FINANCIAL REPORTS OF COMPANIES WITH CBA RATING OF "B" AND HIGHER HAVE TO BE APPROVED ONLY BY AUDITORS OF "BIG SIX"

Noyan Tapan
March 27, 2008

YEREVAN, MARCH 27, NOYAN TAPAN. Amendments were made on March 25,
2008 to the Order of Rating of Commercial Organizations by the Central
Bank of Armenia (CBA) approved by the CBA chairman’s decision No 1/253
L of April 14, 2006. According to the CBA press service, henceforth
the organizations which apply for receiving a rating have to submit
to the CBA their financial reports of the last reporting year, which
have been approved by an independent audit organization.

Those organizations that have a rating of "B" and higher, henceforth
will have to submit to the CBA their financial reports of 2008
and following years, which shall be approved, from July 1, 2008,
by an independent audit organization making part of "Big Six" (see
s#2007-Performance-Analysis])
or an organization – member of such an audit organization. Prior to
submitting a financial report, it is necessary to submit a document,
which confirms the agreement on conducting an independent audit of
2008 financial reports, to the CBA until January 31, 2009.

The "Big Six" of auditors is composed of PricewaterhouseCoopers,
Ernst & Young, KPMG, Grant Thornton International, "Deloitte Touche"
Tohmatsu and BDO International companies. Only the last two of the
indicated companies currently do not operate in Armenia.

From: Emil Lazarian | Ararat NewsPress