ПРЕДИЗВИКАТЕЛСТВА ПРЕД СЧЕТОВОДНАТА И ОДИТОРСКАТА ПРАКТИКА В ПРОЦЕСА НА ПРИСЪЕДИНЯВАНЕ КЪМ ЕВРОЗОНАТА
CHALLENGES FACING ACCOUNTING AND AUDITING PRACTICE IN THE PROCESS OF ACCESSION TO THE EUROZONE

Summary/Abstract: Based on European legislation – Regulation (EC) No 1103/97 (on certain provisions relating to the introduction of the euro) and Regulation (EC) No 974/98 (on the introduction of the euro) – and with the adoption of the Law on the Introduction of the Euro in the Republic of Bulgaria and the National Plan for the Introduction of the Euro, a series of changes have been implemented across every sector of the country's economy. Furthermore, the banking system will now be supervised by the European Central Bank (ECB), in addition to the Bulgarian National Bank (BNB), to maintain its macroeconomic stability as it did prior to joining the Eurozone. These reforms introduce new risks (technical risks regarding accounting systems; revaluation of opening balances; tax and accounting implications). They inevitably impact the financial reporting of enterprises. This also reflects on the activities of financial auditors (assessment of the risk of errors and fraud; audit procedures under dual currency conditions; documentation and disclosure).This metamorphosis is not a precedent. Other European Union (EU) Member States have recently undergone this process – Latvia (2014), Lithuania (2015), and Croatia (2023). For this reason, an analysis will be presented regarding the difficulties encountered by other EU Member States during their accession to the Eurozone, allowing us to draw from international experience and protect against future negative consequences based on best practices.

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