Search

This paper discusses the theoretical foundations and definitions of controlling and internal auditing as tools that help the organisation's management in managing business compliance and business continuity, with the purpose of meeting the organisation's objectives, by assessing the effectiveness of risk management inside the organisation, as well as of control and management. Considering the contemporary trends in organisational management, where the management is faced with frequent crises that require rapid and comprehensive action and response to risks, where internal auditing information is focused on the past, there is a need to implement controlling in organisations to provide help to the management for the future. The aim of this paper is to highlight the need to introduce controlling at the Ministry of Defence in order to improve the work of this organisation and to provide strong support in preventing the existing problems and to develop innovative systems of solutions that go beyond mere financial reporting.

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.

Agricultural export in Serbia is dominated by primary agricultural products with highly processed products having only 20% share in total exports. Low share of the processed agricultural products in total exports provides an opportunity to increase export and change its structure towards higher value-added products. In order for it to happen, the food-processing industry focused on processing domestic agricultural products needs further development. In this paper, we have analyzed business performance of 15 largest exporters in the food-processing industry with the aim to get insight into their export competitiveness. The paper concludes that these companies are large net exporters that provide high added value to the country's economy. However, business performance of the exporters under analysis are not satisfactory and their export competitiveness needs the improving. According to projections, the upcoming period will bring the most difficult challenges for the sugar-producing companies while the fruit-processing sector has the best long-term potential for export growth.

The global financial crisis pointed at the significant weaknesses of the existing models for measuring risk in financial markets. In particular, there is a need for improvement and further development of the financial risk models in the capital markets in transition countries. Within this paper we deal with the possibility of predicting and behavior of various classes of VaR models focusing on the capital market in Serbia from 2005 to the end of 2015.We implemented various VaR models in assessing market risk and used a two-stage backtesting process for VaR models validation. The results indicate that VaR based on symmetric GARCH model with generalized error distribution of innovations behaves reasonably well in the post-of-sample testing period. Filtered historical simulation at 99% confidence level gives the best results. Standard VaR models mostly used by financial institutions underestimate the risk forecast in the Serbian capital market in all market circumstances. Thus, the authors suggest to the regulators and investors to introduce more robust and complex risk measures in the Serbian capital market.