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Published Audit Report on Annual Financial Statement of the PE Institute for Textbooks and Teaching Aids of Montenegro for 2012

Podgorica, 24th July 2013 – Based on Annual audit plan for 2013, the State audit institution of Montenegro has performed an audit of Annual Financial Statement of the PE Institute for Textbooks and Teaching Aids of Montenegro for 2012.

The subject to audit is Annual financial statement of the Institute for 2012 and compliance of financial operation with applicable legal and other regulations.

The objective of the audit is to express an opinion on reliability and accuracy of the Annual financial statement of the Institute for Textbooks and Teaching Aids for 2012 and compliance of business operation of the audit entity with the laws and regulations, as well as assessment of the internal system of financial management and control.

The State audit institution has performed a general audit (regularity audit).

Based on determined factual state and analysis of data on the business operation of the Institute, the competent Collegium of the SAI has expressed a qualified opinion on financial statement of the Institute and adverse opinion on compliance of its business operation with the regulations as well as on the economy of its operation.

Due to the level of determined irregularities, the competent Collegium has given 15 recommendations.

The final Audit Report on Annual financial statement of the PE Institute for Textbooks and Teaching Aids of Montenegro for 2012 has been officially published at web site of the State audit institution of Montenegro.

Excerpt from the Audit Report on Annual Financial Statement of the PE Institute for Textbooks and Teaching Aids of Montenegro for 2012

Audit Report on Annual Financial Statement of the PE Institute for Textbooks and Teaching Aids of Montenegro for 2012 (mne)