This report provides an assessment ofaccounting, financial reporting, and auditing requirementsand practices within the enterprise and financial sectors inBulgaria. The accounting profession is fragmented. There arefour different professional associations in the country withthe result being low institutional capacity. Furthermore,there is no quality assurance, investigation and disciplineprocess on the work of accountants and financial statementpreparers. The auditing profession is better organized withone association mandated by law to manage access to theprofession, training, the code of ethics and qualitycontrol. Professional education and training oninternational standards of accounting and auditing requiresmuch improvement for students, accountants, auditors and taxinspectors. This improvement is needed at each of theuniversities, the professional bodies and the government.
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