The Bulgarian National Audit Office carried out performance audit on the effectiveness of banking supervision

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03.11.2015

The Bulgarian National Assembly assigned the BNAO to carry out an audit on banking supervision after the public attention was focused on the difficult situation in which one bank had been placed.

In pursuance of the National Assembly’s decision (from 29th of April 2015) the BNAO carried out performance audit on “Effectiveness and efficiency of banking supervision by the Bulgarian National Bank for the period 01.01.2012 – 31.12.2014”

The audit is in the spirit of the adopted in June 2015 in Riga Contact Committee statement of the Heads of the Supreme Audit Institutions of the EU Member States and the European Court of Auditors, for ensuring effective banking supervision arrangements following the introduction of the Single Supervisory Mechanism.

The audit scope included important areas for identifying key issues concerning the legal framework of the banking supervision, planning of the supervisory function, performing and reporting the distant supervision and checks on the spot.

Specific supervisory activities have been examined through audit sample, which is formed on the basis of random sample of the entirely supervisory checks on the spot and performed distant supervision during the audited period.

System-oriented approach and results-oriented approach are mainly used on the basis of a risk assessment in implementing the audit task.

The following basic methods for collecting the information are used for achieving the objectives of the audit: study the legal and internal acts; collecting and studying the documents concerning: the legal framework of banking supervision; planning the supervisory checks on the sport; performing the distant supervision and checks on the spot; collecting and studying the documents for undertaken actions as a result of the performed supervision; documentary checks; interviews; questionnaires; examination of the documentation of performed checks on spot and distant supervision defined on a sample basis;

In order to analyze the information quantitative, qualitative and system analysis, systematizing and summarizing the information from questionnaires, interviews, reports and others were used.

Because of the specificity of the audit task, external consultant was hired for analysis purposes.

An audit report is drawn up and the President of BNAO, Tzvetan Tzvetkov, introduced it in the National Assembly in the end of October 2015.

BNAO made 13 recommendations to the Governing Council of the Bulgarian National Bank for improving the supervision and increasing its effectiveness. The recommendations should be fulfilled within one year. The Bulgarian National Bank announced that some of the recommendations have already been implemented.

The audit report is published on the BNAO website:  www.bulnao.government.bg

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