Presentation of Grant Thornton LTD


Executive Summary Our Experience

We are very excited about the opportunity to work together with you and we believe that Grant Thornton is the right partner to meet your requirements, because:

  • Our qualification and experience help us to really understand the directions of development and the needs of this kind of organizations and their management. Our services are designed to fully correspond to these requirements;
  • Our Partners have acquired the necessary qualification within Grant Thornton International, whose members provide worldwide audit services on equally high professional level and also through their many years of practice with many companies and organizations in Bulgaria, specialized in different areas;
  • We have personnel of 20 professionals, who incessantly improve their qualfication by internal and external training, as well as by a great variety of assignments with different level of complexity. They work together with an associated accounting company, a law company and independent experts with total personnel of 45 people, so that to ensure that the clients of Grant Thornton in Bulgaria are fully satisfied. Our senior auditors have more than 10 years professional experience as chartered accountants and they perform audit engagements that require not only professional competence but also language skills;

  • Our team has a wide range of experience in your field of activity, and has the necessary skills to assist you in successfully and effectively solving all your problems. We have performed audit engagements of companies with various types of business activity, including big and established organizations;
  • Our partners will take substantial part of their time to overview and to consult you on all external problems that your organization faces, as well as on every important internal and organizational matter you suggest;
  • We will always be at your disposal and we will endeavour to assure the presence of a senior manager whenever the need arises;
  • Regarding the law requirements concerning the audit independence and the ethical principles that regulate the audit performance, we can assure you that there are no financial, family or close business relationships between the members of Grant Thornton Bulgaria Ltd. and any representative of the management of your organization, its supervisory institution or any other directly related organization;
  • At the end of the period in addition to our opinion regarding the executed review we will also prepare a management letter with all findings and conclusions that have occurred during our work with the respective recommendations for improvement.

Our Experience

Grant Thornton International

Founded in 1924 by Alexander Grant, Grant Thornton International is one of the world's leading organizations of audit, accounting and consulting firms, providing a comprehensive range of professional accounting, audit, consulting and financial advice services, as well as tax advice to companies and banks.

We focus on helping the businesses, and the individuals who own and manage them, reach their business goals by providing practical, customized solutions and identifying and pursuing business opportunities domestically and internationally

The strength of our firm in each locality is reflected in the quality of our international organization. We operate in over 111 countries, bringing together 22.000 personnel in 600 offices worldwide and are responsible for combined turnover of over US$ 2.2 billions. All Grant Thornton firms share a commitment to providing the same quality service to their clients wherever they choose to do business.

International Business Centers

Through our International Business Centers, we work in partnership with our clients to plan their strategies, tailored directly to their industry, goals and company, and to make virtually seamless the international accounting, taxation and management consulting services we deliver. These IBCs are run by a director with significant international expertise and staffed by experienced and knowledgeable international professionals who provide a gateway to Grant Thornton’s offices throughout the world.

Each IBC is staffed by a cadre of seasoned professionals who have spent years in foreign markets and have guided companies as they bridge the chasm between opportunity and reality. Our professionals work in multidisciplinary teams to provide an array of integrated assurance, tax, and consulting services designed to enable companies to increase efficiency, maximize profitability, and achieve overall growth in the international marketplace.

Grant Thornton Bulgaria

Background in Bulgaria

The company was established June 1, 1995 in Sofia/Bulgaria as a private limited company by two members: Mr. Robert Krause and a German accounting firm. The main business activities at that time were accounting services, and tax consultations. In 1997 the accounting firm welcomed three new partners: Michael Wilhelm, Stefan Prechtl and Mariy Apostolov. In 1998 Mrs. Mariana Mihailova joined the company as a partner. Please, find attached in Section “Core Management Team” detailed information about the CVs of our partners.

Since 1999 the name of the company is changed to Grant Thornton Ltd. and was registered under this name within the Bulgarian Institute of Certified Public Accountants (BICPA) as a Specialized Auditing Company. In 2002 Mr. Mariy Apostolov became managing partner of the company.
Organisaton Structure

According to Bulgarian legislation Grant Thornton Bulgaria is a private limited liability company. The management of the company is conducted by a Managing Partner and a Procurator. 

