The paper deals with the issue of protecting public interest in the activities of the public oversight
board concerning the implementation of quality control of the auditors’ work. The accounting
profession has changed considerably in the new millennium, in particular in the domain of audit,
which will severely affect its overall position.
With more than 150 years of independent development, the audit profession has become one of the
most respected and prestigious professions in the society. With the adoption of the Sarbanes-Oxley
Act by the American Parliament at the beginning of the millennium, its self-development was put
to an end. During this period, supervisory bodies were formed in the countries with market relations,
including the entire European Union. After proper development and spacious debate between
the Member States on the present cooperation of the competent supervisory bodies within the EU,
the European Group of Auditors’ Oversight Bodies (EGAOB) was formed. During this period, the
worldwide organization of audit profession oversight was also established - International Forum of
Independent Audit Regulators (IFIAR).
H. R. Mavrudiev, “PUBLIC INTEREST AND PUBLIC OVERSIGHT OF AUDITING – BULGARIAN EXPERIENCE,” in FINIZ 2015 - Contemporary Financial Management, Belgrade, Singidunum University, Serbia, 2015, pp. 92-94. doi: 10.15308/finiz-2015-92-94
R. Mavrudiev, H. (2015). PUBLIC INTEREST AND PUBLIC OVERSIGHT OF AUDITING – BULGARIAN EXPERIENCE. Paper presented at FINIZ 2015 - Contemporary Financial Management. doi:10.15308/finiz-2015-92-94