Government wants to free large companies from mandatory audit of their financial reports

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Economy

23.04.2014, 18:07

The Armenian government has approved Wednesday a bill amending the law on accounting that would free large companies from mandatory independent audit of their annual financial reports, if passed by parliament.

Government wants to free large companies from mandatory audit of their financial reports

YEREVAN, April 23. / ARKA /. The Armenian government has approved Wednesday a bill amending the law on accounting that would free large companies from mandatory independent audit of their annual financial reports, if passed by parliament.

Under the acting law, large companies (those with revenues or assets more than one billion drams) should submit independent auditor's reports for the current year until July 1 of the next year .

Otherwise, they will lose the right to participate in public procurement tenders.

This measure has been effective in Armenia since 2011. -0-

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