The Association of Banks in Bulgaria (ABB), represented by Ms. Tsvetanka Mintcheva, Deputy Chairperson of the Association’s Board of Directors and CEO of UniCredit Bulbank, and the Institute of Certified Public Accountants in Bulgaria ICPA) through its Chairman – Mr. Iliya Iliev, signed a memorandum of cooperation.
Mrs. Mintcheva highlighted the importance of the partnership between the two institutions for the implementation of the joint projects, the exchange of information and expertise, as well as joint work in the implementation and optimization of regulations – including in terms of sustainability. “ABB strives to be an active partner in working with specialists in the field of auditing and accounting, which are a key factor in the successful management of any financial institution. In this sense, planning and conducting of lectures, discussions, conferences and other activities with a professional organization such as ICPA is a logical step for us. We believe that the signing of the memorandum will help this process run even faster and more effectively“, she said during the ceremony for signing the memorandum. One of ABB’s priorities is to support its members in the processes of compliance with regulations. Serious resources are invested for this purpose both through the committees and working groups of the Association and through the International Banking Institute. In this area, modern trends in sustainability reporting also play a significant role. This priority is being implemented thanks to the good partnership between the banks and the experts from ICPA.
“Among the most important users of information from financial statements are commercial banks and other financial institutions, which show a strong interest in both the quality of this information and the reliability of its independent audit. One of the main focuses of our cooperation is precisely the relationship between the activities of independent auditors and the needs of banking institutions. Reliable and timely financial information is essential for risk assessment and making informed investment decisions“, commented the Chairman of ICPA, Mr. Iliya Iliev. “Of no less importance is the quality of the independent audit of the financial statements of the banks themselves, which are not by chance designated as public interest entities, according to European directives“, added the Chairman of ICPA and emphasized that ABB is an authoritative organization with a 30-year history, which is a valuable partner, whose expertise is highly valued by business. One of the main priorities for ICPA is to improve expertise in its field of activity, thereby qualitatively improving the business environment in the country.
The Memorandum of Cooperation envisages a number of joint projects between the two organizations in the field of accounting and auditing, participation of their representatives in presentations, lectures, seminars and conferences, exchange of expertise on current topics of mutual interest, as well as joint positions on draft laws and other strategic acts at national and European level, where applicable.
The agreement will consolidate the mutually successful cooperation between ABB and ICPA, practically supporting the main goals and policies of both parties in the best possible way.
