COMMERCIAL ORGANIZATIONS OF ARMENIA TO HENCEFORTH PRESENT FINANCIAL REPORTS WITH CONCLUSION OF AUDIT COMPANIES OF "BIG SIX" TO GET CB’S RATING

arminfo
2008-03-27 14:10:00

ArmInfo. The order "On RA CB Rating of Commercial Organizations", as
amended by the Central Bank of Armenia, envisages compulsory approval
of financial reports by independent audit companies of the "big
six". The matter concerns the audit companies PriceWaterhouseCooper,
Deloitte Touche Tohmatsu, Ernst & Young, KPMG, BDO International and
Grant Thorton International. As RA CB press service told ArmInfo,
the amendments have been made on March 25 to the decision, approved by
CB Chairman on April 14, 2006. As the source reports, the commercial
organizations, wishing to get the Central Bank’s rating, will have
to henceforth submit their financial reports over the last reporting
period, approved by an independent audit company. At the same time,
the companies with rating at level and higher should submit the reports
of 2008 and the following years, approved by an independent audit
company, being part of the "big six" or being a member-company of one
of these six ones after July 1, 2008. The source also reports that
prior to submitting the approved report, it is necessary to submit a
document to RA CB till January 31, 2009, which testifies the agreement
with one of the above- listed audit companies. According to the data
of RA Ministry of Finance and Economy, there are 31 licensed audit
companies functioning in Armenia, including PriceWaterhouseCoopers,
KPMG and Grant Thornton Amyot, as well as 4 private auditors.