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) to build capacity for effective audit oversight in Montenegro. The purpose of the program was to assist the Government of Montenegro to establish a system for public oversight and quality assurance for the statutory audit function in Montenegro, and build the capacity of the accounting and audit profession to train and maintain the competence of professionals to implement international standards of accounting, auditing and ethics. The project was successfully completed in August 2016.
The project’s components included:
- Building Effective Audit Oversight and Quality Assurance and Developing Capacity of the Ministry of Finance Policy Making in Corporate Financial Reporting
- Developing the Capacity of the Audit Profession in Montenegro
- Project Management and Audit of the Project