Launch of the Montenegro IDF Grant for Capacity Building for Effective Audit Oversight
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21 November 2013, Podgorica
In June 2013, the World Bank, at the request of the Government of Montenegro, extended financial assistance in the form of a grant from the International Development Fund (IDF) of USD 500 thousand. The IDF Grant objectives are to: (i) assist the beneficiaries to establish a system for public oversight and quality assurance for its statutory audit function to meet the requirements of the Statutory Audit Directive; and (ii) build institutional capacity to provide training and maintain the competence of accounting and audit professionals to implement international standards of accounting, auditing and ethics. The beneficiaries and stakeholders include the Ministry of Finance, Ministry of Education, Audit Profession and Universities.
On November 21, 2013, a project launch event was held in Podgorica organized by the CFRR and co-hosted by the government of Montenegro. During the launch workshop 30 participants, representing the key institutions concerned (Ministry of Finance, the Accounting and Auditing Council, the Professional Audit and Accounting Associations of Montenegro, tax authorities, Faculty of Economics, Central Bank, Security and Exchange Commission, Agency for Supervision of Insurance, and other stakeholders), contributed to the discussions about the objectives and expected outcomes of the IDF Grant.
Workshop speakers and participants supported the need for strengthening the public oversight system over auditing based on the Statutory Audit Directive. They emphasized the importance of developing a system for quality assurance, taking into account the country’s capacity and resources constraints.
The World Bank and the Government of Montenegro will continue to work together to create a transparent policy environment and effective institutional framework for corporate financial reporting in line with good international practices, aligned with EU acquis communautaire.
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