World Bank2013-07-252013-07-252002-05-14https://hdl.handle.net/10986/14575Despite 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).en-USCC BY 3.0 IGOFINANCIAL ACTIVITIESCOUNTRY PERFORMANCEACCOUNTING & REPORTINGACCOUNTING STANDARDSLEGAL FRAMEWORKINSTITUTIONAL MANAGEMENTCAPACITY CONSTRAINTSINTERNAL AUDITINGCASH MANAGEMENTPUBLIC SECTOR ACCOUNTINGPRIVATE SECTOR MANAGEMENTPRIVATE SECTOR ASSESSMENTSCOMMERCIAL BANKSBANKING REGULATIONINSURANCE COMPANIESLISTED COMPANIESENTERPRISE CONTROLINTERNATIONAL STANDARDSAUDIT OF ACCOUNTSLAW ENFORCEMENTTREASURYPAYMENT INSTRUMENTSREVENUE MEASURESTRAINING ASSISTANCEPENSION SYSTEMSCOMPUTERIZATIONGOVERNMENT ACCOUNTING STANDARDS ACCOUNTACCOUNTABILITYACCOUNTANCYACCOUNTANTSACCOUNTINGACCOUNTING RECORDSACCOUNTING REPORTSACCOUNTING RULESACCOUNTING SOFTWAREACCOUNTING STANDARDSACCOUNTING SYSTEMSACCOUNTSACCRUAL ACCOUNTINGALLOCATION OF RESOURCESANTI-CORRUPTIONAPPROPRIATIONSAUDIT REPORTSAUDITINGAUDITING PROFESSIONAUDITORSAUTHORITYAUTHORIZATIONBALANCE SHEETBALANCE SHEETSBOOKKEEPINGBORROWINGBUDGET CLASSIFICATIONBUDGET ESTIMATESBUDGET EVALUATIONBUDGET EXECUTIONBUDGET FORMULATIONBUDGET IMPLEMENTATIONBUDGET MONITORINGBUDGET PROCESSBUDGET REVENUESBUDGETARY FUNDSBUDGETARY OUTLAYSBUDGETARY PROCESSBUDGETARY RESOURCESCAPITAL BUDGETINGCAPITAL PROJECTSCASH MANAGEMENTCENTRAL GOVERNMENTCITIZENSCOMMUNISTCONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATIONCONSTITUTIONCOUNCIL OF MINISTERSDECENTRALIZATIONDECISION MAKINGDECISION MAKING PROCESSDEMOCRACYDEPOSITSDEPRECIATIONDISTRICTSEXECUTIONEXPENDITUREFINANCIAL ACCOUNTABILITYFINANCIAL ACCOUNTINGFINANCIAL CONTROLFINANCIAL INFORMATIONFINANCIAL MANAGEMENTFINANCIAL MANAGEMENT SYSTEMSFINANCIAL PERFORMANCEFINANCIAL REPORTINGFISCALFISCAL DEFICITSFISCAL DISCIPLINEFISCAL POLICYFISCAL YEARFOREIGN TRADEGOOD GOVERNANCEGOVERNMENT ACCOUNTINGGOVERNMENT AUDITINGGOVERNMENT BUDGETSGOVERNMENT FINANCEGOVERNMENT LEVELGOVERNMENT POLICIESGROSS DOMESTIC PRODUCTINSTITUTION BUILDINGINSTITUTIONAL FRAMEWORKINTERNAL AUDITINTERNAL AUDIT FUNCTIONINTERNAL AUDITINGINTERNAL AUDITORSINTERNAL AUDITSINTERNAL CONTROLSINTERNAL REGULATIONSINVESTMENT SPENDINGLACK OF CLARITYLAWSLEGAL FRAMEWORKLEGISLATIONLEGISLATIVE OVERSIGHTLOAN GUARANTEESLOCAL GOVERNMENTLOCAL GOVERNMENT BUDGETSLOCAL GOVERNMENTSLOCAL SELF-GOVERNMENTLOCAL TAXESMANDATESMINISTRY OF FINANCEMUNICIPALITIESMUNICIPALITYPAYROLLPEER REVIEWPRIVATE SECTORPRIVATIZATIONPROCUREMENTPROVISIONSPUBLIC ACCOUNTABILITYPUBLIC ADMINISTRATIONPUBLIC ADMINISTRATION REFORMPUBLIC EXPENDITUREPUBLIC EXPENDITURE PRIORITIESPUBLIC EXPENDITURESPUBLIC FINANCEPUBLIC INFRASTRUCTUREPUBLIC RESOURCESPUBLIC SECTORPUBLIC SECTOR ACCOUNTINGRECURRENT EXPENDITURESREFERENDUMREPORTING SYSTEMSRISK OF FRAUDSOCIAL INSURANCESOCIAL PROTECTIONSTATE AGENCIESSTATE BUDGETSTATE CONTROLSTATE OWNED ENTERPRISESTAXATIONTECHNICAL ASSISTANCETRANSPARENCYTREASURYTREASURY OPERATIONSWorld Bank10.1596/14575