Investigation to the Bank of Albania audit company

Investigation to the Bank of Albania audit company
Adriana Berberi

The Public Supervision Board will investigate the international company that has audited the Bank of Albania. Chairwoman Adriana Berberi declared for Top Channel that she has asked an official information from the Central Bank. 

“We have identified the audit companies that the bank has invited in the past four years. We also asked about the procedures that the Bank uses for selecting the companies that serve to the public, not just to the bank. We asked about the verification of the materials and for the annual financial reports”, declared Adriana Berberi, Chairwoman of the Public Supervision Board.

Albania implements international audit standards that have been built to avoid and prevent financial frauds. In the case of the Bank, the board will investigate the entire procedure followed by the audit company, including their communication with bank leaders.

“The case of the Bank is related to the fact that it has fulfilled the conditions and standards that have been requested for taking the emission. If the company has made the procedures, such as those related with one of the most important standards, no.240, which takes in consideration the fact of frauds and mistakes. Same as it is important the implementation that are made by the standard related to the evaluation of the internal control in the entity. Avoiding or not evaluating the communication with the direction properly will certainly damage the work quality”, Adriana Berberi declared.

If after the investigation there will be violations by the auditing company, the board will give recommendations and the respective punishing measures.

But besides the function as chairwoman of the board, Mrs.Berberi, one of the best known experts in the financing area, has a personal opinion about what happened at the Bank of Albania.

“This is an unprecedented case in the history of Central Banks, and it cannot be taken lightly. There are huge responsibilities for the direction of the Bank, the executive directors and the board, since we know that this board has not taken any report and has not evaluated the implementation of the rules, the training of the staff or the criteria used for hiring the staff”, Berberi declared.

The auditing company declared yesterday through a communication with Top Channel that their auditing reports have always been professional and always accepted without reserves by the Bank leaders./tpo channel/
Investigation to the Bank of Albania audit company Investigation to the Bank of Albania audit company Thursday, August 07, 2014 Rating: 5
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