2026-10-27T01:48:46.335Z http://ezaposleni.singidunum.ac.rs/rest/sciNaucniRezultati/oai

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Structure and Financial Dynamics of Audit Market in Serbia 2026 http://ezaposleni.singidunum.ac.rs/rest/sciNaucniRezultati/oai/record/2/12202 https://asistent.ceon.rs/index.php/sjas/en/article/view/64408/32080 I. Golubović M. Kljajić V. Mizdraković J. Arsić This study investigates the structural evolution and financial resilience of the Serbian audit market amidst recent global economic disruptions. Drawing upon official financial data, the research utilizes a dual-analytical framework: market concentration is assessed via the Herfindahl-Hirschman Index (HHI) for the period 2020–2024, while financial stability is evaluated using the Altman Z-score model for a matched sample of 66 firms (2020 vs. 2022). The transition matrix analysis highlights a noticeable numerical drift in credit risk, particularly with 24% of "grey" zone firms slipping into distress. However, statistical validation using Wilcoxon signed-rank and paired-samples t-tests confirms that these shifts were not statistically significant. This indicates that while individual firm volatility increased, the sector did not suffer a systemic deterioration in creditworthiness. The findings suggest that the Serbian audit market remains structurally concentrated, dominated by international networks in the public interest sector, yet inherently resilient to external shocks. These insights are vital for understanding market dynamics in transition economies. article 10.5937/EJAE23-64408 23 2 89 108 2406-2588 The European Journal of Applied Economics