4. Revise the legislation to provide regulators with powers to reject the appointment of external auditors of financial institutions and to have access to their working papers (MoF/BNB/FSC) 5. Eliminate conflicting and ambiguous financial reporting requirements (MoF)
Accounting Standards
1. Participate actively in the European policy-making process (MoF/BNB/FSC)
Bulgaria: Accounting and Auditing ROSC
LONG TERM
MEDIUM TERM
SHORT TERM
1. Fully reflect all aspects of the EU Eight Company Law Directive in legislation and regulations (MoF) 2. Enhance the consultation process for the drafting of amendments to accounting and auditing law (MoF) 3. Amend the Securities Act to require the filing of half-yearly financial reports by listed companies (FSC)
Statutory Framework
1. Participate actively in the European policymaking process (MoF/BNB/FSC)
Auditing Standards
3. Improve the transparency of ICPAB quality assurance and disciplinary procedures (ICPAB) 4. Create a dedicated unit for monitoring financial information (FSC) 5. Review the prudential reporting with endorsed IFRS (FSC)
1. Make operational the public oversight system (MoF/ICPAB) 2. Ensure greater transparency of auditors of PIEs (MoF/ICPAB)
Monitoring and Enforcement
1. Increase the capacity of the ICPAB to contribute to the auditing profession (ICPAB) o Create a technical advice help desk service for members o Prepare a standard audit methodology and audit pack for small audit firms
Profession and Ethics
3. Rationalize the university syllabi in accounting and auditing (ICPAB/universities) 4. Better cover endorsed IFRS and ISA in university, and provide adequate trainers and study material (ICPAB/universities)
2. Intensify regular training for tax inspectors (NRA)
1. Update and modernize the ICPAB syllabus to be fully compliant with EU Eight Company Law Directive and IFAC education standards (ICPAB)
Training and Education
Table 2: ACCOUNTING AND AUDITING ROSC 2008 POLICY RECOMMENDATIONS
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