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The consultations of Vesta Consult are given on the spot in our office or through an enquiry via e-mail. For more details, please, get into contact with us, using our contact details.

 

AN AUDIT

“An audit” in this article means an independent financial audit, which is carried out according to the criteria detailed in Bulgaria’s Accountancy Act. Annual financial statements or consolidated financial reports are subject to an independent financial audit in statutory cases. The audit of your company is conducted by a certified public accountant (an auditor). Auditors are recorded into the list of Institute for Certified Public Accountants (ICPA) – Bulgaria after the passing of a qualification exam.

What is a consolidated financial statement?

It is the financial report, which presents the property and financial position, the reported financial result, the changes in the cash flows and in the equity of the business entities, incorporated in consolidation, as if they are one group of companies. Business entities (a parent company) and nonprofit legal entities, performing publicly useful activity, draw up a consolidated financial statement under the criteria explicitly envisaged in Bulgaria’s Accountancy Act and under the procedure of Bulgaria’s Independent Financial Audit Act.

The components of a consolidated financial statement are: a consolidated accounting balance sheet, a consolidated income statement, a consolidated statement of cash flows, a consolidated statement of owners’ equity and an appendix. These reports are prepared by the accounting department of business entities (or by the accounting house). After that, they are checked by the auditor, who certifies their correctness.

You can get information about the conditions and time limits, within which one can conduct an audit of your business entity, if you get into contact with us, using our contact details.

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Vesta Consult

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