TIRANA, November 15 – Foreign investors are increasingly calling for high quality, reliable and comparable financial reporting by companies on social, environmental, climate or governance matters.
In the Conference “Strengthening corporate governance in Albania and Kosovo: Sustainability reporting and increased role of the audit committees” organized by the World Bank with support from EU, participants discussed the importance and challenges for Albania and Kosovo in the context of adoption of the European Sustainability Reporting Standards, said a post released on FB by World Bank Office in Albania on Tuesday.
Participants highlighted that high quality financial reporting improves the access of SMEs to professional accounting and financial services. It enhances the professionalism, competitiveness, productivity and sustainability of firms. More broadly, it is needed to create growth that is more sustainable, to create more and better jobs, and reduce informality.
“Sustainability reporting can help to reorient capital flow towards sustainable investments, can help to manage financial risks stemming from climate change, resource depletion, environmental degradation, and social issues, as well as to achieve a longer-term view, moving from reaction to shocks to preparedness,” said Emanuel Salinas, Country Manager of the World Bank Office in Albania.
The conference also discussed the latest EU audit reform that has expanded the audit committee’s role substantially. The audit committee is now instrumental in strengthening confidence in the statutory audit and in financial information as a whole.
Participants shared existing good practices which could be considered by the regulators, profession, and entities in Albania and Kosovo. /Argumentum.al
