АНАЛИЗА ЕФЕКТИВНОСТИ ОДБОРА ЗА РЕВИЗИЈУ У ПРОЦЕСУ НАДЗОРА ФИНАНСИЈСКОГ ИЗВЈЕШТАВАЊА НА ПРИМЈЕРУ КОМПАНИЈА У ЦРНОЈ ГОРИ
ANALYSIS OF THE EFFECTIVENESS OF THE АUDIT COMMITTEE IN THE FINANCIAL REPORTING OVERSIGHT PROCESS IN MONTENEGRIN COMPANIES

Summary/Abstract: One of the indicators of strengthening the confidence of stakeholders in terms of supervision of Board of Directors over the work of management in the process of financial reporting, in the process of audit of company’s financial reports and supervision over the internal and external audit is the establishing and effective functioning of the Audit Committee. The effectiveness of Audit Committee in fulfilling it’s responsibilities, largely depends on the way the Committee is constituted and the activities and initiatives of it’s members in fulfilling the authorities given to them. Basic goal is to evaluate the effectiveness of the Audit Committee in Montenegrin companies in period from year 2009 to year 2011. In the focus of the research are companies from real economy sector, banking and insurance. The data for evaluation of the Montenegrin companies’ audit committees effectiveness has been collected through questionnaire. Results of the research indicate growing trend when it regards the establishing and functioning of the Audit Committee in Montenegrin companies, which is the consequence of sharpening the regulatory demands and the proactive approach of regulatory bodies. The research proves that companies from the banking sector show significantly higher level of effectiveness regarding the functioning of the audit committees than the companies in other sectors.

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