In accordance with our internal principles the firm hires only personnel with University degree in economics specialised in Accounting and Control, Finance, Law, Marketing, Management, International Business Relations, Information Technologies, etc. The personnel is engaged in a variety of assignments and is trained permanently on the job, so the range of experience of our staff is on a high level compared to other firms. Training needs are determined by our obligation to prepare the personnel in the best possible way in order to reflect our high quality requirements. Furthermore, our firm has arrangements with lawyers’ offices, a book-keeping firm, as well as high qualified experts in the field of business evaluations.

Qualification requirements

  • Grant Thornton Ltd. is a specialized audit company according to the Law of Independent Financial Audit and is registered under number 032 in the special register of the Bulgarian Institute of Certified Public Accountants (BICPA);
  • Grant Thornton’s partners and employees declare that they do not have any financial, family or close business relationships with any senior manager of your Organization;
  • According to the Standards of Audit and Ethics and the professional principles of the audit profession we will be impartial and independent of all aspects of management and financial interest of your organization;
  • We will act in compliance with all regulatory requirements connected with the independence of the audit and we will announce any relationship or circumstance, which may threaten our independence;
  • We have the necessary experience in applying International Financial Reporting Standards (IFRS), National Accounting Standards (NAS), German - GAAP, US GAAP, etc;
  • The team that will be responsible for the service performance has not only professional qualification, but also local and international experience in applying ISA, including experience regarding audit of the accounts of organizations with similar complexity and amount.
  • Our staff members meet the requirements set by the assigning organization in terms of number and qualification..
  • The senior auditor who will be responsible for the audit engagement has 11 years’ experience as a chartered accountant;
  • The team that will be formed to conduct the procedures has the necessary English language skills, both written and spoken;
  • We will deliver the auditor’s report and the management letter with our findings and recommendations at the address given by the assigning body.


Our Experience

With more than 150 local and international clients we offer services in the following sectors:

  • Financial institutions;
  • Insurance Companies;
  • Pension insurance companies and their funds;
  • Health insurance companies;
  • Industrial Enterprises;
  • Commercial entities;
  • Retail companies;
  • Holding Companies;
  • Investment Funds;
  • Leasing Companies;
  • Non – profit Organizations;
  • Real Estate Agencies;
  • Advertising Agencies;
  • Construction;
  • Publishing Activities;
  • Shipping Companies;
  • Distribution of oil products and steel;
  • Engineering Companies;
  • Informational Technologies;
  • Hotels, Health centers, Tourist Agencies;
  • Foreign Investors.

We endeavor to develop such systems and procedures, that guarantee that we perform our services successfully and in time. We do not use standard decisions for achieving our aim. We realize that the different clients have specific needs and require profound analysis and assessment, so that the most appropriate decision could be found and concerted with them. Furthermore, we know that the needs of our clients keep varying and we respond with flexibility in adapting our answers.

Regarding your first inquiry about the audit services we perform, we can inform you that we are ready to start our work at any moment. The engagement is important in order to create a platform with basic information, which will help us in providing quick, realistic and valuable advices and consultations.

Full Financial Audit in Accordance with IFRS, NAS or specific GAAP

The audit of financial statements is in line with a specific financial reporting frame (International Financial Reporting Standards, National Accounting Standards, German or American Generally Accepted Accounting Principles, etc.) as well as all applicable laws in Bulgaria. The following circumstances are taken into account:

  • Preparation of a management letter on every stage of the audit engagement;
  • Analysis of the company’s activity and suggestions for optimization of the financial reporting system;
  • Evaluation and improvement of the internal control system.

At Grant Thornton we advise a wide range of clients, from fast growing and established businesses to fully listed companies. Our robustly independent approach helps companies to ensure their financial statements are not merely technically correct, but conform to constantly evolving best practice.

When required, we have the courage to raise sensitive issues to ensure we deliver an audit that allows the firms to discharge their responsibilities with confidence. Our audit approach is compliant with International Standards on Auditing. Where relevant, it encompasses the introduction of International Financial Reporting Standards and is updated each time new standards or legislation are issued. By making use of Grant Thornton International's audit software, "Horizon", we are able to conduct an audit that complies with both local and international audit standards.

