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SFAI Montenegro has successfully completed the external quality control in Montenegro, which was implemented by the Ministry of Finance of Montenegro in 2024

Dear Clients and the General Public,

We inform you with great pleasure and pride as our valued and dear clients in the provision of external audit services through this formal letter in which we briefly inform you about the process of external audit quality control implemented and conducted by the Ministry of Finance of Montenegro with an emphasis on the positive outcome of the quality assessment. The former is very important to our clients in terms of providing high-quality assurance services. If you deem it necessary and appropriate, we are ready to share the results with you at a meeting, which would allow for personal direct communication.

  • In accordance with Article 45 of the Law on Audit (Official Gazette of Montenegro No. 001/17), the Ministry of Finance of Montenegro, based on its control plan in 2024, carried out an qualtiy control audit of the audit company and certified auditors "SFAI MONTENEGRO" DOO. The report was submitted to the Audit Board for an opinion.
  • In the focus of precise, strict and comprehensive audit quality control, the process was focused on the application of the International Quality Control Standards – ISQC1, as well as national standards in the field of accounting, financial reporting, as well as more broadly observed legal and regulatory compliance, our work and the collected evidence documented in working papers that are the information basis for the formation of an audit opinion on your financial statements and reporting as a whole of a complex process.
  • Benefits for you as our client: We emphasize that the positive outcome of external quality control of audit and auditor work is highly beneficial to you as a client, providing and ensuring high quality audits of your financial statements, confirming our commitment to audit quality.
  • The Quality Control Report is a great stimulus for us and we will use it to further strengthen and continuously improve the methods, standards and process of internal quality control with you. In 2025, we plan to work on the introduction of new International Quality Management Standards ISQM1, which are broader, more complex and significantly more demanding than the ISQC1 used so far. In this light, we need additional help and improvement of the communication process precisely because of the fact that the future belongs more and more to this form of quality control, where the quality of your financial reporting process will be controlled through our work. In this light, we ask you to help us obtain adequate quality audit evidence in a much shorter period of time than before, precisely in order to fit into the planned deadlines and reporting dynamics of the Ministry of Finance and the needs of users of financial information from your financial statements for 2024.
  • In 2025, we expect an increased volume of engagement, obtaining quality audit evidence information from you as our audit client, with the need for a more dynamic process with shorter deadlines and more information.

With cordial collegial greetings and sincere respect
Branko Ž. Ljutić
Principal - Partner, SFAI Montenegro.
Tenure University Professor: Zagreb School of Economics & Management, Croatia; FINRA University, Tuzla, Bosnia and Hercegovina