WORLD BANK’S REPORT ON OBSERVANCE OF STANDARDS AND CODES, ACCOUNTING AND AUDIT PRESENTED IN YEREVAN

Noyan Tapan
June 17, 2009

YEREVAN, JUNE 17, NOYAN TAPAN. The presentation of the World Bank’s
Report on the Observance of Standards and Codes, Accounting and Audit
took place in Yerevan on June 17. The report contains information on
the requirements and practice of accounting and audit in the sphere
of entrepreneurial and financial activities.

Head of the WB Yerevan Office Aristomene Varudakis expressed a hope
that the report will enable to improve corporate accounting and
audit in Armenia as they represent an essential precondition for
developing the country’s economy. In his words, corporate financial
transparency is also of importance to the private sector because it
provides investors with an opportunity to properly assess the corporate
prospects of companies, raise investors’ trust in private companies and
to increase accessibility of credits to small and medium enterprises.

RA Minister of Finance Tigran Davtian underlined that accounting
and audit are one of the most important sectors of the financial and
economic system.

He said that thanks to cooperation with the World Bank and other
international organizations, reforms aimed at bringing the sector into
line with international standards are being carried out in Armenia.