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Published Audit report of the Annual consolidated financial statement of Montenegrin for 2018

Podgorica, 27th December 2019 – The State audit institution has conducted financial audit of the Annual financial statement and regularity audit of Montenegrin for 2018.

Based on the conducted audit, determined facts and Statement of the audited entity on the Preliminary Report of SAI, the competent Board comprised of a member of the Senate Nikola Kovačević, Head of the Auditing Board and member of the Senate Radule Žurić, member of the Auditing Board expresses qualified opinion on the Annual financial statement and qualified opinion on regularity audit.

Financial audit has found that the Annual financial statement of Montenegrin for 2018 is prepared in accordance with the applicable financial reporting framework except for the stated in the Report under item 10.1.5- Petty cash operations, item 10.2.1- Revenues and item 10.3 – Expenses.

Regularity audit has found that the audited entity has not complied all financial and other activities in all material aspects with laws and other regulations that have been identified as criteria for the given audit. Non-compliance refers to inconsistent application of the Law on financing political entities and election campaign (article 6), Law on accounting (article 19), Labour law (article 26) and Rules on the manner of calculating and reporting on in-kind contributions to political entities.

By auditing the Annual financial statement of Montenegrin for 2018, the SAI has followed up implementation of recommendations given in the Audit report of the Annual financial statement of Montenegrin for 2017. The audit of the Annual consolidated financial statement of the audited entity for 2018 has found that the audited entity implemented 4 recommendations, not implemented 4 recommendations and partially implemented one recommendation.

The final Audit report of the Annual consolidated financial statement of Montenegrin for 2018 has been published at the official web site of the State audit institution.