New Independent Financial Audit Act

New Independent Financial Audit Act

The new Independent Financial Audit Act, effective as of 3 December 2016, introduces significant changes in relation to the obligations of the audit committees and the audit of public-interest entities (PIEs).

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Audit act

The new Independent Financial Audit Act, effective as of 3 December 2016, introduces significant changes in relation to the obligations of the audit committees and the audit of public-interest entities (PIEs).

New major principles are set out such as:

  • Joint audit 
  • Mandatory rotation of registered auditors 
  • Prohibition of the provision of particular services 
  • Restrictions on the fees for non-audit services. 

The changes are expected to influence significantly all PIEs.

To help you analyse the amendments and review your reporting processes accordingly, KPMG has prepared a summary in English (PDF 2.47MB) and in Bulgarian (PDF 2.45MB) of the new provisions with details and guidance about the changes.

We would be glad to discuss any questions you might have in relation to the new rules. Do not hesitate to get in touch with us.

© 2017 KPMG Bulgaria OOD, a Bulgarian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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