“Memorandum on Audit Improvement” - Sejko and Malaj at the Regional Conference: Let's align with international practices
Promoting cooperation between internal and external auditors and authorities, sharing expertise between them, as well as international best practices in the field of auditing, was the focus of the Regional Audit Conference, which brought together a large number of auditors from Albania, North Macedonia and other countries in the region.
Also present at this Conference, which is being held for the first time in Albania, was the Governor of the Bank of Albania, Gent Sejko, who stated that internal audit helps in the early identification of risks, improving processes and protecting institutional integrity.
“As Governor of the Bank of Albania, I would like to reiterate our commitment to supporting the professional development of auditors, strengthening standards and promoting an integrated approach to institutional governance. We are convinced that only through close cooperation between internal and external auditors and supervisory authorities can we build stronger, more transparent and more trustworthy institutions. In a broader context, where financial institutions face new challenges such as digitalization, increasing cyber risks, climate developments and sustainability pressures, the role of auditors – and especially the cooperation between them and regulatory authorities – remains key to maintaining financial stability and transparency.”
On the other hand, Minister of Finance Petrit Malaj emphasized that a Memorandum will be established with the Albanian Institute of Internal Auditors to further cooperate in aligning internal audit practices with international ones.
“Over the years, we have undertaken significant efforts to improve the internal audit system in government institutions and are committed to advancing the effectiveness, independence and professionalism of internal audit functions across public sector institutions. We are working together with the Albanian Institute of Internal Auditors towards establishing a Formal Memorandum of Understanding, which will pave the way for long-term cooperation, focusing on capacity building, joint initiatives and the alignment of internal audit practices with international best practices and European Union requirements. Auditors’ independence, professionalism and commitment ensure integrity and enable public institutions and private organizations to operate effectively, responsibly and sustainably.”
Auditing contributes to increasing the transparency and efficiency of public spending, said Malaj, among other things.
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