Audit

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Audit     For implementation of the audit procedures we use the best and proven global practices and standards in the field of auditing. Our services are offered by professionals with experience in various industries, which allows us to solve the complex business problems of our clients and to recommend appropriate preventive measures.

   The team leader CPA Daniel Ivanov is on the list of registered auditors under Article 102, Paragraph 1 of the Insurance Code, entitled to audit the financial statements of insurers and reinsurers.



    Our audit services include:
  • Independent audit engagements and other assurance engagements regarding financial statements and historical financial information;
  • Engagements to audit financial statements of insurance and reinsurance companies;
  • Audit of projects funded by EU programs;
  • Engagements to review financial statements;
  • Engagements to perform agreed-upon procedures regarding various projects funded by special means;
  • Conversion of financial statements;
  • Consulting services in the field of financial reporting;
  • Financial and Tax Due Diligence.

    Criteria for statutory audit

   The financial statements of the following entities are subject to independent audit in accordance with the Accountancy Act:
  • Small entities that exceed two of the following three criteria as of 31 December:
    a) Total assets value – BGN 2 million;
    b) Net sales revenue for the year – BGN 4 million;
    c) Average number of employees for the year – 50;
  • Medium-sized and large entities;
  • Public interest entities;
  • Medium-sized and large groups;
  • All groups in which at least one entity is a public interest entity;
  • All subsidiary entities and a parent entity in case the consolidated financial statements are subject to audit;
  • All entities for which such requirement is introduced by another law;
  • All joint stock entities and all partnerships limited by shares irrespective of the category to which they belong unless they do not exceed two of the following three criteria as of 31 December:
    a) Total assets value – BGN 700 000;
    b) Net sales revenue for the year – BGN 1 400 000;
    c) Average number of employees for the year – 10;
  • Certain not-for-profit entities.

    For more information, please contact us!