Banner

Published Audit Report of the Insurance Supervision Agency for 2015

Podgorica, 31st January 2017 – The State audit institution of Montenegro has carried out a financial audit of the Annual financial statement and regularity audit of the Insurance Supervision Agency for 2015.

Based on the conducted audit and established facts and consideration of the audited entity's response to the Preliminary Report of SAI, the competent Auditing Board of the SAI, consisting of Mr. Nikola N. Kovačević (member of the Senate – Head of Auditing Board) and Mr. Milan Dabović, PhD (president of the Senate – member of the Auditing Board), has expressed unqualified audit opinion on the Annual financial statement and qualified opinion on regularity audit of the operations of the Insurance Supervision Agency.

Financial audit has found that the Annual Financial Statement of the Insurance Supervision Agency for 2015 was in all material aspects compiled and presented fairly and objectively in accordance with the current financial reporting framework.

The regularity audit has found that the audited entity did not harmonize all the financial and other actions with laws and other regulations identified as the criteria for the given audit. The inconsistency refers to improper implementation of the Law on public internal financial control system (Article 8, 14, 15, 18), Law on state property (Article 50), Law on public procurement (Article 20, 21, 30 and 118) and Law on employment and exercising rights for unemployment benefits (Article 26) and provisions of the Rulebook on the form, content, manner of preparing, filling and submitting the financial statements of the independent regulatory bodies.

The final Audit Report of the Insurance Supervision Agency for 2015 has been published at the official web site of the State audit institution of Montenegro.

Audit Report of the Annual Financial Statement of the Insurance Supervision Agency of Montenegro for 2015 (mne)