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Published Audit Report of the Annual Consolidated Financial Statement of the Democratic Party of Socialists of Montenegro for 2018

Podgorica, 17th July 2019 - The State Audit Institution has conducted a financial audit of the Annual Financial Statement and a regularity audit of the Annual Financial Statement of the Democratic Party of Socialists of Montenegro for 2018.

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 the Senate, Branislav Radulović, PhD, a member of the Auditing Board, has given unqualified opinion with emphasis of matter on the Annual financial statement for 2018 and qualified opinion on regularity audit.

Financial audit has identified that the Annual financial statement of the Democratic Party of Socialists of Montenegro for 2018 was, in all material aspects prepared and presented in a fair an objective manner in accordance with the applicable financial reporting framework, except for the stated in the Report under item 5.2. – Expenses for advertising and Expenses for procurement of fixed assets.

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 International accounting standard 18 and provisions of the Article 3 and 4 of the Agreement for sale of immovable property related to write-off of assets (item 4.1. Report) and Article 19 of the Law on accounting related to keeping records of the leases revenues (item 5.1. Report).

The final Audit Report on Annual Financial Statement of the Democratic Party of Socialists of Montenegro for 2018 has been published at the official web site of the State audit institution of Montenegro.