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Published Audit Report on Annual Financial Statement of the Liberal Party of Montenegro for 2017

Podgorica, 21st December 2018 - The State audit institution of Montenegro has performed a financial audit of the Annual Financial Statement and regularity audit of the Liberal Party of Montenegro for 2017.

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 member of Senate, Radule Zuric, a member of the Auditing Board, has expressed qualified opinion on the Annual Financial Statement for 2017 and qualified opinion on regularity audit.

Financial Audit has found that the Annual Financial Statement of the Liberal Party for 2017 was in all material aspects compiled and presented in a fair an objective manner in accordance with the applicable financial reporting framework apart from the stated under item 9 – Business books and under item 10.1.5. – Petty cash of the municipal boards.

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. The non-compliance cases are materially significant but they are not pervasive.

In the audit of the Annual financial statement of the Liberal Party 2017, the SAI has checked implementation of the recommendations given in the Audit report of the Annual financial statement for 2016. The party implemented two recommendations, did not implement seven recommendations, while one recommendation is partially implemented.

The Final Audit Report on Annual Financial Statement of the Liberal Party for 2017 has been published at the official web site of the State audit institution of Montenegro.