Audit services in Bulgaria

Audit services in Bulgaria     For implementation of the audit procedures we use the best and proven global practices and standards in the field of financial auditing. Our audit services in Bulgaria 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 member of ICPA in Bulgaria and 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 in Bulgaria include:

  • Independent audit engagements of individual and consolidated financial statements (annual and interim), prepared in accordance with National Accounting Standards in Bulgaria (NAS), International Financial Reporting Standards (IFRS) and / or any other generally accepted accounting framework;
  • Engagements to audit financial statements of insurance and reinsurance companies;
  • Audit of projects funded by EU programs;
  • Audit of cost reports for film productions - the purpose of the audit is to confirm the cost of film production;
  • Engagements to review financial statements;
  • Engagements to perform agreed-upon procedures regarding various projects funded by special means;
  • Verification and preparation of a report in accordance with Art. 14, para. 2 of Regulation (EU) No 517/2014 on fluorinated greenhouse gases for importers of refrigeration, air-conditioning and heat pump equipment pre-charged with hydrofluorocarbons (HFCs);
  • Conversion of financial statements;
  • Consulting services in the field of financial reporting;
  • Performing financial and tax due diligence - these analyzes can be useful for both potential new business investors and the seller of the business in question.

    Criteria for statutory financial audit in Bulgaria

    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.

    Added value of the independent financial audit

    The independent financial audit exists to increase public confidence in the assertion of the company's management that the financial statements give a true and fair view of the company's financial position and its financial results from the activity.

    Independent financial audit not only ensures the reliability of the financial statements, it also provides invaluable insight into how a company is performing, areas for improvement and how to prepare for the future. This allows the company's management to make smarter and more informed decisions.

    At Buldes 2006 Ltd., we always keep our clients abreast of any upcoming changes to accounting standards and provide advice about how to prepare their business for the new requirements in Bulgaria.

    We understand the audit of the annual financial statements as the completion of the year-round cooperation with the client. Our goal is not only to draw the client's attention to shortcomings in accounting and in the internal control system, but also to propose their best possible solution. When auditing the financial statements, we use modern information technology, which allows us to perform a high-quality and effective audit of the client's annual financial statements. Knowledge of audit techniques in a computer environment allows us to present clients with a very competitive price offer for our audit services.

    For more information about our audit services in Bulgaria, please contact us!

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