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  • Project Stakeholders

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    The major beneficiaries are the government of Albania and the National Steering Committee. The project will work with a number of project beneficiaries which are responsible for various functions in the corporate financial reporting framework in Albania. Some beneficiaries (stakeholders) were already involved in the CFREP: National Accounting Council, Public Oversight Board, IEKA, leading accountancy education institutions and professional associations. The EQFINREP will also have additional beneficiaries: Tax authority, National Registration Centre, Bank of Albania, Financial Supervision Authority, University of Tirana and Agricultural University of Tirana.

    Funding Institution SECO

    Funding Institution SECO

    SECO is the Swiss Confederation’s centre of expertise for all core economic policy issues, including economic cooperation and development. Its mandate is to enable sustainable and inclusive growth in its partner countries. “Inclusive” means that all segments of the population prosper from such growth, and “sustainable” means that it does not compromise the well-being of future generations. In turn, this reduces poverty and fragility. It also mitigates global risks such as economic and financial crises and climate change. And, in giving people better prospects at home, SECO also tackles one of the root causes of migration flows.

    WORLD BANK (WB)

    WORLD BANK (WB)

    The World Bank is a vital source of financial and technical assistance to developing countries around the world. It was established in 1944 and currently has 120 offices worldwide while the head-quarters are in Washing D.C.

    The World Bank supports developing countries through policy advice, research and analysis, and technical assistance. Its analytical work often underpins World Bank financing and helps inform developing countries’ own investments. In addition, it supports capacity development in the countries we serve. To ensure that countries can access the best global expertise and help generate cutting-edge knowledge, the World Bank constantly seeks to improve the way it shares its knowledge.

    The World Bank is the founding source of the project and also provides its expertise on each project component to the borrower, implementing and beneficiary authorities.

    MINISTRY OF FINANCE AND ECONOMY

    MINISTRY OF FINANCE AND ECONOMY

    Ministry of Finance and Economy is the constitutionally designated authority whose main objective is to achieve economic stability through the efficient, effective and transparent management of public finances. The sustainable and inclusive economic growth is the main source for improving the lives of citizens. During the 2017-2021 mandate, the Government will prioritize consolidating macroeconomic stability, increasing employment, infrastructure development, energy and mining sector, agriculture, agro-industry, and tourism. Special attention will be paid to economic and financial policies incentives that stimulate investment in growth and the expansion of industrialization through increased activities with industrial character. This will aim at increasing production capacities and industrial processors in Albania. The concentration of attention towards increasing the level of light industrialization of the country is one of the priorities of governance.

    NSC

    NSC

    National Steering Committee (NSC) comprised of public and private sector stakeholders with an interest in corporate financial reporting which was established in 2007. This body had a major role in preparing the country strategy and action plan which set out a clear program of reforms to enhance Albania’s legal framework, institutions, and accounting profession, as well as its accounting, auditing and business culture, to achieve high quality financial reporting. They are also responsible to monitor the achievements of reform’s results and to advice for improving the targets of future activities and actions.

    CFCU

    CFCU

    The General Directorate for Financing and Contracting (CFCU) of EU funds, World Bank, and other donors are the responsible operating structure for indirect management of IPA funds implementation of projects as well as World Bank and other Donor Funds. Its mission is to ensure an effective administrative management, financial and technical of projects in accordance with the Financial Agreements of the European Commission, World Bank, and other donors.

    IEKA

    IEKA

    The Institute of Authorized Chartered Auditors of Albania (Instituti i Ekspertëve Kontabël të Autorizuar – IEKA) is a professional body that regulates the accountancy industry in Albania.

    IEKA was established on 24 November 1997 as a non-profit professional association for Certified Public Accountants (CPAs) who practice their profession in public. At foundation, IEKA had 56 CPAs. By 2011, the institute had 151 members from 43 auditing companies. The institute was created as a joint initiative by the Albanian government and the World Bank, and is the only licensed body of accountants in the country.

    NATIONAL ACCOUNTING COUNCIL

    NATIONAL ACCOUNTING COUNCIL

    National Accounting Council is a council that compiles national accounting standards in accordance with the requirements of the law and in line with international accounting standards. Some of the main objectives of the National Accounting Council is to identify the needs and propose solutions for improving accounting methods for accounting and qualification, to interpret and generalize the problems raised from the practice and accounting standards presented in the form of accounting instructions and to establish relationships with local and foreign professional organizations and participate in national and international accounting activities. The group members of the NAC are the most well-known and experienced accountants in Albania.

    PUBLIC OVERSIGHT BOARD

    PUBLIC OVERSIGHT BOARD

    POB is a national authority which activity is the transparent supervision of the profession of EKR and audit firms, supervising all experts, auditing firms and the activity of professional organization of EKR. The main objective of the Public Oversight Board is to increase the confidence that audit and other professional services are performed in a transparent and supervised environment and serves in the right way the public interest.