Банкеръ Weekly

Briefs

BAEI INSPECTED BY AUDIT OFFICE

The Audit Office has establsihed violations during its inspection of the financial performance of the Bulgarian Agency for Export Insurance (BAEI). According to the auditors, BAEI's managers have not observed its statutes has ahs not appointed a body for internal financial control. Moreover, no separate bank account was opened and kept in the January 1, 2002 - October 8, 2002 period. Thus, the requirements introduced by the Amendments to the Export Insurance Act (published in the Official Gazette, issue 112 of 2001), stipulating that the BAEI should have a separate bank account in order comply with the requirements of teh European Commission, were not observed. The Audit Office has established as well that the interdepartmental council for export insurance with the Council of Ministers (which should effect the State's policy in export insurance and reinsurance) has not drafted terms, regualtions and limits for investing the free financial resources. Thus, the proceeds (interest from deposits and surplus funds from financial operations) have not been reported separately. The same holds true about the expenses for BAEI's maintetance as a result of which no imparyial economic analysis of its results can be made.

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