Existing user? Sign in
Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Accounting and auditing in Targovishte follow the national legal framework of Bulgaria - the same rules that apply across the country. That framework covers how businesses record financial transactions, prepare and publish annual financial statements, and when an independent audit is required. Local public bodies and offices in Targovishte - such as the regional tax office and the commercial register at the regional court - handle filings, inspections and administrative matters on the ground.
Practically speaking, whether you run a small shop, a family company, a non-governmental organization or a branch of a larger enterprise in Targovishte, you must keep accounting records that meet the requirements of Bulgarian accounting law, comply with tax reporting rules, and engage external auditors when the business meets legal thresholds or operates in regulated sectors. Local accountants, auditors and lawyers in Targovishte are the usual first point of contact for routine compliance, but legal advice is often needed for disputes, complex transactions or regulatory enforcement.
Legal help is useful in accounting and auditing matters when issues go beyond routine bookkeeping. Common situations include:
- Tax disputes and appeals - representing you before the National Revenue Agency or in court when tax assessments, penalties or enforced collection are at stake.
- Audit disputes - responding to findings in an independent audit, challenging audit opinions, or dealing with disputes between management and external auditors.
- Regulatory investigations - handling inspections or investigations by tax authorities, financial supervisory bodies or other public oversight institutions.
- Fraud, embezzlement and forensic accounting - coordinating forensic reviews, preserving evidence and pursuing civil or criminal remedies.
- Company transactions - advising on due diligence, representation during mergers, acquisitions, share transfers, or liquidation where historical accounts and audits affect deal terms or liabilities.
- Compliance advice - setting up internal controls, drafting accounting policies, ensuring compliance with VAT, social security and corporate tax obligations, or meeting auditability requirements for EU-funded projects.
- Insolvency and restructuring - working with accountants and insolvency practitioners when financial distress requires restructuring, reorganization or bankruptcy proceedings.
The key national laws and rules that matter in Targovishte include:
- Law on Accounting - sets rules for bookkeeping, formats and content of financial statements, the accounting period, retention of records and who must prepare accounts. The law also determines which accounting standards apply - national standards for most entities, and International Financial Reporting Standards for certain consolidated or public-interest entities.
- Law on Independent Financial Audit - sets the rules for statutory audits, qualification and registration of auditors, audit reporting requirements and the circumstances when an independent audit is mandatory. It also defines duties and liabilities of auditors.
- Tax legislation - corporate income tax, personal income tax, value added tax and the Tax and Social Insurance Procedure Code. These laws determine tax filing obligations, deductible items, VAT regimes and procedures for audits and appeals.
- Commercial legislation - rules on company formation, governance, filings with the Commercial Register and responsibilities of company directors that affect accounting duties and liability.
- Sector-specific regulation - banks, insurance companies, investment firms and publicly listed companies are subject to additional supervisory and reporting rules enforced by sector regulators and by the national public oversight bodies for auditors.
- European Union rules - many accounting, audit and tax matters are influenced by EU directives and regulations, especially in areas such as VAT, cross-border reporting and public oversight of auditors. Bulgaria implements EU requirements into national law, and those rules apply in Targovishte.
Local practice in Targovishte follows these national provisions. The Regional Directorate of the National Revenue Agency handles tax administration locally. Company registrations and filings are made through the regional court registry or electronic channels recognized by the Registry Agency. For audits and professional standards, local auditors are typically members of national professional bodies and must comply with national and EU standards.
Yes - all commercial companies must keep accounting records and prepare annual financial statements in accordance with the Law on Accounting. The exact format and level of detail depend on the company type and size. Even micro-enterprises have minimal reporting duties, while larger entities must prepare full sets of accounts and disclosures.
An independent audit is required when a company meets the legal thresholds for size or when it is a public-interest entity or operates in a regulated sector. Thresholds and conditions are set by the Law on Independent Financial Audit and related regulations. Because thresholds can change and differ by company type, check current legal requirements or consult a lawyer or certified auditor in Targovishte.
