The World Bank Implementation Status & Results Report Capacity Building for Effective Audit Oversight IDF Grant Project (P133290) Capacity Building for Effective Audit Oversight IDF Grant Project (P133290) EUROPE AND CENTRAL ASIA | Montenegro | Governance Global Practice | Institutional Development Fund| FY 2013 |Seq No: 1 | ARCHIVED on 19-Jun-2017 | ISR17384 | Implementing Agencies: Ministry of Finance, Institute of Accountants and Auditors of Montenegro Key Dates Key Project Dates Bank Approval Date:02-Nov-2012 Effectiveness Date:23-Aug-2013 Planned Mid Term Review Date:-- Actual Mid-Term Review Date:-- Original Closing Date:24-Jul-2016 Revised Closing Date:23-Aug-2016 Project Development Objectives Project Development Objective (from IDF Proposal) This project aims to assist the Government to establish a system for public oversight and quality assurance for the statutory auditfunction in Montenegro, and build the capacity of the accounting and audit profession to train and maintain the competence of professionals to implement international standards of accounting, auditing and ethics. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Building effective audit oversight and quality assurance:(Cost $262630.00 ) Developing capacity of MoF policy making in corporate financial reporting:(Cost $119660.00 ) Developing the capacity of the audit profession in Montenegro:(Cost $109710.00 ) External audit of project:(Cost $8000.00 ) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO -- Satisfactory Overall Implementation Progress (IP) -- Satisfactory Overall Risk Rating -- Low Implementation Status and Key Decisions 6/19/2017 Page 1 of 4 The World Bank Implementation Status & Results Report Capacity Building for Effective Audit Oversight IDF Grant Project (P133290) The development objective of the program has been achieved. Implementing legislation (Law on accounting and Law on auditing) and guiding methodologies had been delivered under the project necessary to assist the beneficiary to establish a system for public oversight and quality assurance. The grant was successful in assisting the beneficiaries to revise legislation and close gaps with EU acquis. Furthermore, capacity building and legacy training materials have been delivered to the audit profession to train and maintain the competence of professionals to implement international standards of accounting, auditing and ethics. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- -- Low Macroeconomic -- -- Moderate Sector Strategies and Policies -- -- Low Technical Design of Project or Program -- -- Low 6/19/2017 Page 2 of 4 The World Bank Implementation Status & Results Report Capacity Building for Effective Audit Oversight IDF Grant Project (P133290) Institutional Capacity for Implementation and Sustainability -- -- Low Fiduciary -- -- Low Environment and Social -- -- Low Stakeholders -- -- Low Other -- -- -- Overall -- -- Low Results Indicators PHINDPDOTBL Establishment and operation of public oversight arrangements for statutory audit(Yes/No,Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 31-Aug-2013 -- 03-Dec-2014 26-Aug-2016 PHINDPDOTBL Quality assurance system established for audit firms and auditors(Yes/No,Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 26-Aug-2013 -- 03-Dec-2014 26-Aug-2016 PHINDPDOTBL Professional accountancy and audit body in Montenegro has achieved recognition and sustainability(Yes/No,Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- N Y Date 26-Aug-2013 -- 03-Dec-2014 26-Aug-2016 Data on Financial Performance Disbursements (by loan) 6/19/2017 Page 3 of 4 The World Bank Implementation Status & Results Report Capacity Building for Effective Audit Oversight IDF Grant Project (P133290) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P133290 TF-13555 Closed USD 0.50 0.48 0.02 0.48 0.00 100% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P133290 TF-13555 Closed 16-Jul-2013 24-Jul-2013 23-Aug-2013 24-Jul-2016 23-Aug-2016 Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 6/19/2017 Page 4 of 4