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''Energy Efficient Regions'' program implemented in Armenia with $1.7 million EFSD grant
... Renewable Energy and Energy Efficiency Fund has been implementing the ‘’Energy Efficient Regions’’ program with a $1.7 million grant from the Eurasian Fund for Stabilization and Development (EFSD). As part of the program, a preliminary energy audit of over 150 public buildings was conducted, resulting in the selection of 13 buildings where energy efficiency measures are being implemented. In particular, a 150 kW solar photovoltaic station was installed at the CANDLE Synchrotron Research Institute,...
11/21/2024EBRD and Ernst & Young to conduct study on competitiveness of small and medium-sized companies in Armenia
The Armenian Ministry of Economy in cooperation with the EBRD and with the assistance of Ernst & Young, an international audit and consultancy corporation, has initiated a study on the competitiveness of Armenia's small and medium-sized enterprises (SMEs). YEREVAN, 16 October. /ARKA/. The Armenian Ministry of Economy in cooperation with the EBRD and ...
10/16/2024Ardshinbank hosts panel discussion on economic and trade sanctions as part of 33rd EBRD Business Forum
... international experts such as Arakel Meliksetyan, Head, Financial Monitoring Center, Central Bank of Armenia, Elitza Kavrakova, Group Head of Institutional Clients, Raiffeisen Bank International AG, Martial Nicolas Smets, Director, ARGOS Advisory and Audit, Michael Strotmann, Senior Legal Advisor Financial Sanctions, UniCredit Group and William Rich, Head, Banking Client Sanctions Compliance, Citi. Ardshinbank is the leading Bank in Armenia with a diversified universal banking offering including retail ...
05/16/2024Zarubezhneft subsidiary enters solar energy projects in Armenia
... from these projects in the form of dividends from 2030 to 2052, which will be used to repay the loans received by the company for the development of the acquired projects," the report says. It also notes that the company is conducting technical audit and economic evaluation of new renewable energy projects both in Russia and abroad. Thus, in Russia, solar energy projects with a capacity of about 50 MW are under consideration, in Central Asia - with a capacity of about 800 MW. In Southeast Asia,...
04/12/2024Kerobyan admits there were problems at ANIF, but does not disclose details
... Foundation revealed certain problems with accountability, transparency and corporate governance. 'In response, the government reviewed the Fund's mandate and its management capabilities." he said. According to Kerobyan, although KPMG provided a clean audit report, the ministry felt that it did not accurately reflect ANIF's financial results and sent its comments to the Fund's management. "After that, a decision was made to change the NAIF management," Kerobyan said. The minister noted that ...
01/09/2024Grant Thornton Armenia Announces New Chairman of the Board
... I would like to thank him for his unwavering dedication and selfless contributions to the success of our firm throughout these years." The newly appointed Chairman of the Board, Armen Hovhannisyan, is one of the leading experts in the field of audit and accounting for financial organizations. Since 1998, he has led the relevant department at Grant Thornton Armenia, concurrently serving as the Chief Financial Officer and since 2020 he is the CEO of Grant Thornton CJSC. Mr. Hovhannisyan is a ...
12/18/2023French Defense Minister announces expansion of cooperation with Armenia
... undergo retraining. The French Minister also informed about the delivery of three GM200 radars to Armenia and the signing of a memorandum of understanding on future deliveries of Mistral air defense systems. The French side also intends to conduct an audit of the ground air defense forces of Armenia. -0-
10/24/2023All roads in Armenia to be audited for safety
A safety audit of all roads in Armenia will be conducted, Deputy Minister of Territorial Administration and Infrastructure Kristine Ghalechyan said in the parliament on Tuesday.. YEREVAN, September 12. /ARKA/. A safety audit of all roads in Armenia will be ...
09/12/2023Fly Arna has successfully received IOSA certificate
... joint venture company between ANIF and Air Arabia Group, announces a significant milestone in its commitment to ensuring safety and operational excellence. T The airline has been successfully registered as an IOSA Operator under the IATA Operational Safety Audit program (IOSA), positioning it as the only Armenian carrier to attain this internationally recognized safety accreditation in Armenia. This certification, valid for two years, was awarded to Fly Arna after a successful audit on its operational ...
08/21/2023Armenian NGOs express deep concern about Azerbaijani "environmentalists" engaged in political manipulations
... the project. However, the investors and the government of Azerbaijan did not agree to increase the cost of the project, and it was implemented with additional conditions. Considering the need for a "green" energy transition, an international audit of the activities of the Baku-Tbilisi-Ceyhan and other oil and gas industry projects, fulfilled and unfulfilled obligations, as well as greenhouse gas emissions and environmental damage should be carried out. Residents of Mirgurbanli and Yeni Gishlag ...
07/20/2023Amundi-Acba makes huge investment in Armenian economy
... able to provide a number of other advantages to the company, mainly in the field of corporate management. After the investment, a board of directors was established where we have our representative, a financial director was appointed and an external audit institute was introduced. This fosters the culture of the company since it moves from a small institution to a corporate stage. The role of Amundi Acba Asset Management is very important, they have been with us since the first day, the total investment ...
