Montenegro

• Capital: Podgorica 
• Population: approx. 628,000 
• Language: Montenegrin 
• Part of the EU since: Not a member (candidate)

Member Bodies

• Institute of Certified Accountants of Montenegro (ISRCG) http://www.isrcg.org/

Professional Bodies

	ISRCG
Membership	Mandatory for Authorised Auditors Voluntary for Certified Accountants, Management Accountants and Bookkeepers
No. of members	828
Institute staff	6
Date of establishment	2006
Local branches	5
Subject to public oversight	Yes
Public oversight authority	Montenegrin Ministry of Finance

Involvement in Qualification and Market Access	ISRCG
Initial education	Yes
Examination	Yes
Approval and registration	No
Continued Professional Development	Yes

Activities	ISRCG (ICAM)
Standard setting	Yes
Quality assurance	Yes
Disciplinary measures	Yes

Profession

Professions	Authorised Auditor	Certified Accountant	Authorised Accountant	Bookkeeper
Professional body	ISRCG	ISRCG	ISRCG	ISRCG
Protected title	Yes (by law	Yes (by law)	No	No
Reserved activities	Statutory audit	No	No	No
Included authorisations	Consulting services, accounting services, tax advice or IT advice	Consulting services, accounting services, tax advice or IT advice	Consulting services, accounting services, tax advice or IT advice	Consulting services, accounting services, tax advice or IT advice

Supervision

	Authorised Auditor	Certified Accountant	Authorised Accountant	Bookkeeper	Authorised Independent Accountant (this title can no longer be obtained)
Regulated profession	Yes (by law)	Yes (by law)	No	No	No
Supervision	Yes (established in 2017 by law)	Yes (on voluntary basis)	Yes (on voluntary basis)	Yes (on voluntary basis)	Yes (on voluntary basis)
Public oversight authority	Public Oversight Body	ISRCG	ISRCG	ISRCG	ISRCG

Qualification

	Authorised Auditor	Certified Accountant	Authorised Accountant	Bookkeeper
General initial education steps (without possible exemptions)	• Professional qualification as Certified Accountant • 3 years of practical training in audit • Licence from and registration with the Ministry of Finance	• University degree (240 ECTS) • Professional qualification as Authorised Accountant • 3 years of practical training as Authorised Accountant • Exam as Certified Accountant • Clean criminal record	• University degree (240, 180 or 120 ECTS) • At least 3 years of practical work in bookkeeping and preparation of financial statements (with 240 ECTS) • Exam as Authorised Accountant	• High school diploma • At least 3 years of practical work in accounting • Exam as Qualified Bookkeeper

Statistics

	Authorised Auditor	Certified Accountant	Authorised Accountant	Bookkeeper	Authorised Independent Accountant
No. of qualified professionals	92	192	393	78	165[1]
No. of new trainees per year	0	54	844	122	N/A
No. of people taking the professional examination	0	36	251	4	N/A
No. of people passing the professional examination	0	6	68	1	N/A

Market access – qualified professionals

	Authorised Auditor	Certified Accountant	Authorised Accountant	Bookkeeper
Registration required	Yes	No	No	No
Competent authority for registration	Ministry of Finance	ISRCG	ISRCG	ISRCG
Cost of appointment/ registration	No	No	No	No
Oath required	No	Statement of statutory application of the Code of Ethics	Statement of statutory application of the Code of Ethics	Statement of statutory application of the Code of Ethics
Insurance required	Yes	No	No	No
Professional address required	Yes	ISRCG	ISRCG	ISRCG