On 19th May 2009 the Commission for Public Oversight of Statutory Auditors conducted a Round table “The Role of Public Oversight Authorities for Better Protection of Public Interest” with international participation.

The Round table was opened by Dr Nikolay Chatalbashev, Chairman of the Commission, who presented its institutional and structural establishment. He also outlined the main challenges and priorities of the Commission’s activity.

Mr Jurgen Tiedje, Head of Auditing Unit in DG Internal Market&Services of the European Commission referred to the four key points, concerning public oversight – the necessity of professional judgment, independence of the inspectors, cooperation at European and international level and transparency of public oversight. The debate on the role of public oversight and auditors’ responsibility for the quality of audits and minimization of risk goes on. In practice there are various models of public oversight. Society’s expectations towards public oversight is to ensure better financial reporting and changes in the activity of professional bodies.

Mr  John Hegarty, Head of the World Bank Office in Vienna and the Centre for Financial Reporting Reform in Europe and Central Asia, presented the Programme of the Bank for Supporting Financial Reporting in the new EU Member States. It is expected Switzerland to further extend the Enlargement Contribution to the 2007 new Member States ensuring financial resources for the financial reporting sector in Bulgaria and Romania.

In the follow-up discussion took part: Ms Nadya Antonova, Chairperson of the Public Sector Accountability Sub-committee with the Budget and Finance Committee of the National Assembly, Prof. Mihail Dinev, Chairman of the Managing Board of the Institute of Certified Public Accountants, Mr Apostol Apostolov, Chairman of the Financial Supervision Commission, Ms Rumyana Georgieva, member of the National Audit Office and representatives of big audit firms in Bulgaria. Support for the activity of the Bulgarian Commission for Public Oversight and necessity of cooperation with audit profession was strongly expressed. Reaching the balance between the oversight functions and self-regulating of the professional organizations is a common task that is to ensure the reliability of financial information and better protection of public interest.

 
At the concluding meeting with the members of the Commission for Public Oversight of the Statutory Auditors Mr Jurgen Tiedje highly appreciated all the achievements of the Commission for the six months following its establishment. He expressed his expectations towards its recognition as a successful model for public oversight development in compliance with the Directive for Statutory audit and the recommendations of the European Commission.