Albania : Country Financial Accountability Assessment

Albania : Country Financial Accountability Assessment

Despite Albania's significant progress in establishing a legal and institutional base, and its strong commitment to reform - placing the country in a good position to develop a sound fiduciary infrastructure - there are however, several issues...

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Bibliographic Details
Main Author:	World Bank
Format:	Country Financial Accountability Assessment
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	FINANCIAL ACTIVITIES COUNTRY PERFORMANCE ACCOUNTING & REPORTING ACCOUNTING STANDARDS LEGAL FRAMEWORK INSTITUTIONAL MANAGEMENT CAPACITY CONSTRAINTS INTERNAL AUDITING CASH MANAGEMENT PUBLIC SECTOR ACCOUNTING PRIVATE SECTOR MANAGEMENT PRIVATE SECTOR ASSESSMENTS COMMERCIAL BANKS BANKING REGULATION INSURANCE COMPANIES LISTED COMPANIES ENTERPRISE CONTROL INTERNATIONAL STANDARDS AUDIT OF ACCOUNTS LAW ENFORCEMENT TREASURY PAYMENT INSTRUMENTS REVENUE MEASURES TRAINING ASSISTANCE PENSION SYSTEMS COMPUTERIZATION GOVERNMENT ACCOUNTING STANDARDS ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING RECORDS ACCOUNTING REPORTS ACCOUNTING RULES ACCOUNTING SOFTWARE ACCOUNTING SYSTEMS ACCOUNTS ACCRUAL ACCOUNTING ALLOCATION OF RESOURCES ANTI-CORRUPTION APPROPRIATIONS AUDIT REPORTS AUDITING AUDITING PROFESSION AUDITORS AUTHORITY AUTHORIZATION BALANCE SHEET BALANCE SHEETS BOOKKEEPING BORROWING BUDGET CLASSIFICATION BUDGET ESTIMATES BUDGET EVALUATION BUDGET EXECUTION BUDGET FORMULATION BUDGET IMPLEMENTATION BUDGET MONITORING BUDGET PROCESS BUDGET REVENUES BUDGETARY FUNDS BUDGETARY OUTLAYS BUDGETARY PROCESS BUDGETARY RESOURCES CAPITAL BUDGETING CAPITAL PROJECTS CENTRAL GOVERNMENT CITIZENS COMMUNIST CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONSTITUTION COUNCIL OF MINISTERS DECENTRALIZATION DECISION MAKING DECISION MAKING PROCESS DEMOCRACY DEPOSITS DEPRECIATION DISTRICTS EXECUTION EXPENDITURE FINANCIAL ACCOUNTABILITY FINANCIAL ACCOUNTING FINANCIAL CONTROL FINANCIAL INFORMATION FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT SYSTEMS FINANCIAL PERFORMANCE FINANCIAL REPORTING FISCAL FISCAL DEFICITS FISCAL DISCIPLINE FISCAL POLICY FISCAL YEAR FOREIGN TRADE GOOD GOVERNANCE GOVERNMENT ACCOUNTING GOVERNMENT AUDITING GOVERNMENT BUDGETS GOVERNMENT FINANCE GOVERNMENT LEVEL GOVERNMENT POLICIES GROSS DOMESTIC PRODUCT INSTITUTION BUILDING INSTITUTIONAL FRAMEWORK INTERNAL AUDIT INTERNAL AUDIT FUNCTION INTERNAL AUDITORS INTERNAL AUDITS INTERNAL CONTROLS INTERNAL REGULATIONS INVESTMENT SPENDING LACK OF CLARITY LAWS LEGISLATION LEGISLATIVE OVERSIGHT LOAN GUARANTEES LOCAL GOVERNMENT LOCAL GOVERNMENT BUDGETS LOCAL GOVERNMENTS LOCAL SELF-GOVERNMENT LOCAL TAXES MANDATES MINISTRY OF FINANCE MUNICIPALITIES MUNICIPALITY PAYROLL PEER REVIEW PRIVATE SECTOR PRIVATIZATION PROCUREMENT PROVISIONS PUBLIC ACCOUNTABILITY PUBLIC ADMINISTRATION PUBLIC ADMINISTRATION REFORM PUBLIC EXPENDITURE PUBLIC EXPENDITURE PRIORITIES PUBLIC EXPENDITURES PUBLIC FINANCE PUBLIC INFRASTRUCTURE PUBLIC RESOURCES PUBLIC SECTOR RECURRENT EXPENDITURES REFERENDUM REPORTING SYSTEMS RISK OF FRAUD SOCIAL INSURANCE SOCIAL PROTECTION STATE AGENCIES STATE BUDGET STATE CONTROL STATE OWNED ENTERPRISES TAXATION TECHNICAL ASSISTANCE TRANSPARENCY TREASURY OPERATIONS
Online Access:	http://documents.worldbank.org/curated/en/2002/05/2026455/albania-country-financial-accountability-assessment http://hdl.handle.net/10986/14575

Description
Summary:	Despite Albania's significant progress in establishing a legal and institutional base, and its strong commitment to reform - placing the country in a good position to develop a sound fiduciary infrastructure - there are however, several issues that need to be addressed: weak institutional capacity; weak internal controls, including cash management, and internal audit functions; and, absence of solid bases for internal audit in the public sector. In the area of private sector accounting, and auditing, issues need to address: differentiation between the banks, insurance companies, listed and non-listed companies, and other entities, for determining accounting standards; in addition to weak audit capacity, and experience in implementing international standards in auditing. Recommendations include the enactment of the Law on Public Sector Internal Audit; strengthened internal controls, including in the Treasury - specifically, the Treasury cash management function - by establishing daily reconciliation of district treasury payment requests, with the reimbursement by the Bank of Albania to Agent Banks, as well as reconciliation between revenue collections, transferred by the agent banks, with the taxpayer-filled payment forms. Further recommendations include strengthened internal audit capacity, by establishing the methodology for conducting internal public sector audits, and providing training; capacity building to the Ministry of Finance's Accounting Department; strengthened internal audit capacity within the Social Insurance Institute, introducing computerized pension and accounting systems in districts; and, strengthened systems at the Parliamentary Commission on Economic, Finance and Privatization (EFP).

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