07/19/2023Yerevan Metro director and EDB representatives discussed joint investment projects
During a working visit to Russia, the acting director of Yerevan Metro (subway) Babken Sedrakyan met with the representatives of the Eurasian Development Bank (EDB) to discuss a set of issues related to the modernization, technical audit and overhaul of the underground transport facility, the Metro press service reported. YEREVAN, July 6. /ARKA/. During a working visit to Russia, the acting director of Yerevan Metro (subway) Babken Sedrakyan met with the representatives of ...
07/06/2023New positions to be created in Armenian schools
... specialist, information systems specialist, and psychologist have been added. They will become mandatory in all schools starting this September," the minister said at a joint meeting of the standing parliamentary committees, convened to discuss the Audit Chamber's report. -0-
06/23/2023Eco-village and ski complex worth $190 million will be built on the slope of Aragats Mountain
... rests with neighboring communities. In addition, this project will be the beneficiary of the 'Infrastructure for Investment' program designed by the government to encourage private investments. The minister said the government will hire a prominent audit firm to monitor the implementation of the project. Kerobyan said he had discussed this project with a French company that may be awarded the right to operate the project during Armenia-France economic forum held in Paris last week. Under the Infrastructure ...
03/02/2023Parliament elects new member of Chamber of Accounts
The Armenian National Assembly on Tuesday has elected a new member of the Chamber of Accounts. YEREVAN, January 17. /ARKA/. The Armenian National Assembly on Tuesday has elected a new member of the Chamber of Accounts. The new member of the country's highest financial control authority is Gagik Barseghyan, who currently works as coordinating expert of the budget bureau of the National Assembly. He was nominated by the ruling Civil Contract party. During the secret ballot he was backed by 67...
01/17/2023Four catering companies in Armenia accused of stealing 23 million drams
... Armenians who returned home from abroad after the outbreak of the coronavirus and were quarantined at several hotels in the resort town of Tsaghkadzor. According to the prosecutors, after looking into the tax bills and invoices of the companies the Audit Chamber and the Department for Protection of State Interests of the Prosecutor’s Office found out that the number of people allegedly provided with food by the catering companies did not comply with the numbers provided by the Ministry of Health....
05/30/2022Armenian Chamber of Auditors and Expert Accountants holds annual general meeting
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. YEREVAN, May 23. /ARKA/. The Chamber of Auditors and Expert Accountants of Armenia held ...
05/23/2022Armenian parliament elects former finance minister as chairman of Audit Chamber
Armenia’s Ex-Minister of Finance Atom Janjughazyan has been elected today Chairman of the Audit Chamber in a secret ballot by parliament members. YEREVAN, March 2. /ARKA/. Armenia’s Ex-Minister of Finance Atom Janjughazyan has been elected today Chairman of the Audit Chamber in a secret ballot by parliament members. Janjughazyan, nominated ...
03/02/2022Parliamentary committee approves nomination of Atom Janjughazyan as head of Armenia’s Audit Chamber
Еhe committee on financial and budgetary issues of the Armenian National Assembly has approved today the nomination of former Finance Minister Atom Janjughazyan for the post of Chairman of the Audit Chamber. YEREVAN, February 14. /ARKA/. The committee on financial and budgetary issues of the Armenian National Assembly has approved today the nomination of former Finance Minister Atom Janjughazyan for the post of Chairman of the Audit Chamber....
02/14/2022Atom Janjughazyan nominated for post of chairman of Audit Chamber
The ruling Civil Contract party of Armenian Prime Minister Nikol Pashinyan that controls 71 seats in the 107-member National Assembly has nominated former finance minister Atom Janjughazyan for the post of Chairman of the Audit Chamber. YEREVAN, January 31. /ARKA/. The ruling Civil Contract party of Armenian Prime Minister Nikol Pashinyan that controls 71 seats in the 107-member National Assembly has nominated former finance minister Atom Janjughazyan for the post of ...
01/31/2022Pashinyan approves composition of council dealing with constitutional reforms
... Reforms Commission (established in February 2020) and replace it with the Constitutional Reforms Council. The Council will have to set up a 5-member commission on constitutional reforms. Pashinyan said on January 24, 2022 that the authorities will have to audit the current Constitution and see if there were opportunities to improve it. He didn't rule out that amendments will be introduced to the legislation as a result. Nikol Pashinyan announced large-scale constitutional reforms during his supporters' ...
01/27/2022Chairman of Armenian Audit Chamber resigns
The Chairman of Armenia's Audit Chamber Levon Yolyan is resigning before the end of his term in office. YEREVAN, January 19. /ARKA/. The Chairman of Armenia's Audit Chamber Levon Yolyan is resigning before the end of his term in office. Yolyan has tendered his resignation,...
