State Audit Institution is the highest authority for auditing of public funds in the Republic of Serbia. It was founded in 2005, by virtue of the Law on the State Audit Institution.
In the following year in 2006, the State Audit Institution was recognized as an Constitutional category. In part of the Constitution of the Republic of Serbia, which deals with economic definition and public finances, it is defined that “realization of all budgets shall be audited by the State Audit Institution“ (Article 92) and that “the State Audit Institution shall be the supreme state body for auditing public finances in the Republic of Serbia, independent and subject to supervision by the National Assembly to which it accounts for its work” (Article 95).
On the fifth session of the Finance Committee of the National Assembly, held on 6th September 2007, Members of the Committee voted for the list of candidates of the Council of the State Audit Institution, which was sent to the National Assembly for the adoption. At the session of the National Assembly, held on 27th September 2007, the National Assembly elected the President, Vice-President and Members of the Council of the State Audit Institution, the highest body of the Institution.
Election of Members of the Council also marks the beginning of the operations of the State Audit Institution.