Banner

Published Audit Report on Annual Financial Statement of the Montenegrin Democratic Union for 2014

Podgorica, 23rd December 2015 - The State Audit Institution has conducted a financial audit of the Annual Financial Statements and a regularity audit of the Montenegrin Democratic Union for 2014, which implies compliance with legal and other relevant regulations.

Based on the conducted audit, determined facts and the statement of the audited entity to the Preliminary Statement of the SAI, the competent Auditing Board comprised of a member of the Senate Nikola Kovačević, Head of the Auditing Board and a member of the Senate Branislav Radulović, PhD, a member of the Auditing Board, has given adverse audit opinion on financial audit and regularity audit of the Annual Financial Statement of the Montenegrin Democratic Union for 2014.

Financial Audit has found that the Annual Financial Statement of the Montenegrin Democratic Union for 2014 in all material aspects was not compiled and presented fairly and objectively in accordance with the applicable financial reporting framework. The irregularities refer to lack of documenting or inadequate documenting of expenditures, not expressing revenues for election campaign and tax liabilities for paid remunerations to the natural persons. These irregularities have a character of material errors in relation to determined materiality which is 736,00€  (2% of expenditures).

Regularity audit has found that the audited entity did not comply all the financial and other actions in all materially important aspects with the legal and other regulations that had been identified as criteria for the given audit. The audited entity did not apply provisions from the Law on financing political parties and election campaign, Personal Income Tax Law, Law on obligatory relations, Labour Law and Law on accountancy and auditing.

The Final Audit Report on Annual Financial Statement of the Montenegrin Democratic Union for 2014 has been officially published at the web site of the State audit institution of Montenegro.

Excerpt from the Audit Report on Annual Financial Statement of the Montenegrin Democratic Union for 2014

Audit Report on Annual Financial Statement of the Montenegrin Democratic Union for 2014 (mne)