European Union Investment Funds in the Western Balkans with International Audit Standards

Abstract

The European Union conceives IPA preaccession assistance funds as an instrument of support to the countries of the Western Balkans in the process of European integra-tion. The components of assistance include the most important spheres of public life, embracing regional integration and service economy as segments of social development of the countries. The regional interconnection is realized through various forms of cross-border cooperation between countries in their accession to the European Union project. In order to use the funds, joint local and regional initiatives are formulated in the context of achieving sustainable economic and social development. Those projects comprise adequate arrangements for all relevant subjects with the use of modern technologies and modalities of implementation. Funds contribute to the improvement of inter-state cooperation, reducing regional disparities and ensuring balanced development of the Balkan countries. The generally accepted international auditing rules and standards recognize financial statements, in order to determine the accuracy of project implementation.