FIFTY EIGHT ACCOUNTANTS SET UP AN INSTITUTE
The fourth organisation of accountants was born in Sofia on July 26. On Saturday 58 auditors and balance sheet makers held the constituent assembly of the Institute of Professional Accountants in Bulgaria (IPAB) at the Rila hotel. Toshko Poptolev, who was presiding the assembly, said in the very beginning that he knew most of the founder-members only through his INTERNET contacts. However, this was not an obstacle for voting the new institute's articles of association and electing members of its Management Board. The Institute of Certificated Expert Accountants was established about ten years ago. It includes 518 auditors whose activities are regulated by the Act on Independent Financial Audit. Another two professional organisations - The Union of Accountants in Bulgaria, chaired by Prof. Ivan Doushanov, and the Association of Accounting Houses in Bulgaria, chaired by Hristinka Petrova, claim to represent the guild of accountants, who are more than 30,000.The newly established IPAB will accept as members all Bulgarian citizens who make their living by accounting, even those that lack economic education, provided they have practiced the accounting profession for more than five years. The organisation has set as its purpose to work for improving the professional qualification of its members, draft professional standards and and Ethical Code of Accountants, and apply them. The institute will be headed by a 9-member Management Board, represented by its chairman. The Management Board will have a 4-year mandate, and each of the 9 members can be elected no more than three times in the governing body. On July 26 the assembly appointed Toshko Poptolev Chairman of the new organisation. Its Management Board includes four auditors - Vladimir Hristov, Petya Vurlyakova, Vesselina Petkovska and Kiril Petkov, and four accountants - Ana Koleva, Margarita Vulkova, Galina Cholmakchieva and Silvia Choukanska. The criteria by which the IPAB will be conferring the 'professional accountant' and 'certificated accountant' grades are yet to be worked out. Any person who has been a member of the institute for at least three years will be able to apply for the 'professional accountant' grade. An examination should be passed for the 'certificated accountant' grade, and the applicants will be demanded to have been IPAB members for at least five years, and to have worked as professional accountants during at least three of them. Auditors will get a certificate if they have been members of the organisation for at least two years.