AFA has been playing a leading role in the development of the audit practice in Bulgaria. Our audit approach and methodology have been drawn up on the basis of the best practices and standards in the audit field.

To perform our audit procedures, we examine the activities of the audited enterprise, we take account of the specifics of the industry in which it operates, the business goals it pursues, risks that might have an impact on its financial position, activities and the results thereof, and the future operations and stability of the enterprise. This approach allows us not only to issue our professional opinion on the audited financial statements but also to add value by presenting to management our independent evaluation and advice on key issues. Besides, we certainly examine also the system of internal controls of the enterprise in the part and insofar as it concerns the trustworthy production and presentation of financial data we audit. Our findings in this regard are highly appreciated as they also add value for the development of the enterprise and business management.

In addition, our services are performed by professionals experienced in various sectors, which allows us to resolve complex business issues and recommend you appropriate preventive measures.

Our profound knowledge of the Bulgarian and international accounting and auditing standards and practices coupled with our rich practical experience with clients operating in various industries, states and areas of activity, have gained the long-lasting recognition and trust of the business society, governmental and international organisations.

Audit of financial statements and other financial information

• Audit of financial statements (annual and interim) prepared in accordance with National Financial Reporting Standards for Small and Medium-sized Enterprises (NFRSSME), International Financial Reporting Standards (IFRS), US GAAP and/or another generally accepted reporting framework, as well as of consolidation packages prepared in accordance with the accounting policies of the relevant group

• Audit of consolidated financial statements (annual and interim) prepared in accordance with NFRSSME, IFRS, US GAAP and/or another generally accepted or specific reporting framework, as well as of consolidated internal financial statements prepared in accordance with the accounting policies and for internal purposes of the relevant group

• Audit of projects financed under European Funds programmes or other international financial institutions (such as the International Bank for Reconstruction and Development) and/or governmental and non-governmental institutions

• Audit of financial statements prepared in accordance with special purpose reporting framework

• Audit of individual components of financial statements or of a particular financial statement component, item or position

• Special-purpose audit in connection with regulatory requirements

At the end of our audit engagement we issue an audit opinion on the financial statements in accordance with the rules and requirements prescribed by International Standards on Auditing and additionally, given the type of audit engagement, with requirements of the group auditor or the engaging institution/organisation or user of the audit opinion.

• Internal audit

At the end of our audit engagement we issue and present management with a detailed management letter containing the main findings on evaluation and compliance with internal control rules, operational procedures and reporting requirements.