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Financial control Financial control
Financial control

Directorate “Financial control” has beenestablished on the base of the Cooperatives Act (1991) and letter No. 62-00-0256 dated 03.01.1993 of Administration “State Financial Control” of the Ministry of Finance. By decision of 05.07.1994 of the Union’s Board of Directors, Rules of the Structure and Operation of the Directorate have been adopted, which performs scheduled and unscheduled audits of the Union’s members, every three years.
The activity of the Directorate is regulated by the State Audits Act.
According to the Rules of Structure and Operation of the Directorate, its maintenance is provided by ithe entities subject to control, making periodic targeted payments. Annually, the Union’s Board of Directors adopts the Directorate’s budget and on that base, the periodic targeted payment is fixed in dependence on the numerical strength of the cooperatives.
Directorate “Financial control” performs audits also for cooperators, which are not Union’s members, upon application by their managerial bodies. The amounts for performing such audits are fixed after negotiation.
The auditors working at Directorate “Financial control” are former chief accountants who have worked within the system of worker producrers’ cooperatives and in public audit bodies and whoc, during the audirs, not only perform their controlling functions, but also render methodical aid regarding the application of the new normative documents and administration of accounts.

Ivan Mladenov

Telephone: 359 2 988 3002

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