The Montenegro Accounting and Auditing Report on the Observance of Standards and Codes (A&A ROSC report), conducted by the World Bank team, was publicly disseminated on May 30, 2025, during the 10th International Symposium of Accountants and Auditors of Montenegro, held in Ulcinj.
The A&A ROSC report was undertaken following a formal request from the Government of Montenegro and was conducted as part of the European Union funded Road to Europe: Program of Accounting Reform and Institutional Strengthening for Small and Medium Enterprises (REPARIS for SMEs). The report provides recommendations on further enhancement of the institutional framework for corporate financial reporting in Montenegro.
The event was organized by the Institute of Certified Accountants of Montenegro (ISRCG) in collaboration with the World Bank’s Centre for Financial and sustainability Reporting Reform (CFRR) and the Ministry of Finance of Montenegro. The dissemination brought together over 100 participants, including representatives from the accountancy profession, the Ministry of Finance, the Central Bank, regulatory bodies, and international professional organizations.
As part of efforts to advance the A&A ROSC recommendation on mandatory sustainability reporting in Montenegro, an expert from Accountancy Europe delivered a keynote address emphasizing the specific reporting needs of SMEs.
While Montenegro’s Constitution states its commitment to becoming an ecological state, the country currently lacks a legal framework for sustainability reporting. A limited number of internationally affiliated entities voluntarily report to their parent organizations. Local authorities have expressed their intention to align with EU sustainability reporting requirements.
The session provided valuable insights, including lessons learned from the first year of ESRS implementation across the EU, and practical guidance for SMEs in Montenegro on adopting streamlined reporting processes. This intervention enhanced the local community of practice’s understanding of EU standards and requirements on sustainability reporting and supported forward planning for national reforms in this field. This particular session was delivered under the regional Enhancing Accounting, Auditing, and Sustainability Reporting Program (EAASURE), co-funded by the Austrian Ministry of Finance, the Swiss State Secretariat for Economic Affairs (SECO), and the Austrian Development Agency (ADA).
