At the Heart of Montenegro

INDEPENDENT MEMBER OF SFAI GLOBAL

Audit Firm Wholly Owned by two CPAs as Equal Partners

Connection with Foreign and Domestic Investors – Together we are Stronger

About us

“Knowledge as Competitive Advantage”

Welcome to the world of SFAI MONTENEGRO

SFAI Montenegro is a mixture of small and large, fast and strong, effective and efficient within the international network SFAI Global, a member of the IFAC Forum of Firms.

Wih SFAI Montenegro you will have:

Access to services at the world level of knowledge

Partners with practical commercial experience and a high level of knowledge make this possible for you.

Access to the expert network

SFAI experts have the right skills in the right place.

Global and regional context

An understanding of the wider global and regional context, based on in-depth local knowledge and skills.

Access to specialists

Access to specialists in your own sector of activity with a focus on banking, finance and agribusiness.

Personal relationship with the client

Professional personal services for startup businesses and activities based on the personal relationships with clients.

SFAI Global has committed to practice with a consistent application of high-quality audit practices worldwide, and to meet the Forum’s membership obligations as detailed in the FOF Constitution, under the patronage of International Federation of Accountants - IFAC.

SFAI is the world's 17th largest multinational professional services organization.

SFAI offers a diverse range of services to clients in the areas of audit, tax, accounting and business consulting.

SFAI is a member of the IFAC Forum of Firms

As a member of the Forum of Companies, SFAI participates in activities United Nations Global Compact.

SFAI is a global network

SFAI has more than 300 offices with a presence in 115 countries and has a total of 10,000 employees, including 1,260 partners worldwide.

High-quality audit practices

SFAI is committed to the consistent application of high quality audit practices worldwide and to meeting the membership obligations of the Forum of Firms as detailed in Charter FOF-a.

Transparency Report
2022

PDF, 14,4MB
(Note: The Transparency Report is in Montenegrin Language only)

Transparency Report
2023

PDF, 14,6MB
(Note: The Transparency Report is in Montenegrin Language only)

Services

We are Helping and Assisting you to Achieve Your Goals.

Audit & Assurance

Audit provides the organization’s traditional accounting and audit services, as well as internal auditing and IT control assurance.

Consulting

Consulting assists clients by providing services in the areas of enterprise applications, technology integration, strategy & operations, human capital, and short-term outsourcing.

Risk Advisory

Risk advisory provides offerings in enterprise risk management, information security and privacy, data quality and integrity, project risk and cyber risk, and business continuity management and sustainability.

Financial Advisory

Financial advisory provides corporate finance services to clients, including dispute, personal and commercial bankruptcy, forensics, e-discovery, document review, advisory, mergers & acquisitions, capital projects consulting and valuation services.

Tax & Legal

Tax & legal helps clients increase their net asset value, undertake the transfer pricing and international tax activities of multinational companies, minimize their tax liabilities, implement tax computer systems, and provides advisory of tax implications of various business decisions.

Forensic & Litigation

Services cover comprehensive financial forensic investigations to detect the facts behind fraudulent transactions, financial irregularities and internal control lapses (Dispute Resolution, Quantification, Evaluation and Assessment of Economic Loss and Damages, Financial / Fraud Investigation, Special Audits, Assets Tracing).

Our Team

Branko Ž. Ljutić

Equity Equal Partner Team Leader: Audit and Assurance Risk Advisory

Paul Thompson

Strategic Adviser Pro Bono Quality Management, Standards and Professional Development

Goran B. Strahinja

Equity Equal Partner Team Leader for Quality Assurance Office Managing Partner - CEO

Branko A. Vasiljević

Consultant Finance & Banking Full Professor: Banking, Bank Management, Financial Markets, Economics

Leposava Grubić Nešić

Consultant Human Resources Full Professor: Human Resources and Psychology in Management

Stanislav Polić

Consultant, IT Manager, IT Audit, Audit & Assurance Professor: CAATs, IT, MIS, AI in Working Capital Management

Ivana Ljutić

Consultant Tax and Legal Assistant professor: Corporate Law, Corporate Governance, Taxation & EU law

Nikola M. Stajić

Consultant, IT Director, IT Audit Master of Economics IT Audit, Risk Based Audit, Blockchain

Mehmet Cuneyt Uvey

Consultant IT Audit, IT Risk Advisory, IT Governance-Risk-Compliance MBA, CISA, CISM, CGEIT, CRISC, ISO27001LA, ISO20000LA, PMP, ATP APMG/ISACA

Vladan M. Jakovljević

Consultant, Agribusiness Graduate Engineer of Agriculture: Agribusiness Management, Auditing

Svetlana Lj. Karadžić

Consultant Bachelor of Economics: Banking, Corporate Finance, HR

Zoran Vuković

Consultant Internal Audit, Audit & Assurance

Veselin Todorović

Consultant Audit & Assurance, Accounting

Education

Webinars and Publications

  • All
  • Publications
  • Webinars

REČNIK BIZNISA I EKONOMIJE (DICTIONARY OF BUSINESS AND ECONOMY)

Branko Ž. Ljutić

REVIZIJA I USLUGE UVERAVANJA (AUDIT AND ASSURANCE SERVICES)

Branko Ž. Ljutić

UPRAVLJAČKO RAČUNOVODSTVO ZA MENADŽERE (MANAGERIAL ACCOUNTING FOR MANAGERS)

Branko Ž. Ljutić

FINANSIJSKO RAČUNOVODSTVO (FINANCIAL ACCOUNTING)

