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Published Audit Report of the Annual Financial Statement of PI School for Secondary and Higher Vocational Education „Sergej Stanić“ for 2016

Podgorica, 30th July 2017 – The State audit institution has performed audit of the Annual Financial Statement of PI School for Secondary and Higher Vocational Education „Sergej Stanić“ for 2016.

Based on conducted audit, established facts and upon consideration of the audited entity’s opinion on the Preliminary audit report, the competent Auditing Board consisted of PhD Branislav Radulović (head of Auditing Board) and Mr. Nikola N. Kovačević (member of Auditing Board), has expressed adverse opinion on financial statement of the PI School for Secondary and Higher Vocational Education „Sergej Stanić“ for 2016 and qualified opinion on compliance of the business operation with the regulations.

Through financial audit of the Annual Financial Statement of PI School for Secondary and Higher Vocational Education „Sergej Stanić“ for 2016, the competent Auditing Board has obtained reasonable assurance that the financial statements do not provide fair and objective review of the financial position, results of its operation and cash flow in accordance with the accepted financial reporting framework.

The following budget items are materially and incorrectly stated in the Cash Flow Statement: General Revenue, Gross Wages and Contributions paid by employer, Expenses for Material, Expenses for Services and Other Expenditures. The following budget items are materially and incorrectly stated in the Balance Sheet: Intangible assets, Property, Facilities and Equipment, Receivables and Other short-term liabilities. The audited entity did not carry out reconciliation of the receivables with creditors; did not classify a part of long-term loans with a maturity up to one year as short-term liabilities; did not disclose any changes in liabilities in the notes and did not ensure the consistency of presentation and classification of items in the financial statement from the previous to the following period. The following budget items are materially and incorrectly stated in the Income Statement: Revenues from Sale, Other Business Revenues and Expenses of Material, as well as the result of operations.

The regularity audit of the operations of the PI School for Secondary and Higher Vocational Education „Sergej Stanić“ for 2016 has determined non-compliances with the following regulations: Law on Contributions for compulsory social insurance, Law on income tax of natural persons, Law on public procurement and Law on employment and Exercising Rights for Unemployment Benefits.

The competent Auditing Board has determined that due to the audit findings, the final audit report of the SAI should be delivered to the Ministry of education and Ministry of finance as the bodies responsible for surveillance, as well as the Parliamentary Committee on economy, finance and budget and Committee on education, science, culture and sport.

The final Audit Report of the Annual Financial Statement of PI School for Secondary and Higher Vocational Education „Sergej Stanić“ for 2016 has been published at the official website of the SAI.

Audit Report of the Annual Financial Statement of the PI School for Secondary and Higher Vocational Education „Sergej Stanić“ for 2016 (mne)