The audit of financial statements is in line with a specific financial reporting framework (International Financial Reporting Standards or the National Financial Reporting Standards for Medium and Small Entities), as well as all applicable laws in Bulgaria. Our independent approach and highly professional team ensure that our clients have not simply technically correct financial statements, but also statements that are compliant with all relevant regulations and the newest practices in the area.

We conduct review engagements in accordance with the International Standards on Auditing applicable to review engagements. The procedures we perform in these engagements are compliant with the requirements stated in the International Standards, or published by professional organizations; with the relevant legislation. In addition, we perform the review in accordance with the company's instructions and limitations.
The purpose of the review engagement is to obtain moderate assurance that the information, subject of the review, does not contain any material misstatements. This is presented as a negative assurance.

"Global Audit Services" Ltd. offers reviews of information technology environment. We aim particularly at the middle market organizations. The instruments used to perform these services are based on the leading technologies. We have developed an excellent methodology for reviewing information systems. Our team will include member who best understand your specific electronic platfprms and related software systems.

In case you need an audit of financial statements in accordance with requirements different from the International Financial Reporting Standards or the national standards, our various special purpose audit services could be of help for you. Similarly to the financial audit, these services are examination and stating of opinion and the basis of audit evidence. They are particularly useful in case of audit of public entities, as then all financial statements and reports are prepared in accordance with specific requirements.
The special purpose audit engagements can include audit/review of the following:

• Financial statement prepared in compliance with the requirements of a financial reporting framework different from IFRS or the applicable national standards
• Specific accounts, components of accounts or parts of the financial statement
• Compliance with agreed-upon conditions
• Aggregate financial statement
  

The prospective financial information represents financial information that is based on forecasts for possible events in the future or for possible actions of the entity. This information is subjective and its compilation requires a high degree of judgment. Using various procedures for examination we will gather and evaluate different audit evidence concerning whether:

• The suggestions of the management for the best approximate evaluation are rational and consistent with the goals of the entity.
• The prospective financial information is appropriately prepared on the basis of these suggestions.
• The prospective financial information is appropriately presented and all material suggestions are adequately stated, including a clear identification about whether it represents suggestion for the best approximate evaluation or hypothetical suggestions.
• The prospective financial information is consistent with the reporting framework of the financial statements and appropriate accounting principles are utilized.
  

In these engagements we utilize our accounting knowledge and experience in order to gather, classify and summarize specific financial information. Thus detailed data are transformed into easy to use and manage information. Typically information compilation services include the following: preparation of financial statements or gathering and summarizing of other financial information. This type of services does not provide any assurance with regard to the information. The accountant does not have the responsibility to assure its completeness and correctness. However, with these services we can help for the better organization and analysis of the financial information in your company.

The internal audit is an independent function of exploration and evaluation of the activities of one organization. Its purpose is to assist for the completion of the three main purposes of each organization: effective and efficient activity, correct financial reporting, and compliance with the applicable regulatory basis. The internal audit is one type of control used by the management of the entity. Simultaneously, it plays a special role - it helps to evaluate and measure the other controls. Therefore, the internal auditor must understand their own control function, as well as the nature and the scope of the other control procedures.
In order to optimize the efficiency and the value of the internal audit function, we will examine in depth the goals of Your organization, the specific risks, related to Your business; Your priorities with regard to the risk management; all peculiarities of the legal and economic environment; the needs of all interested parties (shareholders, management, employees, etc.) In this way, we will offer you customized solutions which will significantly improve the internal audit function in Your organization.
In relation with the improvement of the internal audit function we can consult and assist you in the process of development of internal audit risk management procedures methodologies; and with the education of the internal auditors. In addition, we will analyze the company's needs of internal audit department and will offer the optimal way for this function to be performed - in accordance with the specific needs this function could be performed by an internal department or be outsourced.