Incorrect or incomplete records can result in administrative fines, tax assessments, penalties and possible criminal liability in cases of fraud. The National Revenue Agency can perform tax audits and issue assessments. If you face an inspection or proposed sanction, seek legal and accounting advice immediately to preserve records, correct filings and, if necessary, prepare a defense or appeal.
Review the auditor's report carefully with your accountant and, if needed, a lawyer. Determine whether the finding requires corrective accounting entries, disclosure changes, or operational changes. If you disagree with the auditor, raise the issue with the auditor in writing and consider obtaining a second opinion from another certified auditor or legal counsel, especially if the issue could produce legal or tax consequences.
Yes - serious cases such as tax evasion, deliberate falsification of documents or deliberate misappropriation of funds can lead to criminal investigations. Administrative mistakes usually attract fines and civil penalties, but intentional misconduct can escalate. Early legal advice is crucial if criminal exposure is possible.
Company filings are made with the national Commercial Register via the Registry Agency, often through electronic filing channels. Locally, matters are handled through the regional court registry and the relevant administrative offices in Targovishte. Your lawyer or certified accountant can handle electronic filings on your behalf.
Bring the most recent financial statements, audit reports, trial balance or general ledger extracts, tax filings and notices from tax authorities, correspondence with auditors, internal policies relevant to the issue and any contracts or documents that relate to the disputed transactions. Providing clear, organized records speeds up assessment and advice.
The length varies. A desk-style review may be completed in weeks, while a full tax audit, administrative appeal or court case can take many months to more than a year. Complexity, volume of documents, responsiveness of the business and whether the dispute proceeds to court all affect timing.
Special rules often apply to different entity types. Non-governmental organizations, agricultural producers and municipal entities may have specific accounting standards, reporting formats or public funding audit requirements. Consult a lawyer or an accountant familiar with the sector to ensure compliance with sectoral rules and grant conditions.
An accountant is the primary adviser for bookkeeping, tax filings and audit preparation. A lawyer is necessary when legal interpretation, negotiation, dispute resolution, litigation or representation before authorities is required. Often you will need both - accountants to prepare and explain the financial aspects, and lawyers to manage legal risk and proceedings.
Useful public bodies and organizations to contact or research when you need help in Targovishte include:
- The regional office of the National Revenue Agency - handles tax registration, audits and enforcement.
- The Registry Agency and the regional court registry - for company filings and registration matters.
- The national public oversight and audit regulator - sets rules for statutory audits and auditor registration.
- The Financial Supervision Commission - for companies in insurance, securities and pension sectors.
- The Bulgarian accounting and auditing professional bodies - for certified auditors and accountants and for professional standards and ethics information.
- Local chambers of commerce and business associations - for practical support and referrals to local accountants and lawyers in Targovishte.
When seeking help, use official sources to confirm current legal requirements and verify professional credentials of auditors and lawyers. Local offices and professional associations can also point you to approved training, model documents and current guidance on implementation of accounting and audit laws.
If you need legal assistance with accounting or auditing matters in Targovishte, consider the following plan:
- Gather documents - collect your financial statements, accounting records, audit reports, tax correspondence and any contracts or internal policies that relate to the issue.
- Get an initial assessment - schedule a first meeting with a lawyer experienced in tax, accounting or audit litigation. Many firms offer an initial consultation to identify the main issues and possible courses of action.
- Engage the right professionals - you may need a lawyer and a certified accountant or auditor. Ask for local references and check professional registrations and experience with similar cases.
- Agree scope and fees - clarify billing methods - fixed fee for defined work, hourly rates or retainers - and agree a written engagement letter that sets out responsibilities, deliverables and confidentiality terms.
- Act quickly on deadlines - administrative appeals, tax assessments and procedural steps often have strict deadlines. Timely action preserves rights and options.
- Keep communication clear - maintain organized records, document all communications with authorities and auditors, and make sure you have copies of all filings.
Local legal and accounting professionals in Targovishte can guide you through the details and represent you before authorities and courts. If you are unsure where to start, contact a lawyer or certified accountant with experience in accounting and audit matters in Bulgaria to get personalized advice based on your situation.
