Ministry of Finance of the Republic of Bulgaria
MINISTRY OF FINANCE HOSTS AN INTERNATIONAL MEETING OF PUBLIC SECTOR INTERNAL AUDITORS
The Ministry of Finance hosted an international meeting of public sector internal auditors, members of the Internal Audit Community of Practice (Ia CoP) to the Public Expenditure Management Peer - Assisted Learning network* (PEM PAL), which was held in the period 17-20 April in Sofia. The meeting was organized in cooperation with the key partners of PEM PAL - the World Bank, SIGMA, GIZ, SECO, Center of Excellence in Finance in Slovenia, etc.
The event was attended by representatives of the public sector internal audit of 17 countries, mostly from the ministries of finance, SIGMA experts and the World Bank. Risk assessment practices in internal audit planning, training, certification and the possibilities for passing on experience and knowledge in the profession of internal auditor and the elaboration of templates were discussed during the four days of meeting.
Deputy Minister of Finance Boryana Pencheva opened the forum and welcomed the participants by emphasizing the financial stability of Bulgaria and the need for maintaining sustainability and achieving growth. She mentioned as challenges the launched budgetary procedure and the participation in the EU semester. Ms. Boryana Pencheva highlighted the importance of internal audit for effective public finance management and the contribution of the Internal Control Directorate of the Ministry of Finance to the development of audit work.
MoF practice in the field of internal audit was presented by Ms. Svilena Simeonova, Director of Internal Control Directorate, and by Ms. Dorothea Manolova, Head of Division in the same directorate. They made the participants familiar with the process of establishing internal audit in Bulgaria and its current status. Mr. Stefan Belchev, Director of Internal Audit Directorate, shared his experience with risk assessment in internal audit planning.
Resulting from the internal audit practices presented and the discussions held, specific decision were taken to elaborate a common methodology for risk assessment in audit activities and certification as part of the Internal Audit Manual of PEM PAL. The decisions taken at the meeting and the papers drafted contribute enormously to the development of internal audit in the members of the PEM PAL network.
*PEM PAL is an organization established in 2006 in view of supporting central government reforms in over 20 countries from Central and Eastern Europe and Central Asia through activities related to capacity building and information exchange. Bulgaria is an active member in the field of internal audit.