ACCOUNTING AND AUDIT SYSTEMS IN ARMENIA HAVE TO BE BROUGHT INTO COMPLIANCE WITH INTERNATIONAL STANDARDS

/PanARMENIAN.Net/
17.06.2009 15:43 GMT+04:00

/PanARMENIAN.Net/ Reforms conducted by Armenia to bring accounting
and audit systems into compliance with international standards, are
planned to be completed by the end of 2009, RA Finance Minister Tigran
Davtyan told at the conference on implementation and dissemination
of accounting and audit rules in Armenia. "Armenia is implementing
legislative and institutional reforms of accounting and audit systems
to be brought to logical ending by the end of year," he noted.

According to Davtyan, accounting and audit system are among the
most important spheres of financial and economic sector, which is an
important factor in the economic development of the country. In this
contest, RA Finance Minister emphasized the importance of bringing
the systems in compliance with European standards, also noting that
reforms in Armenia are actively influenced by international partners,
specifically, the World Bank.

In his turn, Head of WB Armenia Aristomene Varudakis added that
usage of corporate management standards in Armenia will help reduce
corruption risks and increase the level of trust among investors,
become a foundation for small and medium-sized businesses and promote
stable economic development in Armenia.