Commission for public oversight of the statutory auditors is established following the amendments of the Independent Financial Audit Law, adopted by the National Assembly in June, 2008 (prom. SG. 67/29 July 2008)

In line with the requirements of Directive 2006/43/EC of the European Parliament and the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, the Independent Financial Audit Law regulates the establishment and functioning of public oversight system of the statutory auditors in Bulgaria.

Public oversight over the activity of statutory auditors is exercised by the Commission for Public Oversight of Statutory Auditors. The Commission is an independent body, legal entity supported by the budget, having its registered office in Sofia.

The Commission shall be in charge of the oversight over:

 
1. Acquisition of competence, registration of statutory auditors, including auditors and audit firms from other Member States of the European Union, and under certain conditions, from third countries, as well as deprivation of the competence;

2. Adopting and observing standards for professional ethics, internal quality control of auditor firms and at the audit completion;

3. Continuing training of auditors, audit quality assurance system, investigation and penalty system;

The Commission is acting as a College and consists of a Chairman and six members, elected by the National Assembly for a four-year mandate. On 9th October 2008 Dr Nikolay Chatalbashev was elected Chairman of the Commission by the National Assembly. On 14th November 2008 the National Assembly elected the Members of the Commission proposed by the Chairman.

The Commission reports its activity to the National Assembly.