Regulatory Alerts2010-02-04
Ordinance No. 14 of the BNB on the Content of the Audit Report for Supervisory Purposes
The Bulgarian National Bank issued Ordinance No. 14 to establish the mandatory content of audit reports prepared by specialized auditing companies for supervisory purposes. The regulation requires auditors to review the bank's financial position, major activity indicators, and internal control system organization, ensuring compliance with specific capital, liquidity, and risk exposure standards. These reports must be submitted to the BNB by April 15 of the subsequent year and include assessments of internal control independence and the implementation of previous supervisory measures.
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