The legal audit market is expanding - In 2024, the income of companies and the number of audited economic entities increased
The quality of audits has improved and the market for statutory auditors has expanded significantly in 2024.
Currently, the audit market in Albania is comprised of 143 statutory auditors practicing as natural persons and 81 audit firms and 26 statutory auditors employed by audit firms, with a total of 250 statutory auditors registered at the end of last year.
Auditing provides stakeholders with confidence that an organization's financial statements accurately reflect its true financial position. Without this independent verification, the integrity of the entire financial system can be called into question.
The total turnover estimated from the data available with the Public Oversight Board is 14.8 million euros, an increase of 14% from the previous year. Statutory auditors have realized an annual turnover of about 27% of the audits for the financial statements of 2023, while audit firms have realized a turnover of about 73%.
Over the last five years, revenues generated for audit services have been increasing for both audit firms and statutory auditors.
The performance of the audit market is reflected in the average growth of 14.9% in annual revenues generated by statutory audit services compared to an average growth of 6.7% of audited entities.
Statutory auditors and audit firms undertake approximately 3,809 statutory audits per year, based on data on engagements completed in 2024.
The increase in the number of audits and their revenues shows that businesses and institutions are seeking more transparency and financial security.
An audit in finance and accounting refers to a comprehensive examination of an organization's financial records, conducted by qualified professionals. These experts carefully review financial statements to confirm their accuracy, ensure compliance with applicable regulations, and verify that the information fairly represents the organization's financial position. This includes the income statement, balance sheet, and cash flow statement.
Mexico, 50% tariff on Chinese products - The measure will affect over $52 billion in imports
Mexico announced it would raise tariffs on vehicles coming from China and other Asian countries to 50%. The Economy Ministry said the changes, which will......
The week ends negatively for the major currencies! – The US Dollar weakens significantly
The US dollar had a negative week closing, recording a significant drop in value from the previous day, as it was bought today at 82 lek and sold at 83.3......
Nuclear power 'resurgence' at risk - Strong demand could cause global uranium shortage
The sharp increase in interest in nuclear power could cause a critical shortage of uranium, as global demand is growing rapidly and production from existing......
Minimum wage increases in Serbia - Government confirms 10% increase from January 2026
The Serbian government will increase the minimum monthly net wage by 10.1%, bringing it to 64,554 dinars (or about 551 euros) as of January 1, the Finance......
Spain restricts smoking in public spaces - Draft law aims to ban nicotine products on beaches, bars and restaurants
The Spanish government has approved a draft law restricting smoking in public places that could have a significant impact on tourists. The proposed......
NAMES/ Rama reveals all the new government ministers
Albanian Prime Minister, Edi Rama, has officially announced the new Government of his fourth term in office, announcing the long-awaited names of the......
Balluku again deputy prime minister/ Rama: He has gained a stability that can only be strengthened!
Prime Minister Edi Rama also reconfirmed today Belinda Balluku in her existing position as Deputy Prime Minister and Minister of Infrastructure and Energy,......
Local government/ Rama proposes the creation of an ethics commission: We will fight nepotism!
In his speech at the SP Assembly, Prime Minister Edi Rama also spoke harshly about the directors who resigned a short time ago, adding that this entire......
