Deputy Governor Cakaj: The CBK is committed to providing a regulatory framework that supports and ensures high quality reporting and accurate auditing of financial institutions according to international standards

The Central Bank of the Republic of Kosovo (CBK) is committed to providing a regulatory framework which is harmonized with international standards and best practices that aim to ensure high quality reporting and auditing of financial institutions according to International Financial Reporting Standards, the Deputy Governor for Financial Supervision, Mr Milot Cakaj, stated.

Deputy Governor Cakaj, in his welcoming speech at the conference “Beyond the Numbers: Empowering the Private Sector through Data-Based Decision-Making by Professionals”, co-organized by the Society of Certified Accountants and Auditors of Kosovo (SCCAK) and the American Chamber of Commerce in Kosovo (AmCham), added that the CBK is committed to advancing the quality of auditing of financial institutions. This includes training and certifications from specialized institutions in this field as well as through the approval of certified and competent external auditors for the financial institutions it licenses, supervises and regulates. Audit reports are important instruments in the supervision process we carry out.

According to Deputy Governor Cakaj, the highest financial institution in the country cooperates closely with the licensing, regulatory and supervisory authority of auditors and audit firms, such as the Kosovo Council for Financial Reporting, to promote the improvement of the quality of supervisory functions and financial reporting, where, according to the law, the CBK also has its representative in this Council.

During this conference, Deputy Governor Cakaj emphasized that the CBK is committed to having access to concrete data and information and reviews the overall activities of financial institutions, including those carried out by third parties that support their critical operations.

Finally, Deputy Governor Cakaj stated that digital data offers great benefits compared to traditional reporting methods by providing a more efficient, accurate and transparent approach, while the CBK is working on creating a framework for the expansion of digital financial services and the FinTech ecosystem in our country.