On 10 September 2019, the Centre for Financial Reporting Reform (CFRR), with the lead of Andrei Busuioc (Sr. FMS), played an important role in supporting a workshop on "Financial Reporting Quality and Its Impact on the Economy - Role of the Public Oversight Board" in Tirana organized by Albania's Public Oversight Board (POB).
Through the workshop, the POB wished to bring to the attention of the public the importance of the quality of financial reporting, the impact on the economy, and the role of the POB in regulating and overseeing the profession of statutory auditor. The workshop addressed issues related to PoB’s key activities undertaken during 2018 with a particular focus on the inspection process and key findings at the conclusion of the first phase of inspections. Panelists representing the government, financial regulators, stock exchange, the profession, and business community shared their views on the need for good financial reporting. Andrei Busuioc's presentation underscored the importance of public oversight and gave an overview of World Bank projects for Albania. The work was done under the Enhancing Quality of Financial Reporting Project (EQFinRep), a project implemented by the World Bank’s Centre for Financial Reporting Reform (CFRR) and the Ministry of Finance of Albania, and supported by the Swiss State Secretariat for Economic Affairs (SECO).
Financial reporting reform in Albania is a long process that has been ongoing for more than 10 years. There has been a lot of progress in institution building and financial reporting standards. However, the capacities of public oversight bodies need to be built in order for these institutions to function properly. Public oversight is a key element of corporate financial reporting infrastructure that ensures that audits of companies are done according to the right standards.