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The Standing Committee on Financial-Credit and Budgetary Affairs of the RA National Assembly on December 11 convened parliamentary hearings to discuss the procedure of the inner audit system investment.

The Committee Chairman Gagik Minasyan noted that the goal of the initiative was to clarify the revelations of the problems during one year of the use of the RA Law “On Inner Audit” and if it was necessary to rectify amendments.

The Finance Minister Vache Gabrielyan introduced to the deputies, the representatives of different departments and NGOs the procedure of the inner audit system investment.

The deputies addressed questions to the Minister about the auditors’ independence, their payment, their quantity, qualification and other issues.

The Chairman of the Control Chamber Ishkhan Zakaryan in his speech proposed and deemed effective that the structure of the inner audit would be under the subordination of the Ministry of Finance.

The member of the Central Bank Vakhtang Abrahamyan presented the experience of the bank in the establishment of the inner audit system, also the international models being used. The Chairman of the Armenian Association of the Accountants and Auditors Aharon Chilingaryan also presented their observations on the inner audit system expressing readiness to cooperate in the auditors’ qualification programmes and support them.

Summing up the interpellations, the Finance Minister deemed admissible, but a matter of additional discussion the approaches on observing the inner audit under the subordination of the Ministry of Finance and establishing double subordiantion.