In Focus: International Certification Training for Montenegrin Public Accountants Officially Launched
The Public Accountants Certification Training (PACT) in Montenegro that will enable training of up to 40 public sector accountants in 2016 has officially started with project opening event on April 18, 2016 in Podgorica. Financing for the project is secured through the Slovak Republic-UNDP Partnership for Results in the International Development Cooperation, Public Finance for Development Program funded by the Ministry of Finance of the Slovak Republic, while Ministry of Finance of Montenegro and the CEF offer in-kind support to the program.
The local UNDP representative, Jelena Mrdak emphasized that this activity is very important for developing capacities for transparent and accountable public finances in Montenegro, and should be continued for at least two more generations of participants: the first one should include more public accountants at national and the second one should include accountants from all 23 municipalities in Montenegro.
The PACT training course is part of the Montenegrin government’s efforts to build and strengthen professional qualifications for public sector accountants. High-quality financial reporting is crucial to effective financial management in the public sector. It relies on a strong accounting process, supported by expert internal and external audit services. PACT addresses this critical need and emphasizes the importance of establishing and observing international public sector accounting standards and helps countries raise the status of the accounting profession in line with EU member states.
The program will train up to 40 public sector accountants. Training of students will be conducted in three modules: two international modules, on financial accounting and management accounting, that were developed by the Chartered Institute for Public Finance and Accountancy (CIPFA) and the third national module focused to local legislation and taxation, which was developed by experts from the Montenegrin Ministry of Finance. Each module takes approximately two to three months and is completed with successfully passed exam.
Information on CEF initiative for training of accountants in Montenegro, available also in Slovak language here.
More information on PACT program is available here.