Global trends are not favorable for Montenegro’s economy or the accounting and auditing profession, said Professor Dr. Vinko Nikić, Chairman of the Board of the Institute of Certified Accountants of Montenegro (ISRCG).
Speaking at the opening of the “III New Year’s Economic Forum,” which began in Budva this evening, Nikić stated that this year has been challenging, and the next one will be even more demanding.
“I believe Montenegro will be the next EU member. We want our economy to be among the free economies, but if we do not regulate the accounting and auditing profession, it will be difficult. We must protect our profession; if we don’t, we won’t have future professionals, and in such an environment, they are not motivated,” said Nikić.
During a panel moderated by Ms. Anastasija Boljević, General Secretary of ISRCG, the discussion focused on amendments to the Accounting Law and the Audit Law. The Ministry of Finance emphasized that the changes to both laws were necessary as the previous legal solutions revealed several issues that were not well-defined.
“There were conflicting interpretations. Certain provisions of the laws were poorly written and did not adequately address certain issues. Accounting was an unregulated profession, and anyone could practice it, even in the gray zone. Now, the state will know who is providing accounting services,” said Minas Trubljanin, Director of the Directorate for Central Harmonization at the Ministry of Finance.
Sava Laketić, Director of the Tax Administration, stated that the amendment of the Accounting Law is essential and that equal business conditions must be provided for all accountants.
“We need to introduce a register to know who is practicing the accounting profession, but we also need a penalty policy for those who do not perform their duties properly. Anyone coming to Montenegro to engage in this profession must follow the same rules as our citizens,” said Laketić.
In drafting the Draft Accounting Law and the Audit Law, the regulator accepted significant suggestions from the profession, which, according to Svetomir Aković, a member of the ISRCG Board, should provide encouragement.
“The Accounting Law and the Audit Law cannot exist without each other. Without strong accounting, we cannot have strong auditing. I am glad the regulator accepted many of our suggestions, and they will be included in the new legal solutions,” said Svetomir Aković, ISRCG Board Member.
This year’s Economic Forum brought together over 250 participants. In addition to the panels, attendees also had the opportunity to follow presentations by distinguished speakers, making the event an excellent opportunity for exchanging knowledge, experiences, and opinions.
