Podgorica, 06.09.2012.


Minster of Finance of Montenegro, Milorad Katnic PhD has met Mr. Richard Chambers, President and CEO of the IIA Global and Mr. Slavko Rakocevic PhD, Chairman of the Management Board of the IIA Montenegro on September 4th 2012.

The topic of the meeting was articulation of guidelines for further strengthening of the internal audit function in Montenegro and in that sense the participants discussed the perspective cooperation between the IIA Global and the Ministry of Finance of Montenegro, through the Institute of Internal Auditors of Montenegro. 

Mr. Chambers underlined that Montenegro has made a significant step forward in the  area of internal auditing in the past period thank to the activities of the Ministry of Finance and the efforts of the professional association of auditors, that is the Institute of Internal Auditors of Montenegro. 

Chambers concluded there is a potential for further strengthening of the function of the „public trust keeper“, as he called internal auditors, and he expressed the willingness of the IIA Global to assist Montenegro in further affirmation of internal auditing. In that sense, the meeting participants reached an agreement on signing the Memorandum of Understanding between the Ministry of Finance of Montenegro and IIA Global that will define future common activities needed for Implementation of internal auditing principles in Montenegro in the best way, which will additionally contribute to the efficiency and efficacy of spending the pax payers’ money.

Minister Katnic said that one of the goals that the Ministry of Finance is dedicated to was exactly the strengthening of the internal auditing function, and that in that sense they assume activities on strengthening an institutional ambient for execution of internal audits in public and private sector. Katnic concluded that the visit of the President of the IIA Global and the support that this organization provided to Montenegro were of great importance for the transfer of knowledge and experience of other countries.