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06/02/2019

In its consistent efforts to enhance transparency, and with a view to further strengthening the confidence in its work, the Central Bank of Montenegro, in cooperation with the Delegation of the European Union to Montenegro, intends to engage an independent, internationally recognised external auditor, whose task will be to analyse and assess the quality of business processes and procedures, especially in the banking supervision segment.

Bearing in mind that the preservation of credibility is one of the CBCG’s fundamental objectives, and in view of recent events that could have had adverse effects on it, we will insist that the special focus of the audit is put on the process of supervision of commercial banks over the past five years.

We note that, since its founding, the CBCG has had an internal audit system established, as well as that its annual financial statements are subject to regular audit by an independent, internationally recognised external auditor, in line with the Central Bank of Montenegro Law. Audit of annual financial statements for 2018 is currently underway. Among other things, this audit includes the audit of data from all financial operations and the payment system. All previous audit reports expressed a positive opinion, underscoring that the CBCG’s financial statements provided a true and fair view of the financial position, financial performance and cash flows in accordance with the International Financial Reporting Standards.