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Lilyana Despotova, UHY Brain Storm Consult Lilyana Despotova, UHY Brain Storm Consult

For many companies, the annual financial audit is nothing more than a boring obligation, which costs certain amount of money. Yet, having good auditors, the procedure can become an important overview of your business's weaknesses and strengths, which in its part could inspire important changes. Lilyana Despotova, managing partner and registered auditor at UHY Brain Storm Consult, Bulgarian branch of the leading international company, relates more about the hidden potential of financial audit to boost the work of your company.

What is your goal when you are performing an INDEPENDENT FINANCIAL AUDIT?

Our main goal is to perform our job properly, in line with the highest quality standards. We think that this is the only way to have all engaged parties satisfied with the results: the owners of the audited company will have an adequate assessment of the company's deeds and proper representation in the financial accounts; the company's investors and creditors will be happy to know that the data on which their decisions are founded have not been manipulated. The audit performed by UHY Brain Storm Consult doesn't end with the implementation and the observation of the International auditing standards, the most important thing for us is to be helpful to our clients and the society.

What are the AUDIT's advantages?

The annual financial audit is more than just a control procedure or an obligation according to the law. In addition to the audit procedures of verifying the company's financial reports, the audit is targeted towards identifying and solving problems which have influenced the company's reports or activities. This is an opportunity to present an updated overview of our client’s business - an internal view-point which can identify the potential dangers and opportunities to influence future development plans. We perform complete business analysis which we use to carefully form recommendations for better future business management.

Do you think that managers value the advantages of audit?

Yes, and no. It is not a secret that for many Bulgarian companies, the audit is only a legal obligation, an additional expense. Still, in the past few years there has been a tendency of growing understanding that audit could be helpful. When a company's management realise that the audit's goal is not only to register facts, but to help business development and its performance, then they are capable to benefit from the maximum advantages of the auditors' expertise.

Does independent financial AUDIT in Bulgaria respond to the European standards?

Completely. The audit in Bulgaria is based on the International auditing standards and Ethical Code applied in the developed European countries.

Do you expect changes in the independent financial AUDIT in Bulgaria?

Yes. One of the significant changes expected to take place is related to the scope of the obligatory audit, the threshold of the companies who are subject to obligatory audit will be raised. The goal is to free small companies from the implementations of the obligatory audit. This change comes as a result of EU's Accounting Directive, of 2013.

Another expected change concerns the form and contents of the audit report, the goal here is to clarify the reports content for users.

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