Auditing and presentation of financial statements must be done in accordance with the International Standards of Auditing (ISA) as promulgated by the IAASB, as the body of the International Federation of Accountants (IFAC), and adopted and published by the competent authority.

Business entities are classified into small, medium and large ones, depending on the average number of employees, aggregate revenue on the annual level, and aggregate assets.

Entities meeting two out of three below stated criteria, as of the day the financial statement is complied, shall be classified as medium-size legal entities: 1) having the average number of employees in the year the annual report is submitted for ranges from 50 to 250; 2) having aggregate annual revenue ranging from EUR 10 – 50 million; 3) having aggregate assets ranging from EUR 10 – 43 million.

Legal entities having two out of three criteria lower than the lowest criteria referred to above are classified as the small legal entities, whereas legal entities having two out of three criteria higher than the highest criteria above are classified as the large legal entities.

The audit of financial statements is obligatory for joint stock companies, large legal entities, and parent legal entities that jointly with the subsidiary legal entities meet the requirements to be classified in the large legal entity category.

To our customers, we can provide only outsourced audit service; depends on need of the company, we can engage service of either local expert or any of big international names in the industry.

Integrated Corporate Services Provider 
Law Firm Jovovic, Mugosa & Vukovic


81000 Podgorica | Slobode 16 | Montenegro
Phone: +382 20 672 671 | Fax: +382 20 672 672


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