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Published Audit Report on Annual Financial Statement of Democratic League in Montenegro for 2014

Podgorica, 25th December 2015 - The State Audit Institution has conducted a financial audit of the Annual Financial Statements and a regularity audit of the Democratic League in Montenegro 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 qualified audit opinion on financial audit and regularity audit of the Annual Financial Statement of the Democratic League in Montenegro for 2014.

Financial Audit has found that the Annual Financial Statement of the Democratic League in Montenegro for 2014 in all material aspects was not compiled and presented fairly and objectively in accordance with the applicable financial reporting framework.

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 audit of Annual Financial Statement for 2014 has established that the audited entity implemented recommendation related to ensuring records of receivables, reduction of cash withdrawals from petty cash journal, and it did not implement recommendations related to analytical records of fixed assets, drawing up the Inventory report on assets and liabilities, classification of expenses and enter the said in the appropriate accounts, as well as the recommendation that the municipal units run their financial and material operations via the giro account opened for this purpose, and substantiate all the expenses incurred on the basis of full and valid documentation.

The Final Audit Report on Annual Financial Statement of the Democratic League in Montenegro 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 Democratic League in Montenegro for 2014

Audit Report on Annual Financial Statement of the Democratic League in Montenegro for 2014 (mne)