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AFA OOD was established in May 1991 as one of the first professional accounting, finance and auditing firms in Bulgaria. The partners of the firm have extensive theoretical and practical experience as auditors and consultants in the area of corporate finance, tax, corporate and employment law, international accounting standards. They are Certified Public Accountants and members of the Bulgarian Institute of Certified Public Accountants. The partners are licensed by the Bulgarian National Bank and the Insurance Supervision Agency for the performance of audits of banking and insurance institutions.
Over the years AFA has been developing and has become the biggest local audit and consulting firm in Bulgaria.
The AFA partners have participated entirely in the design, introduction and development of the new Bulgarian accounting and audit legislation and profession following the changes in Eastern Europe, which started at the end of 1989. In this relation an important project in which they have participated together with Copers & Lybrand is "Adaptation of the National Accounting Standards to the International Accounting Standards applied in the banking sector", funded by the German government, approved and highly appreciated by the Supervisory Board of the Bulgarian National Bank (1997). They are founders and active participants in the establishment and development of the Bulgarian Institute of Certified Public Accountants.
AFA has participated in a number of privatisation projects of large multinational investors in Bulgaria: Kamenitza and Astika Breweries for Interbrew; Ariana and Zagorka Breweries for Heineken and Hellenic Bottling Group; Beloizvorski Cement for Holderbank; Drujba and Stind for Frigoglas; the establishment of the bottling companies of Coca-Cola in Bulgaria for Hellenic Bottling Company, Vazhod Trudovetz for Grammer, Agorpolichim for Norsk Hydro, etc. On many occasions the firm has participated in joint projects with Deloitte & Touche, Coopers & Lybrand and Price Waterhouse, Ernst & Young (particularly intensively in 1997).
During the period June 1998 - September 2002 AFA has been part of the joint venture of Ernst & Young AFA OOD. The latter was a full member of Ernst & Young Global. The senior partners and senior staff of AFA have managed and directed the overall activities of Ernst & Young AFA and were entirely responsible for all projects of the global firm in Bulgaria. They established the name of Ernst & Young AFA as a symbol of high quality, professionalism, independence and ethics to clients, the professional community and government institutions.
Since October 2002 the practice was separated between Ernst & Young and AFA. Most of the key personnel have chosen to continue their professional carrier with AFA. Our team is currently of over 45 professional and administrative staff. Being the most valuable asset of the firm, our people are constantly expanding their horizons and improving their qualifications through various forms of training in International Accounting Standards, US GAAP, International Standards on Auditing, international taxation issues, EU corporate and tax law. Five of our colleagues are registered ACCA students.
The AFA vision is to be recognised as the business advisor who contributes most to the success of its clients by creating added value and confidence. Our client service focuses on understanding, in detail, the clients' business and co-tailoring with them the best approach to the development of the best solutions.
We believe that our ambitious plans can only be achieved by attracting and developing the very best talents who bring enthusiasm and commitment to the service they provide to their clients.
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