The Bank of Albania published a speech by Governor Gent Sejko to a regional internal audit conference, arguing that internal audit should operate as a strategic partner to management and that stronger cooperation between internal auditors, external auditors, and supervisory authorities is essential to effective risk management and governance. He outlined how the Bank of Albania has strengthened its internal audit function to align with the International Standards for the Professional Practice of Internal Auditing and wider governance expectations, including support through cooperation programmes with counterpart central banks and the International Monetary Fund. Measures cited included establishing an Internal Audit Committee structure in 2016 to promote independence and quality, investing in staff development and certifications such as Certified Internal Auditor, adopting a risk-based audit methodology, and implementing systems to monitor and evaluate audit quality. The speech also linked the need for coordinated assurance to emerging challenges for financial institutions, including digitalisation, cyber risk, climate developments, and sustainability pressures.
Bank of Albania 2025-05-20
Bank of Albania Governor Sejko urges closer cooperation between internal and external auditors and sets out the central bank’s internal audit model
Bank of Albania Governor Gent Sejko emphasized internal audit's strategic role in risk management and governance at a regional conference. He highlighted the bank's alignment with international auditing standards and cooperation with central banks and the IMF, citing initiatives like the Internal Audit Committee and risk-based audit methodology. Sejko also addressed the importance of coordinated assurance in tackling challenges such as digitalisation, cyber risk, and sustainability.