Review of budgets and reporting on variances

We have a significant practise of peforming a review of budgets and reporting on variances between budget and actual data. The in depth understanding of the clients business plays a significant role when reviewing budgets and our experience with similar businesses is of a great help when we are considering best practices to be recommended to our clients. Budgets are reviewed both in terms of overall business scence and justification of each line of income and expenditures in comnection with the general strategies and plans of the entity. Analysis of variations is perfomed in connection with the work performed during the audit field work and considers not only giving explanation of the variations, but rather more making sure that those explanations are supported by appropriate evidences and are in line with the overall principals of the business.

Review of budgets and reporting on variances

We have a significant practise of peforming a review of budgets and reporting on variances between budget and actual data. The in depth understanding of the clients business plays a significant role when reviewing budgets and our experience with similar businesses is of a great help when we are considering best practices to be recommended to our clients. Budgets are reviewed both in terms of overall business scence and justification of each line of income and expenditures in comnection with the general strategies and plans of the entity. Analysis of variations is perfomed in connection with the work performed during the audit field work and considers not only giving explanation of the variations, but rather more making sure that those explanations are supported by appropriate evidences and are in line with the overall principals of the business.
Review of financial statements

We conduct review engagements in accordance with the International Standards on Auditing applicable to review engagements. According to these standards we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. We perform the review in accordance with the company’s instructions and limitations.

Assurance and Business Advisory Services/ Compliance engagements

We provide assurance to management, corporate directors, investors, lenders and others. These include assurances on the reliability of financial and non-financial information, business processes and controls, regulatory compliance, and information used in strategic transactions, implementation of internal audit, review and compilation of finical statements, and due diligence.

We have a significant practice of reporting compliance with internal control policies and procedures with the majority of our clients. Our team members will aquante them selfs with all relevant policies ad procedures and will make sure that those are followed in the ongoing operation of the business.

Beyond the conventional audit we work to assure the integrity and reliability of a client's information - assess the effectiveness of underlying processes; and help identify, measure, and control a wide range of risks.
Our comments in relation to the compliance with the internal policies and procedures of the clients are an integral part of the Management letter provided as a result of the audit work.

Process Reviews

Grant Thornton is a recognized leader in information technology (“IT”) review services with particular emphasis in the middle market organizations. Our methodologies and tools used to perform these services are state-of-the-art and based on leading technologies. We have developed rigorous methodologies for reviewing information systems within the framework of the guidelines. In addition, our delivery team includes members who best understand your specific electronic platforms and related software delivery systems

Business Consulting

We provide business consulting services such as privatization, corporate recovery, reorganization and strategy consultancies, diagnostic studies, valuations, business plans, feasibility studies, marketing studies, etc. Our solutions help companies achieve measurable performance improvement and lasting change. To do that, we develop solutions that improve client’s decisions making, organizational capability and overall business operations.

Tax and Legal Advisory

Tax and legal advisory combines the disciplines of tax and human capital services to help businesses, their executives and owners minimize costs, maximize returns, and increase enterprise and personal wealth. Tax advisory brings a multi-disciplinary approach to assisting clients with income and indirect taxes, international tax issues, private client matters, and maximizing human capital. We help clients respond to the complexities of global operations in multiple jurisdictions and cultures.

We have professionals in all tax disciplines – both local and international, and tax specialists who provide in-depth expertise on the wide range of tax issues businesses face today. We take a proactive approach to tax planning and consulting, continuously seeking to provide tax savings ideas and concepts to our clients.

International and Local Tax Planning

Grant Thornton’s tax practice draws on the skill and experience of our professionals to achieve maximum tax savings for clients through creative and value-added services. Technical expertise and industry experience coupled with excellent relationships with state tax administrators, are the keys to the state and local tax services we provide. A distinguishing feature of our tax practice is that it is nationally driven with an industry-specific focus. The ability to bring together our network of specialists and national industry experts in a single engagement setting has resulted in valuable counsel and significant tax savings to many of our clients.

