Podgorica, (MINA-BUSINESS) – In cooperation with the Delegation of the European Union to Montenegro, the Central Bank (CBCG) plans to hire an independent, internationally recognized external auditor to analyse and evaluate the quality of operational processes and procedures, especially in the field of supervision and control of banks.
The CBCG says in a press release that this is part of its continuous efforts aimed at improving the transparency and strengthening of confidence in its work.
“Since one of the CBCG’s main goals is to preserve its credibility and in the light of recent development that could have negative effects in this respect, we will insist that the focus of the audit should be placed on the supervision of the commercial banks in the last five years,” the press release says.
The CBCG has an internal audit system, which has been active since its establishment, while its annual financial reports are subject to regular independent, internationally recognized external audits, in line with the CBCG Law.
“An audit of the annual financial reports for the last year, including the audit of data on all financial and payment operations, is under way,” the CBCG says.
In all previous reports, the auditor gave positive opinions, saying that the CBCG’s financial statements provided an accurate and fair overview of the financial situation, business results and cash flows in line with the international financial reporting standards.
On 7 December, the Central Bank instituted interim administrations for Atlas Bank and Invest Bank Montenegro, on the basis of prior controls.
In early January, the CBCG Council decided to revoke the IBM’s licence and launch the bankruptcy proceedings for this financial company.
Both banks are under money laundering investigation by the prosecution authorities.
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