Audit Committee

Audit Committee:

Borislav Monov – Chairman;

Grozdenka Petkova – Vice Chairman;

Aleksandar Davidov – Internal Member.

The Audit Committee of the Ministry of Energy has been set up on the grounds of Article 18 of the Public Sector Internal Audit Law and consists of three members: two external members and one internal member. The setting up, the appointment of the members and the activity of the Audit Committee take place in accordance with the provisions of the Ordinance on the Procedure for Appointing the Members and Determining the Activity of the Audit Committees of Public Sector Organisations (promulgated in the State Gazette, issue No 11 of 31.01.2017).

When performing its activity, the Audit Committee shall have the following powers:

• Monitors the organisation’s financial reporting processes and provides opinions with recommendations for improvements;
• Monitors the organisation’s risk management process and delivers opinions containing recommendations for improvements;
• Considers and adopts the Annual Internal Audit Report by a decision;
• Coordinates the status and the number of staff of the Internal Audit Unit, the strategic and annual plans for the internal audit work;
• Familiarize itself with, where necessary, and give opinions on audit reports on audit commitments made and on all relevant internal audit issues related to the organisation’s internal audit;
• Interacts with external auditors;
• Monitors the effectiveness of the organisation’s internal control systems and delivers opinions containing recommendations for improvements.

The Audit Committee meets at least once every two months. By 1st February, the Chairman of the Audit Committee prepares an Annual Report on the activity of the previous year, which he shall submit to the Minister of Energy.