As part of the Strengthening Quality of Auditing and Reporting Project (SQARP) for the Republic of Albania the Albanian Public Oversight Board benefited from an exchange of experience with the Austrian Audit Oversight Authority. A two-day workshop was delivered on March 23-24, 2023, in Tirana, Albania.
The discussions focused on the selection of firms and audit engagements for inspection using a risk-based approach and the organization, planning, and methodology of inspections. The main topics covered by this knowledge sharing event were:
- An overview of the regulatory framework for audit oversight in Austria.
- Inspection procedures for quality control (during the planning phase and throughout the inspection).
- The availability and benefits of software to help carry out the inspection.
- Classification of the findings.
- Follow-up procedures after the inspection.
- Disciplinary measures and sanctions.
The event contributed to strengthening the capacity of the Albanian Public Oversight Board in performing its key duties in the field of audit oversight and quality assurance in line with advanced European practice.