Institute of Authorized Chartered Auditors of Albania
Encyclopedia
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 Accountant
s (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.
IEKA became a member of the International Federation of Accountants
(IFAC) in May 2000.
IEKA is also a member of the Federation Internationale des Experts-Comptables Francophone (FIDEF) and the South East European Partnership on Accountancy Development (SEEPAD).
International Standards on Auditing
(ISAs) are issued by the International Auditing and Assurance Standards Board
(IAASB).
In 2008 IEKA updated the translation of ISAs into the Albanian language.
IEKA has adopted most IFAC standards and other pronouncements as of 2007 without change, and has an ongoing process of translating, reviewing and publishing new standards in the IEKA professional magazine. An effort is being made to coordinate the translation effort with Kosovo
.
In February 2010 the Constitutional Court rejected a draft law under which the Ministry of Finance would oversee a public oversight board, which would monitor the accountancy profession. Apart from understandable objections by IEKA, who would lose authority, it was pointed out that the new law ran counter to European Union
directives, and that by effectively establishing a monopoly situation it would handicap efforts to fight corruption in Albania.
Albania
Albania , officially known as the Republic of Albania , is a country in Southeastern Europe, in the Balkans region. It is bordered by Montenegro to the northwest, Kosovo to the northeast, the Republic of Macedonia to the east and Greece to the south and southeast. It has a coast on the Adriatic Sea...
.
IEKA was established on 24 November 1997 as a non-profit professional association for Certified Public Accountant
Certified Public Accountant
Certified Public Accountant is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA...
s (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
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
, and is the only licensed body of accountants in the country.
IEKA became a member of the International Federation of Accountants
International Federation of Accountants
International Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
(IFAC) in May 2000.
IEKA is also a member of the Federation Internationale des Experts-Comptables Francophone (FIDEF) and the South East European Partnership on Accountancy Development (SEEPAD).
International Standards on Auditing
International Standards on Auditing
International Standards on Auditing are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants through the International Auditing and Assurance Standards Board .-Respective responsibilities:*ISA...
(ISAs) are issued by the International Auditing and Assurance Standards Board
International Auditing and Assurance Standards Board
The International Auditing and Assurance Standards Board is the independent standard setting body which issue auditing, review, other assurance related services and quality control standards to be applied by the global auditing profession...
(IAASB).
In 2008 IEKA updated the translation of ISAs into the Albanian language.
IEKA has adopted most IFAC standards and other pronouncements as of 2007 without change, and has an ongoing process of translating, reviewing and publishing new standards in the IEKA professional magazine. An effort is being made to coordinate the translation effort with Kosovo
Kosovo
Kosovo is a region in southeastern Europe. Part of the Ottoman Empire for more than five centuries, later the Autonomous Province of Kosovo and Metohija within Serbia...
.
In February 2010 the Constitutional Court rejected a draft law under which the Ministry of Finance would oversee a public oversight board, which would monitor the accountancy profession. Apart from understandable objections by IEKA, who would lose authority, it was pointed out that the new law ran counter to European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
directives, and that by effectively establishing a monopoly situation it would handicap efforts to fight corruption in Albania.