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

Podgorica, 28th December 2015 - The State Audit Institution has conducted a financial audit of the Annual Financial Statements and a regularity audit of the Democratic Union of Albanians 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 unqualified audit opinion with emphasis of a matter on financial audit and qualified opinion on regularity audit of the Annual Financial Statement of the Democratic Union of Albanians for 2014.

Financial Audit has found that the Annual Financial Statement of the Democratic Union of Albanians for 2014 in all material aspects was compiled and presented fairly and objectively in accordance with the applicable financial reporting framework. Apart from the given unqualified audit opinion on Annual Financial Statement, the competent Auditing Board has emphasized the said in the Report under item – Petty cash journal operations of the Board and item – Representation expenses.

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 Labour law, Law on obligatory relations, Law on accountancy as well as the Regulation on manner and deadlines for inventory listing.

The audit of Annual Financial Statement for 2013 found some irregularities and SAI gave recommendations related to calculation and payment of tax liabilities on paid remunerations to natural persons, provision of the analytical records of fixed assets and records of receivable from the local self‐governments, reduction of cash withdrawals from the petty cash journal, documenting all expenses justified by valid and full documentation and correct classification of expenditures in line with the applicable Rulebook on charts of accounts.

The audit of Annual Financial Statement for 2014 has established that the audited entity did not implement recommendations related to analytical records of fixed assets and records of receivable from the local self‐governments and recommendation related to documenting all expenses justified by valid and full documentation. It partly implemented recommendations related to calculation and payment of tax liabilities on paid remunerations to natural persons, correct classification of expenditures and reduction of cash withdrawals from the petty cash journal.

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

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

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