Consultation and Technical support

Our practice in terms of consultation and on-going technical support is proved to be the most valuable part of our work. Our team members and specialist are at your disposal during the whole period of our engagement to help you solve issues, answer questions, give methodological support, etc. We do our best to help our clents with their important decisions and in their day-to-day work to make sure that the rights steps are done from the first time. With our wide variety of specialist, we are ready to provide you with the help you need. In addition trainings are also available for all clients of GT Bulgaria including but not limited to : National Accounting Standards and IFRS, Changes in the legislation – covering Corporation Tax Sct, VAT Act, Accounting Act, Labour Code, Evaluation of personnel, etc. nIndividual training programms to suite your specific needs could be arranged upon request.

Corporate Finance and Transaction Support Services

Applying business and industry knowledge, we help clients conceive and execute financial strategies that are aligned with corporate objectives - strategies that enable them to improve performance, shape competitive advantage, and create shareholder value. We have significant experience in the following areas:

  • Due diligence. We use multidisciplinary teams, consisting of seasoned consultants, corporate finance specialists, tax experts and accountants, to create value by focusing on those areas where you will see immediate benefits;
  • Acquisition integration services. In supporting your efforts to convert acquisition strategies into successful operating results, we can reduce the period of uncertainty following the transaction and increase the financial benefit;
  • Feasibility studies. We can help investors by highlighting the operational, economical and technical aspects of their business opportunities in an effective and explicit way.

Accounting Services

We are prepared to provide accounting services in accordance with IFRS, the Bulgarian Accountancy Act and other Accounting laws. Our work consists of:

  • Establishing chart of accounts;
  • Maintaining a full record of all transactions (double entry bookkeeping) including payroll cycle;
  • Preparing all statutory reporting documents;
  • Preparing VAT declarations;
  • Preparing the annual financial statements in accordance with Bulgarian Law (balance sheet, statement of income and expense, cash flow statement, equity statement, notes to the financial statements, tax declaration, statistical report);
  • Submission of necessary reports to the authorities.

Training Course on the application of IFRS

An essential course for companies using IFRS

  • Presentation of the significant changes recently published by the IASB;
  • Case studies and examples of IFRS practice;
  • Discussion of potential pitfalls and problems to avoid with the standards.

Compensation and benefits

Compensation and benefits are significant costs to every company. Grant Thornton’s Compensation and Benefits Consulting Group helps clients improve their rate of return on these investments by providing customized compensation and benefits solutions – solutions designed to increase the effectiveness of your pay programs in attracting, retaining, and motivating employees.

Human Resource

A possible way to assist companies in their human resource efforts could be the following:

  • Preparing an advertise according to their instructions;
  • Release in an appropriate newspaper;
  • Interviews and pre-selection of candidates (“TOP 5”).

Management Consulting Services

Every company is faced with strategic, operational, and technological issues. Grant Thornton’s Management Consulting Services can provide your company additional resources to resolve these issues. This group is made up of seasoned professionals who bring solutions and expertise to the entrepreneurial, middle-market manufacturing companies.

Our services are principally in the following areas:

Strategic services – focusing on strategic planning; growth management; mergers and acquisitions; organization design; cost management/reduction; cost accounting/activity based costing; financial planning and budgeting
Operations performance improvement – focusing on business process improvement/reengineering; best practices; policies and procedures development; operational benchmarking; operations review; quality management; performance measurement; acquisition integration; turnaround services; working capital acceleration
Information technology – focusing on systems and technology planning; technology effectiveness assessment; requirements definition; vendor evaluation/selection; application package implementation; project planning/project management.

Technology risk management

Information Technology is often the most important—and most vulnerable—asset a business has. Grant Thornton’s Technology Risk Management (TRM) professionals can help you protect your data and overall systems architecture from internal and external threats. Our TRM specialists evaluate your system’s integrity using state-of-the-art software and proven techniques. These methods include intrusion risk examinations that can yield both an external and internal perspective into your online site and IT operations, as well as a more comprehensive risk assessment.