Пазарът на одиторски услуги в България
The Market of Audit Services in Bulgaria

Author(s): Daniela Vatkova-Milusheva, Ina Lecheva, Georgi Ranchev, Adriana Atanasova
Subject(s): Economy, National Economy, Business Economy / Management, Accounting - Business Administration
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: Market for audit services; Independent financial audit; Concentration in the audit services market; Supervisory impact model
Summary/Abstract: "The Market of Audit Services in Bulgaria" is a collective monograph that explores various aspects of the auditing profession and the state of the market for audit services through the lens of national legislation, international aspects, and trends in conducting independent financial audit. The research is motivated by the understanding that knowledge of the market structure and the degree of market concentration of audit services should underpin legislative decisions and regulatory actions. The aim is to provide a basis for presenting and comparing research results related to the levels, consequences, and measures taken to reduce market concentration in auditing, in order to provide systematic empirical evidence of the state of this market in Bulgaria. The monographic study focuses on a wide range of issues: The main characteristics and specifics of the market for audit services; Regulatory prerequisites for conducting independent financial audit and non-audit services; Measurement and analysis of the concentration of the audit services market in Bulgaria, including through statistical measures; Joint audits as a measure to reduce market concentration; Resource adequacy of audit practices and its link to audit quality; Motivation for choosing a registered auditor; The role of the supervisory authority in the market for audit services; Possible risk-based supervisory approach (Supervisory Impact Model); Methodological toolkit for monitoring the audit services market. As the first of its kind for Bulgaria, the study presents an argument that although the structure of the audit services market in some segments may be defined as oligopolistic, the levels of market concentration of audit services in Bulgaria are substantially lower than those in other European countries, respectively below the average value for EU countries, which in turn requires a different type of supervisory impact.

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