The Audit Committee of the Ministry of Finance was established in 2017 on the basis of Article 18 of the Public Sector Internal Audit Law. Its establishment, composition and activities are in line with the provisions of the Ordinance establishing the procedure for the determination of the composition and activities of the audit committees in public sector organisations (the Ordinance).

At present the Audit Committee of the Ministry of Finance consists of three persons external to the organisation.

Following a selection procedure under the Ordinance, Minister of Finance’s Order No ЗМФ-534 of 7 May 2024 was issued to determine the nominal composition for the third three-year term of office of the Audit Committee of the Ministry of Finance. At the first meeting, held on 23 May 2024, the members of the Audit Committee elected Chairperson and Deputy Chairperson as follows:

1. Valentin Savov – Chairperson;
2. Elisaveta Mladenova – Deputy Chairperson;
3. Marina Lyubenova – external member.

In the implementation of its activities the Audit Committee has the following powers:

1. to reconcile the status and size of the internal audit unit, strategic and annual plans for internal audit activity;
2. to consider and adopt by decision the annual report on the internal audit activity;
3. to get familiar with, where appropriate, and to give opinions on audit reports on conducted audit engagements and on all significant matters related to internal audit in the organisation;
4. to monitor the risk management process in the organisation and to deliver opinions with recommendations for its improvement;
5. to interact with external auditors;
6. to monitor the financial reporting processes in the organisation and to give opinions with recommendations for their improvement;
7. to monitor the effectiveness of the internal control systems within the organisation and to give opinions with recommendations for their improvement.

In accordance with legal requirements, the Audit Committee meets twice a month, prepares a statute which is signed by the head of the organisation and the Chairperson of the Audit Committee, as well as an annual report on its activities for the previous year which is provided to the head of the organisation.

In accordance with Article 18(9) of the Public Sector Internal Audit Law, the external members of the Audit Committee receive remuneration. No remuneration is due for the months in which no meetings are held.