Банкеръ Weekly



It took six hours and a half for the Parliamentary Budgetary and Finance Commission to specify the provisions in the draft bill on indpendent financial audit before its discussion on second reading by the National Assembly.The discussions were attended by Reni Yordanova and Valya Yordanova from Earst Young/AFA, Stefan Nenov from PriceWaterhouseCoopers, the Chairman of the Management Board of the Institute of Certificated Expert Accountants (ICEA) Prof. Stoyan Dourin, the Chairman of ICEA's Supervisory Board Boiko Marinov, and the representative of the Association of Accounting Houses in Bulgaria Kiril Petkov. Only the Chairman of the Union of Accountants Prof. Ivan Doushanov was absent from this colourful team with diverse interests. The longest debates were on the provision, specifying the exams to be passed by candiadte-auditors. According to the MPs, this stipulation would create conditions for corruption and despite the explanations of Ms. Valya Yordanova and Prof. Dourin, flatly objected to the proposal that ICEA should decide who would have to sit for exams and who won't. Finally, only the list of 11 subjects, in which the candiadte-auditor should had passed exams before sitting for an examination in front of the ICEA, was approved.There were heated debates as well on the provision, regulating the status of already certificated expert accountants and whether they should sit for an additional exam in International Accounting Standards (IAS). In the beginning of the session Prof. Dourin proposed that all practising auditors should undergo training courses in IAS and sit for a test after it. However, the MPs did not approve this proposal either and make a decision that all audirors should be trained in IAS courses without sitting for an exam afterwards. ICEA will only specify the number of training hours.The deputies decided to introduce the IAS in Bulgaria as of July 1, 2003. But it came to nobody's mind that the IAS should be officially translated and published as an appendix to the Official Gazette in order to become a part of Bulgarian legislation.It was decided that persons who have been authorized as auditors abroad shall have the right to carry out audits and certify accounting documents of companies in Bulgaria only if they pass exams in local commercial and taxation legislation and when necessary international accounting and auditing standards.

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