Armenian parliament adopted the draft law “On Internal Audit” by the first reading
15.12.2010,
00:16
On Tuesday the Parliament of Armenia adopted the draft law “On Internal Audit” by the first reading.
YEREVAN, December 14. /ARKA/. On Tuesday the Parliament of Armenia adopted the draft law “On Internal Audit” by the first reading. Deputy Minister of Finance Atom Janjughazyan, Chief Treasurer of Armenia said that the system of internal audit was introduced in 2001 in Armenia but it was operating rather inefficiently.
The legislation does not completely regulate the issues related to internal audit, peculiarities of the companies with small turnover are not taken into account and there is insufficient communication between the audit bodies and inspection instances.
In the frames of European Neighborhood, Armenia has to establish a system of internal financial control relevant to international standards based on the principles of independent internal audit. The draft law defines principles of internal audit, frames of its conduction and rights and liabilities of people implementing it and definition of audit. Internal audit is a consulting operation assisting the improvement of activity of organization.
The main goal of the draft law is introduction of the system of internal audit and expansion of the list of organizations where audit is conducted. Internal audit does not cover Control Chamber of Armenia and CB Armenia.
The post of the head of the system of internal audit in organizations can occupy people having minimum three years of auditor’s experience. Annual program of internal audit should be developed in organizations which is approved by the head of sub-division of internal audit. --0--
The legislation does not completely regulate the issues related to internal audit, peculiarities of the companies with small turnover are not taken into account and there is insufficient communication between the audit bodies and inspection instances.
In the frames of European Neighborhood, Armenia has to establish a system of internal financial control relevant to international standards based on the principles of independent internal audit. The draft law defines principles of internal audit, frames of its conduction and rights and liabilities of people implementing it and definition of audit. Internal audit is a consulting operation assisting the improvement of activity of organization.
The main goal of the draft law is introduction of the system of internal audit and expansion of the list of organizations where audit is conducted. Internal audit does not cover Control Chamber of Armenia and CB Armenia.
The post of the head of the system of internal audit in organizations can occupy people having minimum three years of auditor’s experience. Annual program of internal audit should be developed in organizations which is approved by the head of sub-division of internal audit. --0--
