Montenegro's Cabinet session

Podgorica, Montenegro (1 April 2016) – On occasion of marking the tenth anniversary of the restoration of Montenegro's independence, the Cabinet at its yesterday’s session approved the Draft Amendments to the Law on State Decorations and Awards. The proposed amendments establish a new Order of Montenegrin independence, which will be awarded to natural and legal persons for a special contribution to the promotion of the Montenegrin independence. The new state award will play a specific role in further strengthening and preserving the state and national identity, and respecting and nurturing the legacy of cultural and historical value, the session noted. It was also proposed to introduce the Military Medal, to be awarded to members of the Armed forces of Montenegro for exemplary performance of military duties.

With a view to harmonsing the Montenegrin legislation with that of the EU, the Government Approved the Draft Law on Accounting and Draft Law on Auditing.

The proposed accounting act provides for the improvement of the existing legislation in the field of accounting, more transparent financial reporting system and better control of the financial reports. The proposed legal solution regulates the area of value valuation in line with best international practice.

The Draft Law on Auditing precisely defines all the provisions and facilitates the monitoring of compliance with any amendments to EU directives in the field of auditing. It is envisaged to improve the system of issuing licenses and permits to authorised auditors and auditing companies, as well as their seizure. The law obliges certified auditors and auditing companies to submit an annual report on transparency, which will help gain insight into their work, capacity and independence. The draft law provided for the establishment of the Council for Review, as an advisory body in the field of audit, while the supervision of certified auditors and audit companies will be entrusted to the Ministry of Finance.