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STATE AUDIT OFFICE
GUARDIAN OF PUBLIC FUNDS

Application of cost-benefit analysis in auditing investment projects

04.09.2024

From 2-4 September 2024, SAO employees participated in a workshop titled "Preparing SAO Annual Work Program based on the National Development Strategy and analysis of financial statements", supported by the United Nations Development Programme (UNDP) in North Macedonia.

The workshop focused on the development of SAO Annual Work Program in alignment with the goals of the National Development Strategy, which reflects the aspirations, expectations, and insights aimed at fostering better-developed economy and well-being of the citizens.

Auditor General Maksim Acevski and UNDP Resident Representative in North Macedonia Armen Grigoryan expressed satisfaction with the successful collaboration between SAO and UNDP. They emphasized that increasing knowledge and skills of employees contributes to creating a more effective control environment.

The workshop's lecturer, Prof. Dr. Marina Trpeska, professor at the Faculty of Economics at the University of Ss. Cyril and Methodius, covered topics related to strategic areas, priorities, and indicators of the National Development Strategy and its inclusion in SAO Annual Work Program. She also addressed the application of cost-benefit analysis in auditing investment projects, evaluating efficiency of public sector investments, analyzing financial statements, and adjusting internal strategic documents in line with the National Development Strategy.