Statutory audits

AFA is a registered auditor-audit firm included in:

• the Register of registered auditors-audit firms with the Institute of Certified Public Accountants in Bulgaria

• the List of Registered Auditors approved by virtue of an order of the Deputy Governor of the Bulgarian National Bank in charge of the Bank Supervision Department

• the List of Registered Auditors with the Insurance Supervision Department at the Financial Supervision Commission

Our experience as an audit firm and auditors with legal capacity to carry out statutory audits is fully in compliance with and has been gained by application of International Standards on Auditing (ISA), including with respect to:

• financial statements prepared in accordance with National Financial Reporting Standards for Small and Medium-sized Enterprises (NFRSSME),
  as well as
• financial statements prepared in accordance with International Financial Reporting Standards (IFRS).

Besides in carrying out statutory audits, we have also rich experience in:

• auditing financial statements for consolidation purposes (consolidation packages)
• special-purpose audits in connection with regulatory requirements
• internal audits for management needs

We have a wide variety of clients, from a hundred percent Bulgarian-owned firms to local companies belonging to multinational groups of enterprises. Among them, there are open-ended and close-ended entities.

Over the years, AFA has attracted clients and has been approved as auditor of companies operating in various sectors of the economy and with different areas of activity, for instance, such as:

• production and trade in medicinal products, tobacco products, cosmetics, alcoholic and soft beverages, milk and dairy products, automobiles
• heavy industry
• energy industry
• raw material extraction
• construction, including road infrastructure
• investing
• management and dealing in immovable property
• mass media
• telecommunications
• banking – since its establishment, AFA has formed a team specialised in financial institutions and was the auditor of a major part of the commercial banks in Bulgaria. AFA was also the auditor of the entity established for management, consolidation and privatisation of the commercial banks in Bulgaria, namely, the Bank Consolidation Company
• insurance
• pension security