For the audit department there is a new amendment in the Auditors Act effective from 14th of April 2009


What's New:

- the auditor is being elected by the highest authority of the entity, in particular the Assembley
- It establishes a new body - the Council for public oversight, which is responsible for overseeing audits of public interest entities (i.e. entities like banks, insurance companies, companies whose securities are listed in the EU, as well as some financial institutions, health insurance companies and other entities listed by law, including commercial companies and cooperatives with more than 4 000 employees), it helps to partially improve efficiency in reducing the impact of financial and economic crisis