Audit and Assurance Services

Audit Services

Our assurance team in Albania part of SFAI Global a member of IFAC Forum of Firms we offers a broad range of innovative, high-quality and cost-effective solutions to our clients. Our auditors specialise in a particular industry in order to provide our clients with extensive knowledge and understanding of their field, the appropriate business regulations, and market trends.

Maintain quality control standards in accordance with the International Standard on Quality Control (ISQC 1) issued by the IAASB, in addition to relevant national quality control standards is our main priority.

Conduct, to the extent not prohibited by national regulation, regular globally coordinated internal quality assurance reviews; Have policies and methodologies for the conduct of transnational audits that are based, to the extent practicable, on the International Standards on Auditing (ISAs) issued by the IAASB.

Our Audit team by maintaining close communication with the client throughout the audit process on the following services:

• Audit in accordance with International Standards on Auditing of financial statements prepared in accordance with Albanian National Accounting Standards, International Financial Reporting Standards, or other national standards.
• Audit or examination of group reporting packages, interim audits, internal controls review.
• Audit in accordance with the regulatory requirements of individual industries.
• Close co-operation and providing ongoing information on the preparation of financial statements, financial or group statements, and the analysis of internal control systems.

Assurance services are aimed at improving the quality of information for the individuals making decisions. Providing independent assurance is a way to bring comfort that the information on which one makes decisions is reliable, and therefore reduces risks, in this case, information risk.

With SFAI Global standards our assurance services will help clients navigate the complexities, risks, and opportunities in their partner networks by proactively managing and monitoring risks presented by third-party relationships. Businesses use assurance services to increase the transparency, relevance, and value of the information they disclose to the market and their investors. Many find that by sharing business performance better, it becomes a sustainable growth and competitive differentiation strategy, improving their revenue in a more transparent way towards society.

Types of Audit Services and our professional commitment

Assurance Services

Assurance services are objective reviews of evidence for the purpose of providing an independent assessment. The scope and nature of assurance services includes reviewing and evaluating for: operational efficiencies and effectiveness; reliability of financial and operational systems; adequacy and clarity of policies and procedures; compliance with university policy and state and federal law; safeguarding of assets; and accomplishment of objectives and goals.

Consulting Services

Consulting services are advisory and other service activities include counsel, advice, facilitation, process design and limited training. The objective of consulting services is to add value in the development or modification of processes, procedures, and controls to minimize risk and achieve objectives. The nature and scope of particular consulting services are agreed upon with management. Internal Audit will not assume management’s responsibilities in order to maintain appropriate objectivity and independence.

Special Investigations

Investigations evaluate allegations of unethical business practices and financial and operational misconduct to determine if allegations are substantiated and to prevent future occurrences.

Follow-up Engagements

Follow-up engagements evaluate plans and actions taken to correct reported conditions.

Internal Audit

The our Internal Audit Service is open to provides independent advice, opinions and recommendations on the quality and functioning of internal control systems inside the private or public Corporates, national or EU agencies and public institutions, organization and other autonomous bodies.

Auditing services or auditing means the auditing of financial statements, the provision of other guarantees and the implementation of other agreed procedures in the field of auditing. The purpose of auditing is to verify whether financial statements and other types of business of companies show the real state of business events in a certain year.

Auditing services may only be carried out by audit companies or independent auditors as sole trades who meet the prescribed conditions and have a licence to provide auditing services. Independent auditors may not perform the auditing of public limited liability companies which are large companies or companies whose shares are listed in regulated market, of banks, brokerage companies, management companies and other legal entities which provide financial services, and the auditing of consolidated financial statements.

Only persons with a licence to carry out the tasks of a certified auditor may provide auditing services in the name of an auditing company.

• Statutory & Tax Audit – Opinion on true and fairness of financial statements as required under the statute, accounting standards, IFRS, guidelines by the regulator, income tax provisions and disclosures in the specified formats.
• Internal Audit – Evaluating company's internal controls, corporate governance and accounting processes to improve overall efficiency.
• Forensic Audit – To detect, improve or mitigate chances of fraud or misappropriation of resources/ funds.
• Cost Reduction Audit – Audit of business operations, processes and transactions, identifying loopholes and providing suggestive cost effective measures.
• Management Audit – Audit of specific operational management functions (viz. purchase, sales, inventory, fixed assets, special purpose accounting, mergers, acquisitions etc.) wherein we closely work with the management in improving overall efficiency.
• Mystery Audit – Set of activities that enable the organization to monitor its performance in an anonymous and confidential manner. Mystery audit enables to check the performance levels of a service and malfunctions, better understand the customer's expectations, assess the competence of the staff and the effectiveness of the training provided, compare their efficiency in terms of productivity, quality and business practices with competitors, collect data and information to new market research.
• Revenue Audit – A revenue audit is a two-tier process that scrutinizes the figures and information as given in tax returns against those found in its business records of an entity.
• Review of Financial Statements – Ensuring financial statements in accordance with Law 25/2018 "On Accounting and Financial Statements", SKK and Law 10019 dated 05.03.2009 "On the Audit of Financial Statements", US GAAP, UK GAAP, Canada GAAP and IFRS.
• Preparation and Implementation of Policies, SOPS, BPN, RCM – Assistance in preparation of Standard Operating Procedures (SOP), Business Process Notes (BPN), Risk Control Matrix (RCM) etc.
• Audit support – Frashëri & Partners also provides assistance in audit process thereby improving efficiency either independently or along with your existing teams. We offer unparallel support to auditors with a team comprising experts from several domains on every process.
• IPO Advisory – Our teams have experience to assist clients in preparation for Initial Public Offering (IPO), related financial information, restatements, consolidation and other related matters.