Tax and Accounting Review

Core Objective

The service aims at making an express resource-efficient review, identifying all material issues in the accounting, taxation and financial indicators of a company, assessing the related risk and recommending measures to overcome them or to mitigate the harmful consequences.


The review covers the following aspects:

  • Analysis of all balances and turnovers to identify those that are of obscure origin or misrepresented;
  • Review of all accounts to identify untrue or non-typical entries which could lead to accounting errors, inaccurate taxation or distortions in the financial statements;
  • Review of the taxation of usual business activities and all large or non-typical transactions;
  • Review of the accounts of fixed assets and the inventory in view of their compliance with the applicable accounting standards and taxation;
  • Age analysis of all accounts receivable/payables and assessment of their correct representation or their potential collection/repayment rates;
  • Review of the transactions with related parties;
  • Review of the accountability and tax treatment of loans borrowed from non-financial institutions and loans provided to third parties;
  • Analysis of the financial statements and financial indicators for the five most recent full fiscal years.

Scope

The review covers the current incomplete period and the preceding complete period and it is carried out from the perspective of the compliance with the Accountancy Act, the applicable accounting standards, the Corporate Income Tax Act, the Cash Payments Restriction Act, and the Ant-Money Laundering Act.

Review Report

The review ends with a report which outlines every problem identified, defines the related risk, and recommends options for resolving it or minimizing the harmful effect.


Timeframe for Completion

The timeframe for completing the review is three weeks as from the date on which the preliminary information package was received and access was provided to review, identify, analyze and report the possible problems outlined above.

Responsible team

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Alexander Boyadzhiev

Managing partner Accounting services

Aleksandar Boyadzhiev graduated from the University of National and World Economy, acquiring a bachelor’s degree in Finance and a master’s degree in Financial Management. He joined the Kreston BulMar team in 2011. Between 2014 and 2015 he took on the position of coordinator and head teacher at the BulMar Accounting Academy. In 2016 he became Managing Partner in the Accounting Services department.

He is an expert on VAT, corporate and personal income tax law, as well as double taxation agreements, national and international accounting standards. He is experienced in providing accounting services to small, medium-sized, and large enterprises from several industries. Aleksandar has also provided accounting services to international companies’ regional branches in Bulgaria, which have included specific financial reporting.

He is a seasoned speaker on topics like tax and accounting and has tens of published articles.

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