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The National Assembly is the platform, where debates are organized, and as a result of them many problematic issues get their solution: The Chair of the NA Standing Committee on Financial-Credit and Budgetary Affairs Gevorg Papoyan during the work debate organized by the Committee on December 15.

The issue related to some provisions of the law on Accounting and Auditing Activity Regulation and Public Control entering into force from January 1, 2023 was debated with the participation of the representatives of the Association of Accountants and Auditors of Armenia (AAAA) and the Independent Audit Organizations.

Gevorg Papoyan also noted that the companies carrying out audit activity have observations and dissatisfactions on some provisions of the law in force that passed in December 2019.

As the representatives of the audit companies assured, the term of the certificates provided for implementing activity of a part of auditors was not extended. Only the members of the NGO Chamber of Auditors and Expert Accountants of Armenia (CAA), who for some conditions were qualified, implement activity.

The RA Deputy Minister of Finance Arman Poghosyan noted that the body implementing policy in the accounting sphere is the Ministry of Finance, which, according to the law, organized qualifying examinations in the envisaged terms.

Some auditors participating in the debate were not accepting the results of qualification examination and were not announcing that they were not participating in those examinations. According to Arman Poghosyan, the sphere has dynamic developing legislation and is subject to regular amendment. In response to his question, why they don’t want to take part in the qualification examinations, no fundamental response sounded.

“The specialists qualified ten years ago cannot comply with the modern requirements,” Deputy Minister of Finance said.

It was also noted that the person carrying out audit activity should comply with the international criteria.

Let us remind that the law in force defines the united bases of organizing and conducting accounting, preparing financial reports of general importance and presenting united bases and regulates other relations on accounting.

The only specialized structure accredited by the RA Ministry of Finance is the NGO Chamber of Auditors and Expert Accountants of Armenia/ Therefore, the expert accountants and auditors registered in the specialized structure can work as Chief Accountant in the organization of public interest.