The Board of Directors, in accordance with the guidelines of the Bulgarian Code for Corporate Governance and the internationally acknowledged principles for good corporate governance, appointed the following corporate bodies to support its activities:
External auditors (Baker Tilly Klitou and Partners OOD)
In the AGM of 2017 the shareholders of Sopharma AD elected Baker Tilly Klitou and Partners OOD as an auditing company to audit the annual reports of the Company in 2017.
Baker Tilly Klitou and Partners OOD ("The Company") is a limited liability company, UIC 131349346, registered with the registration number 0129 in the Register of Specialized Audit Companies at the Institute of Certified Public Accountants (ICPA). The company was established in 2004 and operates through an office in Sofia and 15 highly qualified professionals.
The company is part of the Baker Tilly Group (Group) in Southeast Europe, which includes the parent company in Cyprus and other subsidiaries in Greece, Romania and Moldova ("Baker Tilly Group"). The Group is part of a network of independent member firms of Baker Tilly International, which is in the top 10 international accounting companies with more than 140 offices worldwide.
The Company carries out audits and reviews of individual and consolidated financial statements of enterprises and groups prepared in accordance with IFRS approved by the EU and National Accounting Standards, negotiated procedures, compilation of financial statements, internal audit, business evaluations and other consultancy services. The company has participated in a team with companies from Baker Tilly network in assessing the assets of banks and reviewing the balance sheets of insurance companies in Bulgaria. The Company is an approved supplier to projects sponsored by the World Bank and is a Platinum Employer of the Association of Chartered Accountants of Great Britain and Wales (ACCA). The Company has established a strong audit team comprising 2 certified accountants and registered auditors with more than 20 years of audit experience gained including Top 4 Audit companies in Bulgaria as well as 5 ACCA members.
The company has more than 50 audit clients, including stock companies traded on stock exchanges in Bulgaria and abroad, in the following sectors: production, trade, food and beverages, energy and communal services, real estate, public sector, etc.
The Company applies the Quality Assurance Program required by Baker Tilly International to ensure that the audit is conducted in accordance with International Standards on Auditing and that the quality control procedures performed are in accordance with International Standard on Quality Control 1 ( ICQ 1) of the International Federation of Accountants. The program also includes an overview of customer engagement and retention procedures, and employee appraisal, in order to recruit and retain people with the right technical skills and experience to ensure a high quality of service.