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Montenegro’s Professional Accountancy Organization Needs Improvement in Alignment with International Standards

Podgorica, Montenegro - A recent assessment by the International Federation of Accountants (IFAC) has revealed that Montenegro’s professional accountancy organization, the Institute of Certified Accountants and Auditors of Montenegro (ICAM), needs to improve its alignment with international standards in several areas.

Assessment Findings

  • ICAM’s continuing professional development (CPD) requirements could be more effectively aligned with those of the International Ethics Standards Board for Accountants (IESBA).
  • There is a need for greater alignment in governance, risk and ethics, and advanced financial and performance management.
  • Practical experience requirements and enforcement mechanisms are not fully aligned with international standards.

“This has led to inconsistencies in the way accountants are trained and certified in Montenegro,” said [Name], IFAC representative. “ICAM plays a crucial role in promoting professional accounting practices in Montenegro, however, there is still much work to be done to ensure that ICAM’s standards and requirements align with international best practices.”

Progress Made by IAAM

  • The Institute of Accountants and Auditors of Montenegro (IAAM), which unites other accountants on a voluntary basis, has made some progress in implementing its SMO Action Plan.
  • However, there is still room for improvement in areas such as independence and objectivity.

ICAM’s Commitment to Improvement

To address these issues, ICAM has committed to developing an action plan to improve its alignment with international standards. This will involve reviewing and updating its CPD requirements, governance structure, and practical experience requirements.

“We recognize the importance of aligning our standards and practices with those of the international community,” said [Name], ICAM President. “We are committed to making the necessary changes to ensure that Montenegro’s accountants are equipped to provide high-quality services to the public interest.”

IFAC Assessment

The IFAC assessment is part of a broader effort to promote professionalism and accountability in the accounting sector worldwide.

Sources:

  • Institute of Certified Accountants and Auditors of Montenegro (ICAM)
  • International Federation of Accountants (IFAC)
  • World Bank
  • European Commission