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:
Online Access:http://documents.worldbank.org/curated/en/2002/05/2026455/albania-country-financial-accountability-assessment
http://hdl.handle.net/10986/14575
id okr-10986-14575
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic 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 STANDARDS
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
CASH MANAGEMENT
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 AUDITING
INTERNAL AUDITORS
INTERNAL AUDITS
INTERNAL CONTROLS
INTERNAL REGULATIONS
INVESTMENT SPENDING
LACK OF CLARITY
LAWS
LEGAL FRAMEWORK
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
PUBLIC SECTOR ACCOUNTING
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
TREASURY OPERATIONS
spellingShingle 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 STANDARDS
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
CASH MANAGEMENT
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 AUDITING
INTERNAL AUDITORS
INTERNAL AUDITS
INTERNAL CONTROLS
INTERNAL REGULATIONS
INVESTMENT SPENDING
LACK OF CLARITY
LAWS
LEGAL FRAMEWORK
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
PUBLIC SECTOR ACCOUNTING
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
TREASURY OPERATIONS
World Bank
Albania : Country Financial Accountability Assessment
geographic_facet Europe and Central Asia
description 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).
format Economic & Sector Work :: Country Financial Accountability Assessment
author World Bank
author_facet World Bank
author_sort World Bank
title Albania : Country Financial Accountability Assessment
title_short Albania : Country Financial Accountability Assessment
title_full Albania : Country Financial Accountability Assessment
title_fullStr Albania : Country Financial Accountability Assessment
title_full_unstemmed Albania : Country Financial Accountability Assessment
title_sort albania : country financial accountability assessment
publisher Washington, DC
publishDate 2013
url http://documents.worldbank.org/curated/en/2002/05/2026455/albania-country-financial-accountability-assessment
http://hdl.handle.net/10986/14575
_version_ 1764426968121475072
spelling okr-10986-145752021-04-23T14:03:14Z Albania : Country Financial Accountability Assessment World Bank 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 STANDARDS 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 CASH MANAGEMENT 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 AUDITING INTERNAL AUDITORS INTERNAL AUDITS INTERNAL CONTROLS INTERNAL REGULATIONS INVESTMENT SPENDING LACK OF CLARITY LAWS LEGAL FRAMEWORK 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 PUBLIC SECTOR ACCOUNTING 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 TREASURY OPERATIONS 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). 2013-07-25T15:33:59Z 2013-07-25T15:33:59Z 2002-05-14 http://documents.worldbank.org/curated/en/2002/05/2026455/albania-country-financial-accountability-assessment http://hdl.handle.net/10986/14575 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Country Financial Accountability Assessment Economic & Sector Work Europe and Central Asia