THE INSTITUTE OF INTERNAL AUDITORS BULGARIA

The Institute of Internal Auditors in Bulgaria /IIAB/

is a non-profit association, registered under the Law on the Non-Profit Legal Entities and entered into the Register of the Non-Profit Legal Entities at Sofia City Court - Commercial section by Decision № 7 of 12.08.2003 under registration case № 3995/1990. The Institute is a successor of the association "Union of Financial Inspectors in Bulgaria" - a non-profit organization established on 14.04.1990. For the past 13 years it contributed actively to the optimum functioning of the national financial and control system and safeguarded the rights and creative interests of its members.

On 28 June 2003 the Board of Directors of the Institute of Internal Auditors, Inc. granted the Association a statute of Affiliate on the territory of Republic of Bulgaria. The statute, granted by means of a Certificate, entitles the Association to perform all activities of an Affiliate of the Institute of Internal Auditors, Inc. - translating, publishing and disseminating the Standards for the Professional Practice of Internal Auditing and Code of Ethics, as well as organizing short term and long term training in the field of internal auditing designed for auditors, accountants and financial experts. Among the Institute's main activities are also those concerned with disseminating the standards for assessment of internal auditors' work, as well as with studying, spreading and promoting knowledge and information on internal audit and financial control.

The Mission

of the Institute of Internal Auditors in Bulgaria is to contribute to the recognition and prestige of the profession of internal auditor by:
-presenting and developing the profession in compliance with the good international practice and the Standards for the Professional Practice of Internal Auditing of the IIA, Inc. both in the private (trade companies and banks) and in the public sector.
-studying, spreading and promoting knowledge and information on internal audit and financial control,
-providing information and consultation, and supporting the specific needs of its members,
-instigating innovation in the area of internal auditing,
-acting as a mediator and developing a broad network of internal and international partnerships.

The Objectives

of the Institute of Internal Auditors in Bulgaria are closely related to its mission. The IIAB aims at:
1. Encouraging dialogue and reaching social consensus on issues of providing effective policy and organizing joint initiatives in the field of internal audit and financial control for the financial and control bodies within trade companies, banks, public sector bodies, universities and non-profit organizations;
2. Giving opportunities for professional development and providing consultation to its members and to the Institute's partners with the aim to improve management; 3. Providing necessary and current information to its members and partners through appropriate means and technologies;
4. Enhancing its administrative capacity in order to support the implementation of projects in the field of internal audit and financial control;
5. Supporting its members and partners in establishing international contacts, based on their professional interests;
6. Ensuring that its position as a non-profit organization remains stable;
7. Translating, publishing and disseminating the Standards for the Professional Practice of Internal Auditing and the Code of Ethics;
8. Short-term training of internal auditors - two-or three-day seminars, workshops, etc., aimed at obtaining particular knowledge and skills;
9. Postgraduate professional education /six to nine months/ and qualifications aimed at acquiring educational and qualification degree "internal auditor";
10. Organizing international conferences discussing the issues of strengthening the control environment in Bulgaria.

The Memebers

of the Institute of Internal Auditors in Bulgaria are 594 by 31.12.2003. Any active individual wishing to contribute for achieving the objectives of the Institute and working or having worked in the field of theory and practice of financial control, may become a member of the IIAB. The members of the Institute are obliged to comply with the provisions of the Statute of the IIAB, the Bylaws of the IIA, Inc. and the Code of Ethics. The members of the IIAB become and have all rights of the members of the Institute of Internal Auditors, Inc.