Albania - Report on the observance of standards and codes (ROSC) : accounting and auditing : Shqiperi - Raport mbi vezhgimin e standardeve dhe kodeve (ROSC) : kontabilitet dhe auditim (Albanian)

This assessment of accounting and auditing practices in Albania is part of a joint initiative of the World Bank and the International Monetary Fund (IMF) to prepare Reports on the Observance of Standards and Codes (ROSCs). The assessment focuses on the... See More + This assessment of accounting and auditing practices in Albania is part of a joint initiative of the World Bank and the International Monetary Fund (IMF) to prepare Reports on the Observance of Standards and Codes (ROSCs). The assessment focuses on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting and involves a review of both mandatory requirements and actual practice. The main findings of the report include: (1) the legal framework on financial reporting in Albania is characterized by some lack of cohesiveness. (2) There is very limited availability of published financial information in Albania. (3) A new accounting law aims to address many of the shortcomings of the previous accounting and financial reporting requirements. (4) The accounting standard-setter, the National Accounting Council (NAC) needs substantially more technical and financial resources in order to fulfill its mandate. (5) There is an overwhelming need for training across all areas of the economy with respect to accounting, auditing and financial reporting. (6) The monitoring and enforcement mechanisms are ineffective to induce compliance with accounting and auditing standards. The numerous recommendations coming out of this report are interrelated and mutually supportive and are designed to collectively improve the financial reporting environment in Albania.  See Less -

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