STAR-CFR Study Visit to the Netherlands AFM

From April 17-18 a Serbian delegation comprised of representatives from the Ministry of Finance, the
Securities and Exchange Commission and the Chamber of Authorized Auditors visited the Netherlands
AFM to learn more about their audit oversight system.

The delegates were joined by delegations from Ukraine, Moldova and the Kyrgyz Republic. The program
(attached) covered the following key areas:

    •   Structure of the AFM; its organization, governance, funding and audit & financial reporting
        oversight
    •   Authorization and licensing of audit firms
    •   AFM’s inspection methodology covering quality assurance inspections, culture and governance
        assessments and general studies
    •   Delegation of non-PIE audit firm inspections to the professional body and supervisory
        arrangements
    •   Enforcement powers and actions
    •   Financial reporting oversight and relation to audit oversight
    •   The role of the professional body (Dutch Institute of Chartered Accountants-NBA)
    •   The role of the Ministry of Finance and audit legislation

The study visit was timely because the Ministry of Finance is currently drafting a new law on audit which
will include measures to move the legal framework for audit oversight to be more closely aligned with
the Eu Acquis Communautaire.