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Audit Services

Auditing services

Is the mandatory independent financial audit pursuant to Art. 38 of the Accounting Act in Republic of Bulgaria?

Independent financial audit by statutory auditors subject the annual financial statements of companies in which they exceed at least two of the following criteria for the previous year:
1.Balance sheet assets - 1.5 million leva.
2.Net operating income - 2.5 million leva.
3.Average personnel – 50 people.

Notwithstanding the above criteria, the annual financial statements of some companies must be subject to independent audit by a registered auditor. These are:
1. Entities that prepare consolidated financial statements and the financial statements included in the consolidation.
2. Undertakings operating on the basis of separate laws (banking, insurance, investment and insurance companies, etc.) for which this requirement is stipulated in the legislation.
3. Companies - limited liability companies and partnerships limited by shares.
4. Companies that are issuers under the Public Offering of Securities Act.

Notwithstanding the above criteria, each firm can audit their accounts at the request of management, with the aim of verifying the financial information contained in the reports to third parties.

The annual financial statements of non-profit organizations established to carry out community service and entered in the central register at the Ministry of Justice are subject to independent audit when the current year exceed the following criteria:
1.Balance sheet assets - 1 million leva.
2.Net income from economic and non-economic activities – 2 million Leva.
3.The common amount received in the current year funding and unused for year funding received in previous years - 1 million leva.

Audit of the project or contract procedures for European and national programs are carried out as required by the funding agency.

Audit of contracts for the companies.
1 Audit of projects edit
2 Statutory audit
3 Audit of consolidated financial statements of Groups