There are two professional accountancy organizations in Montenegro. IAAM is the older of the two organizations established under the Law on Accounting and Auditing of 2002. IAAM was responsible for the certification of auditors and regulation of the profession until 2005, when the Law on Accounting and Auditing of 2005 was passed. In 2007, the Ministry of Finance delegated the responsibility for the education, examination, and certification of auditors to the Institute of Certified Accountants of Montenegro. IAAM’s focus has become to: (i) promote the profession in Montenegro; and (ii) train and educate accounting professionals.