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Published Audit Report on Annual Financial Statement of Bosniak Party for 2015

Podgorica, 16th November 2016 – The State audit institution of Montenegro has performed a financial audit of the Annual Financial Statement and regularity audit of the Bosniak Party for 2015.

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 president of Senate, Milan Dabović, PhD, a member of the Auditing Board, has expressed qualified opinion on Annual Financial Statement of the Bosniak Party for 2015 and qualified opinion on regularity audit.

Financial audit has found that the Annual Financial Statement of the Bosniak Party for 2015 does not contain any material misstatements, but during the auditing, the irregularities were identified relating to keeping records of financial transactions of the municipal boards, records of deposits, documenting certain expenses, reconciliation of inventory status of assets with bookkeeping balance.

Regularity audit has found that the audited entity did not comply all the financial and other actions with laws and other regulations identified as the criteria for the given audit.  Noncompliance refers to inconsistent implementation of Article 4 of the Law on accountancy and audit, Article 46 of the Law on income tax and Article 26 of the Law on employment and exercising the rights for unemployment benefits.

In the audit report of the Annual Financial Statement of the Bosniak Party for 2014, the State Audit Institution identified a number of irregularities and gave the recommendations for their elimination. In the audit of the Annual Financial Statement for 2015, it was found that the audited entity implemented three recommendations, not implemented three and partially implemented three recommendations.

Although the audit of the Annual Financial Statement for 2015 found a certain number of irregularities relating to recording deposits, recording of cash operations of the municipal boards, payment of taxes for leasing, hiring employees to systematized work positions through the service contract and documenting costs, it is noted in the Report that the following irregularities are found in a much smaller scale than in previous years, which indicates the improvement of the system of internal financial controls at the audited entity.

The final audit report of the Annual Financial Report of the Bosniak Party for 2015 has been published at the official website of the State Audit Institution of Montenegro.

Audit Report on Annual Financial Statement of the of Bosniak Party for 2015 (mne)