The State Audit Institution (SAI) has published a report on the audit of the annual financial statements of "Barska plovidba" for 2024, in which it expressed a qualified opinion on the financial audit and a qualified opinion on the audit of the regularity of the company's operations.
"The financial audit of the Annual Financial Report of AD 'Barska plovidba' Bar for 2024 determined that the misstatements in the financial statements for 2024 were individually or collectively materially significant, but were not pervasive to the financial statements, and in accordance with the above, the competent board expressed a qualified opinion on the financial audit. In its accounting records, the Company did not disclose the value of artistic paintings, objects, contents of the photo library and library recorded in the inventory of the Commission for the Inventory of Intangible Investments and Fixed Assets. Also, the Company did not provide documentation related to the assessment of the value of this type of asset, so it was recommended to the Company that, after determining the value of this type of asset, it should be recorded in accounting and disclosed in the financial statements," the SAI announced.
The audit was managed by a collegium consisting of: member of the SAI Senate Vesna Mihailović (head of the Collegium) and President of the SAI Senate Siniša Čađenović (member of the Collegium).
The audit of the regularity of the annual financial report of "Barska plovid" for 2024 determined that the company had not fully aligned its business activities with legal and other regulations.
"The audit identified deviations and inconsistencies in the Company's operations with the following regulations: the Labor Law, the Law on Management and Internal Controls in the Public Sector, the Law on State Property, the Law on Accounting, the Law on Obligations and the Rulebook on the Chart of Accounts and the Content of Accounts in the Chart of Accounts for Legal Entities Registered for Performing Economic Activities and Other Legal Entities. Cases of non-compliance, individually or collectively, have a material but not pervasive effect in relation to the set criteria for the regularity audit, based on which the competent SAI collegium expressed a qualified opinion on the regularity audit," the SAI adds.
The audit determined that after 2022, "Braska Plovidba" did not create a Business Plan that would define strategic goals, a development plan, market analysis, risk assessment, and financial projections for the coming period.
"The Company was recommended to develop a Business Plan that would include: short-term and long-term goals, market and competition analysis, development and marketing plan, risk assessment with risk mitigation measures, financial projections of income and expenses, as well as defining business performance indicators, and submit it to the competent body of the Company for consideration and adoption."
The company, it is added, did not establish an internal audit in accordance with Article 49 of the previously applicable Law on Management and Internal Controls in the Public Sector and did not prepare and submit an annual report on activities to implement and improve management and controls in accordance with Article 17 of the previously applicable Law. They were recommended to eliminate the aforementioned deficiencies in accordance with the new Law on Management, Internal Control and Internal Audit.
"Barska plovidba", writes the DRI, concluded a fixed-term employment contract with two people in 2025, without publishing a public advertisement, which is not in accordance with Article 24 of the Labor Law, and the company was recommended to fill vacant positions exclusively through public advertising, in accordance with the aforementioned article of the law.
"In the period from 2019 to 2022, the Company repeatedly had problems in securing liquid funds to repay the loan to the Chinese bank (The Export-Import Bank), so during that period the Government of Montenegro issued four Conclusions transferring to the Company the missing amount of funds to settle the loan obligation. The Company also recorded the funds received on this basis in account 4231 - loan from the Government of Montenegro. The audit determined that part of the short-term liabilities was not coordinated with the Government and that the Ministry of Finance only claims from the Company the amount of funds that it transferred to the Chinese bank on behalf of the Company during 2024 and 2025, under the issued guarantee, while the amount of EUR 6.000.000 (for the II, III, IV and V installments of the loan) was not coordinated in writing with the relevant ministry. The Company was recommended to coordinate the positions on the status and method of settling the liabilities with the relevant ministry, and then make corrections in the accounting in order to realistically present balance of liabilities," the SAI announced.
They said that "Barska plovidba", in relation to the ten issued recommendations, is obliged to develop and submit to that institution an Action Plan for the implementation of the recommendations by March 16th, and a report on the actions taken based on the developed and submitted recommendations by July 31st.
The final report on the audit of the annual financial report of "Barska plovidba" for 2024 was submitted for information to the Board of Directors of that company as the management and leadership body of the company in order to take measures within its jurisdiction. The report was also submitted to the Government as the founder, as well as to the Ministry of Finance and the Ministry of Maritime Affairs, in order to take measures within their jurisdiction. The final report was also submitted to the Parliamentary Committee on Economy, Finance and Budget.
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