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At February 18 sitting, the RA NA Standing Committee on Financial-Credit and Budgetary Affairs moderated by Mane Tandilyan debated the current conclusion of the RA Audit Chamber on the audit findings of the RA State Debt Management.

The Head of the Methodology, Analysis and International Relations Department of the RA Audit Chamber Karen Arustamyan informed that the audit included the years 2017 and 2018. It was implemented according to the RA Law on Audit Chamber, the ‘ISSAI 100 – Audit Fundamental Principles of the Public Sector of the International Organization of Supreme Audit Institutions (INTOSAI) and ISSAI 300 – The Principles of Executive Audit International Standards, the audit was implemented by the approach aimed at the system.

According to Karen Arustamyan, the goal of the audit was to define if the existing system of the RA State Debt Management guarantees effective management of the state debt.

The audit was carried out in eight directions. The speaker has noted that during the financial period 37 facts are recorded which, according to the auditors, testify to the fact that there are risks in the issue of the debt management. 44 recommendations have been presented on their basis which in the future can improve the state debt management system.

Karen Arustamyan noted that this was one of the unique audits when rather warm and constructive cooperation was between the auditors and those being audited. Several days ago by the order of the Minister of Finance, a special programme of events has been established which is directed to the applications of the auditors’ presented recommendations.

The Minister of Finance Atom Janjughazyan has also noted that the studies have been made in the constructive atmosphere and the goals coincide. The Minister of Finance touched upon the gaps and recommendations recorded by the Audit Chamber.

The speakers answered to the MPs’ questions.