The conference was organized as part of the Strengthening Quality of Auditing and Reporting Project (SQARP), funded by the Swiss State Secretariat for Economic Affairs (SECO) and was supported by the Road to Europe Program of Accounting Reform and Institutional Strengthening for Small and Medium Enterprises (REPARIS for SMEs), a regional program financed by the European Union (EU) and implemented by the World Bank Centre for Financial Reporting Reform (CFRR).

Participants were welcomed by Ms. Brigitte Bruhin, Program Manager, SECO and Mr. Asad Alam, Regional Director, the World Bank. They both expressed their dedicated support for the country’s efforts to advance financial reporting reform, enhance public oversight, and introduce sustainability reporting requirements.

In the opening session, Mr. Arun Manuja, Senior Financial Management Specialist, the World Bank said, “It is a pleasure to note that the contemporary legal framework for financial reporting in Albania is significantly aligned with the EU acquis. International financial reporting standards and good practices have been integrated in the national legal framework and institutional arrangements. A substantial focus now needs to shift to effective enforcement and stronger regulatory oversight as that would ensure quality and public trust. Henceforth, for optimizing resources and achieving results, the Public Oversight Board could strongly benefit from a refined forward-looking strategy that includes risk-based approach and collaboration with industry stakeholders, including their well-defined roles in the oversight practices”.
The conference highlighted the ongoing reforms in Albania towards improved financial reporting in accordance with international standards and good practices. These focus on enhancing the legal framework, improving the profession of accountants and statutory auditors, and strengthening the quality of financial reporting by improving the quality of audits. The aim is to foster better governance and transparency and ensure that financial reporting aligns with international benchmarks, thereby elevating the overall financial ecosystem in the country.