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Bulgaria’s Financial Institution Compliance Audits: AFA Leads the Way

As a registered audit firm, AFA has established itself as a leading player in the Bulgarian financial industry, with its auditors authorized to conduct statutory audits in accordance with International Standards on Auditing (ISA). The firm’s expertise extends to auditing financial statements prepared in compliance with National Financial Reporting Standards for Small and Medium-sized Enterprises (NFRSSME) and International Financial Reporting Standards (IFRS).

AFA’s Client Portfolio

AFA’s impressive portfolio of clients includes a diverse range of companies, from 100% Bulgarian-owned firms to local subsidiaries of multinational corporations. The firm has audited entities operating across various sectors, including:

Production and trade in pharmaceuticals
Tobacco products
Cosmetics
Beverages
Automobiles
Heavy industry
Energy
Raw material extraction
Construction
Investing
Real estate management
Mass media
Telecommunications
Banking
Insurance
Pension security

Special-Purpose Audits

In addition to its statutory audit services, AFA has a wealth of experience in special-purpose audits, including:

Consolidation packages
Regulatory requirement-driven audits
Internal audits tailored to meet the needs of company managements

The firm’s team of experts is well-versed in the complexities of financial institution compliance audits, having worked with major commercial banks in Bulgaria and even served as auditor for the Bank Consolidation Company, responsible for managing and privatizing the country’s commercial banking sector.

Expertise Recognized

As a testament to its expertise, AFA has been included in several prestigious registers, including:

Register of Registered Auditors-Audit Firms with the Institute of Certified Public Accountants in Bulgaria
List of Registered Auditors approved by the Deputy Governor of the Bulgarian National Bank
List of Registered Auditors with the Insurance Supervision Department at the Financial Supervision Commission

With its extensive experience and expertise, AFA is well-positioned to provide high-quality compliance audit services to financial institutions in Bulgaria.