Audit & Assurance
We strive to deliver high quality audit services, which add value to your business. Through robust audit tools, in-depth knowledge of our client’s activities together with the experience and know-how of our people, Baker Tilly Albania delivers high quality audit services, adhering to the highest standards of independence, ethics, professional objectivity while applying technical excellence.
An audit provides credibility to your business, enhancing confidence and trust as well as reinforcing the attributes of integrity and reliability of the business’s management team. Our performance is continuously assessed through both the Baker Tilly International Quality Assurance Program, as well as by the Institute of Authorized Chartered Accountants of Albania (IEKA) monitoring review.
- Statutory audit for companies registered in Albania
Our Audit & Assurance services comprise of statutory and regulatory audit services, including share capital transactions, information systems review, and general accounting and regulatory issues. We are licensed by the Institute of Authorized Chartered Accountants in Albania (IEKA) to carry out statutory audits of financial statements as and when required by the local legislation. Our partners are qualified chartered/certified accountants and members of IEKA with practicing certificates to perform statutory audits.
- Audit of financial statements prepared in accordance with International Financial Reporting Standards (IFRS)
We carry our special purpose audits of financial statements prepared under IFRS in countries where this is not a statutory requirement. This is also done in cases where an IFRS audit may be required in order to report to the Group auditor who is expressing an opinion on the Group financial statements prepared under IFRS.
- Review of financial statements/financial information
In cases where a full audit may not be required, we may be engaged to perform a review of the financial statements/financial information which involves performing detailed procedures with the purpose of reporting on whether anything has come to our attention that causes us to believe that the financial statements/financial informations are not presented fairly in all material respects in accordance with the financial reporting framework (either local GAAP, IFRS or cash basis of accounting).
- Internal Audit
Internal Auditing is an objective assurance and consulting activity designed to add value and improve an organization’s operations. It can help an organization accomplish its strategic objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes.
The need for a systematic and disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes has never been as great as it is today. Risks left un-managed in an organization can ultimately result in its collapse.
We undertake the outsourcing or co-sourcing of your company’s internal audit function. Our team will visit your premises to conduct the internal audit and report to the management and the Board of Directors its findings and its recommendations in order to improve the effectiveness and efficiency of your organization.
The responsibility for the preparation of the financial statements in accordance with International Financial Reporting Standards (IFRS) rests with the company’s management. The nature of the responsibility of the management requires a high level of integrity and ethical behavior.
We help our clients to adequately meet the above responsibility by providing quality IFRS support services in order to ensure that the financial statements provide financial information about the reporting entity that is useful not only to existing shareholders but also to other stakeholders such as potential investors, lenders and other creditors in making decisions about providing resources to the entity.
It is critical that the concepts of faithful representation and verifiability are applied in the preparation and disclosure of financial information. By working together with management, we ensure that financial statements are complete and accurate to the highest extent, thus giving the financial statements added credibility.
- Preparation of financial statements under IFRS
We can prepare IFRS financial statements in line with the provisions of all IFRS as well as all the provisions of all interpretations issued by the International Accounting Standards Board (IASB). This includes compliance with all disclosure requirements of IFRS enhancing the relevance and credibility of financial statements .
- Conversion of financial statements to IFRS
We can convert the financial statements that have been prepared under a different reporting framework to IFRS by applying the provisions of relevant IFRS’s as appropriate to the specific areas affecting the reporting entity .
- IFRS training
We can design and deliver appropriate training courses to meet specific needs of our clients whether it be on particular IFRS’s or to changes in IFRS’s .
- IFRS consulting services
We can provide ongoing or ad-hoc IFRS consulting services designed to assist our clients address the adoption of a new IFRS or to interpret a provision of a particular IFRS.
How we can help you
- We provide solutions to issues that arise throughout the audit process
- We meet regularly with our clients thus creating the necessary relationship which ensures the audit process is properly planned and performed with the minimum disruption to our clients
- We carry out a risk based approach to auditing, thus minimizing costs and maximizing delivery of value to the business
- We work closely with our clients to deliver other value adding related services which are identified during the audit process, such as improvements to internal control systems, procedures and processes enabling them to maximize the potential of their businesses
- We can assist in establishing proper information systems that cater for the keeping of IFRS related information adequate for management’s needs
- We can provide training courses designed to meet clients specific needs in the areas most relevant to them
- We keep our clients informed of changes in financial reporting and other legislative material on an ongoing basis