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Published Audit Report on Annual Consolidated Financial Statement of the New Serb Democracy (Nova) for 2016

Podgorica, 20th October 2017 - The State Audit Institution has conducted a financial audit of the Annual Financial Statement and a regularity audit of the New Serb Democracy (Nova) for 2016.

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 the Senate, Milan Dabović, PhD, a member of the Auditing Board, has given unqualified opinion with emphasis of matter on the Annual financial statement  and adverse opinion on compliance of the business operations of the audited entity with regulations, identified as criteria for the given audit.

Financial Audit has found that the Annual Consolidated Financial Statement of the New Serb Democracy (Nova) for 2016 was in all material aspects compiled and presented fairly and objectively in accordance with the applicable financial reporting framework. In addition, the competent Auditing Board is drawing attention on stated in the Report under item 15.2 Expenditures in documenting part of the expenditures and recording expenditures to the appropriate accounts and under item 14.1. Inventory and keeping records of property.

Regularity audit has found that the audited entity did not harmonize all the financial and other actions with the legal and other regulations that had been identified as criteria for the given audit. Non-compliance refers to improper implementation of the Law on financing political entities and election campaigns (article 2, 17 and 39), Law on accounting (article 19), Law on labour (article 163), Law on obligation relations (article 663-669) and Law on personal income tax (article 46).

Auditing the Annual Financial Statement of the New Serb Democracy (Nova) for 2015, the SAI identified irregularities and gave recommendations for their elimination. Auditing the Annual consolidated financial statement of the New Serb Democracy (Nova) for 2016, it has been identified that the audited entity implemented five recommendations, partially implemented two recommendations and did not implement five recommendations out of twelve given recommendations.

The final Audit Report on Annual Financial Statement of the New Serb Democracy (Nova) for 2016 with the statement of the New Serb Democracy on the Preliminary report and response of the competent Auditing Board of the SAI, have been integrally published at the official web site of the State audit institution of Montenegro.

Audit Report of the Annual Consolidated Financial Statement of the New Serb Democracy for 2016 (mne)