Banner
Thursday, 18 July 2019 05:32

Published Audit Report of the Annual Consolidated Financial Statement of the Liberal party of Montenegro for 2018

Podgorica, 18th July 2019 – The State audit institution has performed financial audit of the Annual Consolidated Financial Statement and regularity audit of the Liberal party of Montenegro for 2018.

Based on conducted audit, determined factual state and consideration of the audited entity's opinion on the Preliminary report of the SAI, the competent Auditing board comprised of a member of Senate, Nikola Kovačević, head of Auditing Board and member of Senate, Zoran Jelić, member of Auditing Board, has expressed unqualified opinion on the Annual financial statement and qualified opinion on regularity audit.

The financial audit has identified that the Annual Consolidated Financial Statement of the Liberal party of Montenegro for 2018 was, in all material aspects prepared and presented in accordance with the applicable financial reporting framework except for the stated in the Report under item 10.1.5 Petty cash of the municipal councils and under item 10.2.2 – Expenditures.

The regularity audit has identified that the Liberal party of Montenegro for 2018 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 personal income tax, Law on accountancy, Law on labour and Regulation on reimbursement of costs of the employees in public sector.

By auditing Annual Financial Statement of the Liberal party of Montenegro for 2018, the SAI has also checked implementation of the recommendations given in the Audit report of the Annual financial statement for 2017. It has been identified that the audited entity implemented three out of nine recommendations, did not implement three and partially implemented two recommendations, while the implementation of one recommendation could not be determined because the audited entity did not recruit staff in 2018.

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