The role of audit in an economic enviroment which is very complex and with a lot of changes definitly is increasing. One of the main factors in the falling down of the biggest corporations, even in the most developed countries in the world,was the non-effective audit. The audit concept is a very important component in corporate governance, considering it as a very important link in the management process. Our aim in this paper is to identify how in reality the companies evaluate issues related to audit and other governance practices of shareholding companies in our country.
Even though the law does not force all organizations (only banks and insurance companies are obligated to have audit committees) having audit committees should be part of an organization’s structure as soon as possible in Albania in order to increase the credibility and the protection of share holders. It is important to be evaluated the important factors that affect the auditing process such as conflict of interest, audit independence and the principles they should be led by. Effective audit can end the thirst of people to win money in an unrighteous way. Audit should be seen with the vision of future, we can for sure say that audit management and audit ethics will be the challenges of the future