Lag (ARL). Research results have shown that the level of market capitalization represents a statistically significant variable for predicting ARL. Companies with higher market capitalization can expect reports more quickly than other companies. Research results may assist prospective and existing investors when analysing investment risks related to the accuracy and reliability of information presented in financial statements. Regarding its contribution, this paper is considered original as it is the first paper that analyses the factors affecting ARL in the Republic of Serbia.

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Non-Disclosure of Financial Statements of Public Companies as an Economic Offense in the Republic of Serbia

Nauka bezbednost policija, 2021

The successful functioning and development of the capital market, along with the possibility of a... more The successful functioning and development of the capital market, along with the possibility of attracting new investments is largely contingent on the quality of financial reporting and the availability of the statements themselves. In view of the fact that the new Law on Accounting of the Republic of Serbia came into force, the question arises to what extent public companies respect legally prescribed deadlines for submitting their statements and by doing so do not commit an economic offense. The primary goal of this paper is to draw attention to the importance of a standardized and efficient legal framework that obliges public companies to publish financial statements in a timely manner. A survey was conducted that encompassed 416 public companies listed on the Belgrade Stock Exchange and their corresponding financialstatements for 2018, as the reporting period. We tried to establish whether the sampled companies disclosed their statements within the deadline prescribed by the La...

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Capital efficiency analysis of Serbian companies

Singidunum Journal of Applied Sciences, 2012

The purpose of this paper is to give some insight into the level of capital adequacy and the effi... more The purpose of this paper is to give some insight into the level of capital adequacy and the efficiency of its use in companies in the Republic of Serbia. As no similar research has yet been conducted in this manner, we believe that certain benchmark in this field is necessary when analysing company's financial performance. In order to do so, financial statements for 53,996 companies have been examined and the main financial indicators have been calculated. Results indicate that total negative equity of sound companies is double in comparison to those in bankruptcy. General market conditions resulted in significant decrease of Return on Equity (ROE) and total revenue in the last four years (2008)(2009)(2010)(2011). In the same period of time, private companies with small number of owners such as limited liability companies, general partnerships, and limited partnerships overperformed in comparison to other legal forms. In addition, indebted companies create much higher negative results than the sound ones create positive ones.

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Revisiting Fair Value Accounting as a Magnifier of Financial Crises

Proceedings of the International Scientific Conference - Sinteza 2016, 2016

In an earlier paper titled 'Mark-to-market accounting as a magnifier of financial crises', we adv... more In an earlier paper titled 'Mark-to-market accounting as a magnifier of financial crises', we advocated that fair value or mark-to-market accounting magnifies financial crises by creating a feedback loop between figures from financial reports and financial markets. We proposed a simple method for assessing how overpriced the US stock market is, which included a comparison between fixed base indexes of the S&P 500 and nominal US GDP. In this paper, we reiterate the role that fair value accounting is expected to play in both the creating and bursting of financial bubbles, putting it in the context of theories of 'reflexivity' and 'almost self-fulfilling equilibria'. We reassess the level of the US stock market, showing that a substantial stock market bubble (the third in the last two decades) has been formed recently and that significant market corrections may happen in 2016.

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Mark to market accounting as a magnifier of financial crises

Financial Aspects of Recent Trends in the Global Economy, 2013

The main objective of this paper is to provide an analysis on whether mark-to-market accounting m... more The main objective of this paper is to provide an analysis on whether mark-to-market accounting magnifies financial crises. Even though the results of numerous studies on this topic offer various conclusions, the majority of them conclude that fair value accounting, or mark-to-market accounting, does not cause financial crises. Most studies that had similar conclusions dealt with the 2006-2008 period, whereas we focus our research on period from 1881 to present day. Primarily, we will point out the historical context of the implementation of mark-to-market accounting and consequences it has, since it seems that some lessons from the past have been forgotten. We consider the long term relationship between US GDP and the S&P 500 index values and key historical developments to conclude that implementation of mark-to-market accounting contributes to creating of asset bubbles and assets overestimations. Even though mark-to-market accounting does not cause financial crises, it does magnif...

Budget Control and Fund Accounting

In this paper the authors analyse implementation of the fund accounting concept in the process of... more In this paper the authors analyse implementation of the fund accounting concept in the process of managing non-profit organisations. Control of budget, that is, funds can be ensured by implementing various concepts, including, inter alia, the fund accounting concept. Although its implementation has a long history in the USA and other developed countries, developing countries start paying more attention to the use of public funds and other resources in non-profit organisations only in later stages of development. The paper will highlight the main advantages and disadvantages of this concept, with a view to considering possible introduction of the concept into official or unofficial financial reporting of non-profit organisations in the Republic of Serbia.

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Marketing Activities of Bookkeeping Agencies in the Republic of Serbia

Proceedings of the 1st International Scientific Conference - FINIZ 2014, 2014

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Korišćenje interneta u visokotehnološkom kriminalu

by Nada Arežina and V. Mizdrakovic

Proceedings of the 1st International Scientific Conference - Sinteza 2014, 2014

Poslovne organizacije se danas suočavaju sa povećanom opasnošću od visokotehnološkog ili cyber kr... more Poslovne organizacije se danas suočavaju sa povećanom opasnošću od visokotehnološkog ili cyber kriminala. Različita istraživanja na globalnom nivou, pokazuju porast ove vrste kriminalnih radnji koje su počinjene na računaru i mreži, s obzirom na to da se danas sve više ljudi i organizacija oslanja upravo na internet i informacione tehnologije. Kao novi podsistem ekonomskog kriminala, visokotehnološki kriminal predstavlja opasnu pretnju. Počinioci kriminalnih radnji mogu uz pomoć interneta, pored ostalih sredstava, na veoma brz i lak način, iz raznih delova sveta, naneti značajne štete, kako fizičkim, tako i pravnim licima. U ovom radu, pokušaćemo da pružimo više informacija u vezi implikacija koje pomenute aktivnosti mogu imati na poslovne organizacije.

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Rizik likvidnosti i njegovo prikazivanje u finansijskim izveštajima

Računovodstveni tretman rizika u izveštavanju o finansijskim instrumentima

Analysis of disclosures of accounting policies in financial statements - case of Belex 15 companies

Komparativna analiza ekonomskih aspekata stečaja / Comparative analysis of economic aspects of bankruptcy

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Revisiting Fair Value Accounting as a Magnifier of Financial Crises

by Nemanja Stanisic, V. Mizdrakovic, and N. Stanisic

In an earlier paper titled 'Mark-to-market accounting as a magnifier of financial crises', we adv... more In an earlier paper titled 'Mark-to-market accounting as a magnifier of financial crises', we advocated that fair value or mark-to-market accounting magnifies financial crises by creating a feedback loop between figures from financial reports and financial markets. We proposed a simple method for assessing how overpriced the US stock market is, which included a comparison between fixed base indexes of the S&P 500 and nominal US GDP. In this paper, we reiterate the role that fair value accounting is expected to play in both the creating and bursting of financial bubbles, putting it in the context of theories of 'reflexivity' and 'almost self-fulfilling equilibria'. We reassess the level of the US stock market, showing that a substantial stock market bubble (the third in the last two decades) has been formed recently and that significant market corrections may happen in 2016.

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