Armenian Chamber of Auditors and Expert Accountants holds annual general meeting

YEREVAN, May 23. /ARKA/. The Chamber of Auditors and Expert Accountants of Armenia held on Monday its annual general meeting at Elite Plaza Business Center in Yerevan, the Chamber said in a press release.

It said the meeting was a good opportunity for professionals to look into the latest developments in this field, consider ways for their practical application, record the achievements and map out further actions.

The President of the Chamber Tatul Movsisyan presented the results of their activity in 2021, as well as the strategy and tactics to achieve new progress.

He also spoke about proper implementation of processes delegated by the state, improvement of the attestation system of auditors and accounting experts, introduction of external assessment system of compliance with the requirements of audit services.

Arman Poghosyan, Deputy Minister of Finance, mentioned in his speech that as a result of legislative changes in the fields of accounting and auditing, a new model of public control has been introduced recently, which is used in many developed countries and is considered to be more effective than state regulatory systems related to financial statements and corporate governance.

He said it provides organizations with transparent, reliable and usable information, high quality audit and other expert services, training and certification of specialists meeting international standards.

Currently, the Chamber is the only specialized body accredited by law. In particular, it is vested with power to award qualification of an auditor or accountant-expert, establish the requirements of continuous professional development and supervision, quality control of the services provided by audit organizations and external evaluation of other requirements established by law, as well as application of disciplinary measures, maintenance of the register of the expert community.

In its near-term programs the Chamber foresees long-term projects, in particular, modernization of textbooks for all the seven subjects of the qualification exam, development of a methodological manual for audit documentation and a computer program to assist in auditing, introduction of an external evaluation system for audit service quality requirements.

The Chamber is working to expand international cooperation and networking to become a full member of the International Federation of Accountants (IFAC). In 2021, a Eurasian Group of Accountants and Auditors was created with the participation of the Chamber and specialized structures of CIS and EAEU countries, as well as the Advisory Body of Auditors of the Eurasian Economic Union.

The EAEU member states signed an agreement on auditing activities, in the framework of which a common market of auditing services is being formed in the member states.

The Chamber set up in 1997, joined the International Federation of Accountants in 2005 and has 678 members, including 302 auditors, 346 expert accountants and 30 audit firms. -0-