Branko Ž. Ljutić

ODRŽIVI BIZNIS PLANOVI U AGROBIZNISU (SUSTAINABLE BUSINESS PLANS IN AGRIBUSINESS)

Paul Thompson, Branko Ž. Ljutić, Milan Lj. Stamatović

TRANSFERNE CENE: Pravila i praksa (TRANSFER PRICING: Rules and Practice)

Ivana B. Ljutić

WEBINAR: Internal audit during the Covid-19 pandemic

Branko Ž. Ljutić, Goran Kunjadić

WEBINAR: Integrated Reporting - Introduction

Branko Ž. Ljutić, Paul Thompson, Fiona Robertson, Sandra Janković, Richard Parlour

MENADŽMENT PROJEKATA (PROJECT MANAGEMENT)

Branko Ž. Ljutić, Nikola M. Stajić

MODERNI AGROBIZNIS MENADŽMENT (MODERN AGRIBUSINESS MANAGEMENT)

Branko Ž. Ljutić, Kenneth C. Schneeberger, Donald D. Osburn

BANKARSKO I BERZANSKO POSLOVANJE (BANKING AND STOCK EXCHANGE BUSINESS)

Branko Ž. Ljutić

UPRAVLJANJE PROJEKTIMA ZA MENADŽERE (PROJECT MANAGEMENT FOR MANAGERS)

Branko Ž. Ljutić, Milan Lj. Stamatović

AGRARNE FINANSIJE (AGRICULTURAL FINANCE)

Branko Ž. Ljutić, Kenneth C. Schneeberger, Donald D. Osburn

REVIZIJA I USLUGE UVERAVANJA (AUDIT AND ASSURANCE SERVICES)

Branko Ž. Ljutić

UPRAVLJAČKO RAČUNOVODSTVO (MANAGERIAL ACCOUNTING)

Branko Ž. Ljutić

FINANSIJSKO RAČUNOVODSTVO (FINANCIAL ACCOUNTING)

Branko Ž. Ljutić

REVIZIJA: Logika, principi i praksa (AUDITING: Logic, Principles and Practice)

Branko Ž. Ljutić

BANKARSKO I BERZANSKO POSLOVANJE, 2. izdanje (BANKING AND STOCK EXCHANGE BUSINESS, 2nd edition)

Branko Ž. Ljutić

REČNIK RAČUNOVODSTVENIH TERMINA (DICTIONARY OF ACCOUNTING TERMS)

Branko Ž. Ljutić, Jasminka D. Bošnjak

BIZNIS PLAN U AGROBIZNISU (BUSINESS PLAN IN AGRIBUSINESS)

Branko Ž. Ljutić

BIZNIS PLAN: priručnik za preduzetnike (BUSINESS PLAN: Handbook for Entrepreneurs)

Branko Ž. Ljutić, Radmila R. Grozdanić, Jasmina Uskoković

FAQ

Do you have doubts or want to know more? Here you will find the most frequently asked questions.

A statutory audit (hereafter: audit) is a legally mandated check of a company’s annual financial statements. Companies prepare these statements to explain their financial performance. Investors, shareholders and other stakeholders rely on audited financial statements when making their decisions. EU law requires large and medium-sized companies to be audited. Member States may decide to require audits of smaller entities too.

Financial statements are published for external users including current and potential investors, lenders and other creditors. They show the company’s financial position, which is information about the company’s assets such as cash, inventory and fixed assets; and liabilities such as loans, trade payables and tax liabilities. They also present results of company’s operations such as revenue, expenses, taxes and profit.

Typically, an audit engagement has three stages: planning, execution and reporting. It requires a year-long cooperation among a multi-disciplinary team of auditors and experts in different areas. For planning the audit team aims to understand the company’s operating environment and identify the risks relevant to its financial statements.

During execution, auditors gather and evaluate evidence through a combination of procedures e.g.: inquire management, test the company’s internal controls, analyse transactions and balances, and obtain third party confirmations. The auditor’s objective is to obtain sufficient audit evidence to be able to draw reasonable conclusions. The audit opinion is based on these conclusions and is publicly reported.

An audit committee consists of: i) members of a company’s board of directors and/or ii) members appointed by the shareholders. It ensures that shareholders’ interests are properly protected in relation to the financial reporting process.

To achieve this, the majority of an audit committee members have to be independent from the company. The EU legislation also requires at least one audit committee member to have competence in accounting and/or auditing.

The most important roles included in EU legislation for PIE audit committees are to:
• monitor the financial reporting process and relevant controls • review the auditor’s independence including pre-approval of all permitted non-audit services • make a recommendation about auditor’s appointment

Accountants help companies prepare their financial statements and sustainability reporting to measure performance, including their economic activities’ environmental and social impacts. The EU Accounting and Transparency Directives requirements, relevant national legislation & standards apply for accountants’ work, as well as International Financial Reporting Standards (IFRS) for companies under the International Accounting Standards (IAS) Regulation.

External auditors provide audit services to companies and thereby add credibility to information by giving an independent expert opinion on the information reported by a company, such as the annual financial statements (see question 1). Auditors’ work is regulated by the requirements of the EU Audit Directive and Regulation and relevant national legislation. Auditors also apply for their work professional standards like International Standards on Auditing (ISAs).

Both accountants and auditors abide by the International Code of Ethics or national equivalents.
 

Contact

Contact us

Location:

VII omladinske brigade bb, 81000 Podgorica, Montenegro

Email:

info@sfai.me

Phone:

+382 (0)69 399 886