About Macedonia

Audit in Macedonia

The New Audit Law has been in operation since December 2010. The adoption of the law relating to audit in Macedonia has created an audit environment similar to that of most Western-developed countries.
The Company Law specifies the entities which are obliged to submit financial and accounting statements for a statutory audit:
  • Large and medium shareholder entities
  • Listed entities
  • Large and medium entities with limited liabilities
The Audit Law also enables businesses to undergo voluntary audits.
The Audit Law requires audit to be performed by an Audit company registered with the Central Register or otherwise by a certified auditor that operates as a sole proprietor in accordance with the Company Law.

Entities are classified as follows:

CriteriaSmall trader establishmentSmall business companyMedium-sized Large company
Average number of employees< 10< 50< 250
Annual incomes (EUR)< 50,000< 2,000,000< 10,000,000
Total assets (EUR) .........
The Institute of Authorised Auditors issues the license for operating as an Audit company or certified auditor. The Audit Law contains the terms and conditions for acquiring the title – “Authorised Auditor”.

The owner of Nova konsalting, Kristina Tilic is president of Supervisory Board of Institute of Authorized Auditors in Macedonia. We have license for performing audit services in Macedonia.