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Successfully Implemented Twinning Light Project "Audit Quality Control in the SAI of Montenegro"

Podgorica, 4th February 2015 - The State Audit Institution of Montenegro (SAI) has held the closing ceremony and final event of the IPA 2012 Twinning Light Project “Audit Quality Control in the State Audit Institution of Montenegro”.

The twinning light project financed by EU in amount of 250.000 EUR has been realized in cooperation with the National Audit Office of Lithuania in partnership with the Central Project Management Agency through five Activities which entailed the establishment of audit quality control system in compliance with international standards on auditing and best auditing practice, review of key documents and practices, as well as practical trainings delivered to the staff of the SAI.

The team of five Lithuanian experts headed by the Member State Project Leader Ms Audronė Vaitkevičiūtė shared their experience and knowledge with the Montenegrin colleagues, presented the theory and practice of implementation of international auditing standards, acquainted them with audit quality framework, initiated the translation of international standards of Supreme Audit Institutions into Montenegrin language and subsequently introduced the standards to the SAI auditors. An essential part of the project, which provided a sustainable added value for the beneficiary country was the development of audit quality guidelines for the SAI.

At the final event of the Twinning project, have participated the representatives of the SAI, Delegation of EU in Montenegro, Parliamentary Committee on Economy, Finance and Budget of Montenegro, Ministry of Finance as well as the National Audit Office of Lithuania.

The closing ceremony was opened by the President of the State Audit Institution of Montenegro dr Milan Dabović followed by a welcome address by the Auditor General of the Republic of Lithuania Ms Giedrė Švedienė.

Establishing and developing the audit quality control system represents one of the strategic goals of the Institution, defined in the Strategic Development Plan of the Institution for 2012-2017. Ensuring that audit quality control is in line with international standards of Supreme Audit Institution is important with respect to meeting the necessary requirements for accession to the EU, but also in terms of ensuring a high standard of audits. The audit quality control is essential to ensure financial accountability of the public institutions and enhance transparency of the expenditures of budget funds.

The event participants were addressed by the Head of Cooperation in the Delegation of the European Union in Montenegro, Mr Andre Lys; member of the Parliamentary Committee on Economy, Finance and Budget of Montenegro,  Mr Zoran Jelić; deputy minister of finance for budget in the Ministry of Finance Mr Nikola Vukićević; Beneficiary Country Project Leader and member of Senate, dr Branislav Radulović and Member State Project Leader Ms Audronė Vaitkevičiūtė who presented the project objectives and outcomes, as well as impact made in the State Audit Institution of Montenegro.

MS Project Leader Ms Vaitkevičiūtė noted that the joint efforts of Montenegrin and Lithuanian teams allowed to successfully achieve the substantial outcomes within the short project implementation period. Ms Vaitkevičiūtė stressed that there is no doubt that the shared knowledge, experience, developed guidelines and other documents would contribute to strengthening audit capacity within the SAI in conducting and reviewing audit work and thus more efficient management and use of public funds in Montenegro.