About us

Institute of Certified Accountants of Montenegro (ICAM) is self-regulatory, independent, voluntary professional association.

The goal of the Institute of Certified Accountants of Montenegro is to in order to promote the knowledge, abilities and skill of its members related to accounting and auditing, valuations, internal audit, forensic skills in accordance with relevant international and domestic regulations (International Accounting Standards (IAS), International Financial Reporting Standards (IFRS), International Accounting Standards (ISA), International Standards on Quality Control, International Standards on internal audit, International Valuation Standards Council (IVSC).

The mission of the Institute of Certified Accountants of Montenegro is to strengthen and develop the accounting profession able to provide high quality services in the public interest, applying high standards of professional conduct and ethical requirements.

In Montenegro the professional education of accountants is carried out through of the Institute of Certified Accountants of Montenegro, and according to the national accounting standard CORS-1 which refers to:

The professional education of accountants
Regulation on taking examination for obtaining professional titles in accounting profession
The IFAC's Code of Ethics for Professional Accountants
Regulation on continuing education


Organized work and activity of accounting and financial workers in Montenegro started in 1956. By establishing the Association of Bookkeepers of Montenegro with headquarters in Titograd.

In accordance with changes in the social and economic system, the association changed its name several times. In the early seventies it was called the Association of Accounting and Financial Workers of Montenegro, while in the mid nineties it was called the Association of Accountants and Auditors of Montenegro. In its long development, this professional organization has successfully followed all the changes that affected the business environment in Montenegro, especially in the area of Accounting and Auditing.

Applying the Law on Accounting and Audit and International Accounting Standards, in april of 2002. The Association of Accountants and Auditors of Montenegro was transformed into the Institute of Accountants and Auditors of Montenegro with the mission of improving and developing accounting, auditing and business analysis of commercial and non commercial entities in Montenegro.

Under the influence of global changes, which were also reflected in Montenegro, in the direction of accepting the market way of doing business, the Institute adapts its activities to the new circumstances by implementing a recertification program for old accounting and auditing titles in cooperation with the Ministry of Finance of Montenegro. The goal of this recertification is additional education according to IFAC standards and education programs which will contribute to the market verification of new and previously acquired titles.

Accordingly, in September 2006, by separating from the Institute of Accountants and Auditors of Montenegro, the Institute of Certified Accountants of Montenegro was formed whose main mission is to implement recertification and new educational programs, as well as to ensure competitiveness and adequate protection of the accounting profession in Montenegro. In 2007. Institute of Certified Accountants was authorized by the Regulation of the Government of Montenegro to, in cooperation with the Association of Accountants and Auditors of Serbia (member of IFAC) and Faculty of Economics from Podgorica, provide an education program for accounting professions, thereby taking an active role in creating conditions for training, continuous education of accountants and development of financial reporting in Montenegro.


Institute of Certified Accountants of Montenegro keeps a register of its members, Certified Accountant, Authorized Accountant, Bookkeeper and other members who belong to the old titles.

In addition to regularly organizing seminars, Institute of Certified Accountants of Montenegro publishes a professional monthly magazine „Accounting and Auditing“ and through numerous activities participates in exchange of knowledge and experience with countries in the region.

Representatives of Institute are participating in many important working groups – in negotiation chapters (Chapter 6 – Commercial law, Chapter 16 – Taxes), National risk assessments (NRA) from preventing money laundering and terrorist financing, in the Tax Administration reform projects and the Council for large taxpayers, in Open Government Partnership (OGP) and in cooperation with the state administration and NGO sector.

From November 2017, ICAM is a full member of IFAC, and since January 2021 full member of Accountancy Europe (AE) which is an advisor to the EU Commision in the field accounting and auditing.

Since 2015 ICAM has been a member of the International Valuation Standards Council (IVSC).

ICAM work is according to the Statute divided into bodies, commissins, sections and five branches per city – Podgorica, Niksic, Kotor, Bar and Berane. The members from all subsidiaries participate in the work and appoint their authorized representatives for the Assembly of the ICAM with a mandate of four years.

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