A regional Conference “Strengthening Corporate Governance in Albania and Kosovo: Sustainability Reporting and Increased Role of the Audit Committees” was held in Tirana, Albania on November 10, 2022. The event focused on further implementation of corporate sustainability reporting measures that encompass social and environmental reporting. It also addressed the increased role of audit committees. The Conference was attended by over 120 participants, representing public interest entities (PIE), auditors, accountants, public oversight bodies, and financial reporting regulators from Albania and Kosovo.

The European Financial Reporting Advisory Group explained the key areas to be covered by the new European Sustainability Reporting Standards. Invited experts discussed the critical role of audit committees in transparency and accountability and provided examples of good practice. Two panels, involving representatives of PIEs, audit firms, and of financial reporting and public oversight regulators from both Albania and Kosovo, discussed the status, potential impact, and next steps regarding: (i) Corporate Sustainability Reporting and (ii) improving Audit Committee effectiveness. Panelists shared their experience, referred to good practice in their countries, and outlined the challenges and proposed actions. One takeaway was the need for capacity building activities to better understand sustainability requirements with an aim to further apply and enforce such provisions.

The conference gave participants insightful expert information and practical knowledge on the possible impacts of applying sustainability standards in the coming years. It was a great opportunity to meet in person after a long period of restrictions imposed by the pandemic to develop networks and to share experiences.

As part of this event the Ministry of Finance and Economy of Albania outlined key activities planned in Albania as part of the Strengthening the Quality of Auditing and Reporting Project, financed by the Swiss State Secretariat for Economic Affairs (SECO).

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Strengthening Corporate Governance in Albania and Kosovo: Sustainability Reporting and Increased Role of the Audit Committees