01/19/2022Grant Thornton Armenia and HR-Association conduct employer rating survey
... their opinions about organizations in various markets during the month. The results of the survey will be summed up on December 10. About Grant Thornton Armenia Grant Thornton Armenia, a member of Grant Thornton International, is the market leader in audit, business, risk and cyber security and accounting consulting services. About HR-Association of Armenia HR-Association of Armenia has over 300 members from different Armenian companies. The aim of the Association is to bring together leading HR ...
11/29/2021Hayastan All-Armenian Fund to commission international audit firm to investigate use of donations raised during Nagorno-Karabakh war
The Board of Trustees of the Hayastan All-Armenian Fund said on March 15 that it will commission an international audit firm to investigate the use of the donations raised during the war in Nagorno-Karabakh. YEREVAN, March 16. / ARKA / The Board of Trustees of the Hayastan All-Armenian Fund said on March 15 that it will commission an international audit firm to ...
03/16/2021Improving Governance and Fighting Corruption for Inclusive Growth in the Caucasus and Central Asia
... information—, designing open and transparent procurement processes with publication of contracts and beneficial ownership of awarded entities, establishing strong internal controls and external oversight of public finances that includes independent audit, strengthening accountability of SOEs—given the dominant role they play in many countries in the region—, and enhancing asset declaration regimes. Streamlining rules and enforcing them fairly. Fiscal institutions' operations and related rules ...
02/10/2021Armenian government approves economic response program
... first quarter of 2021. “It is obvious that the coronavirus crisis and the war in Nagorno-Karabakh, in addition to health and safety issues, have also become a source of economic shocks. According to statistics, the economic decline in Armenia in 2020 ... ... of the plans to start commercial cannabis cultivation. He said also more attention should be paid to the mining sector and an audit of agricultural assistance programs must be conducted. –0--
02/04/2021Armenian parliament elects new member of Audit Chamber
At its extraordinary session on Tuesday, the Armenian parliament elected Karen Arustamyan as a new member of the Audit Chamber. As many as 104 MPs took part in the voting, of which 103 voted for, and 1 against. YEREVAN, December 29. /ARKA/. At its extraordinary session on Tuesday, the Armenian parliament elected Karen Arustamyan as a new member of the Audit ...
12/29/2020My Step ruling faction puts up candidate for Armenian Audit Chamber member post
The ruling faction My Step presented Thursday at the parliamentary session Karen Arustamyan's candidacy for the post of a member of the Audit Chamber of Armenia. YEREVAN, December 10. /ARKA/. The ruling faction My Step presented Thursday at the parliamentary session Karen Arustamyan's candidacy for the post of a member of the Audit Chamber of Armenia. As Deputy Chairman of the Standing ...
12/10/2020Hayastan All Armenian Fund to provide portion of funds raised through "We Are Our Borders" fundraising initiative to the budget
... Committee of the Fund will prepare a detailed report on its activities and expenses to be reviewed by the Oversight Committee and submitted to the Board of Trustees for approval. The Fund's detailed financial statements will be published following an audit carried out by an independent international auditor. Staying true to the Fund’s mission to use funds sparingly, efficiently and purposefully, the available funds will be used for the most urgent needs of the families displaced from Artsakh, those ...
11/18/2020Karen Sedrakyan re-elected as member of Armenian anti-trust agency
... 1982. In 2004 he graduated from the Yerevan State Economic Institute. In 2007 he graduated from the Institute for Economic Research of the Ministry of Finance and Economics. He has a PhD in economics. In 2012 - 2018 he served as head of the internal audit department of the State Revenue Committee. In 2018 - 2019 he was an adviser to the general director of High-Voltage Electric Networks. Since May 31, 2019 he was a member of the State Commission for the Protection of Economic Competition. -0-
07/08/2020United States helps Armenia combat corruption with $1 million in assistance
On June 23, an online event launched the $1 million, three-year “Technical Assistance to the Audit Chamber of the Republic of Armenia” collaborative activity. YEREVAN, July 3. / ARKA /. On June 23, an online event launched the $1 million, three-year “Technical Assistance to the Audit Chamber of the Republic of Armenia” collaborative ...
07/03/2020Armenian parliament in session, Prosperous Armenia boycotting it
... extraordinary meeting. Deputy Finance Minister Armen Hayrapetyan, introducing the agenda to the parliament, said that the government proposes to put 12 issues on the National Assembly’s floor. The performance of the 2019 government budget, the reports of the Audit Chamber, the Central Bank and the Central Election Commission as well as the loan agreement with the IMF on increasing credit assistance to Armenia are among the issues on the agenda. YEREVAN, June 24. /ARKA/. At the initiative of the government,...
06/24/2020Armenia sees drop in tax collection rate because of coronavirus
Due to the coronavirus pandemic, the tax collection rate has declined, according to Artur Hakobyan, deputy head of the Tax Audit Office at the State Revenue Committee. YEREVAN, June 12. /ARKA/. Due to the coronavirus pandemic, the tax collection rate has declined, according to Artur Hakobyan, deputy head of the Tax Audit Office at the State Revenue Committee. He said at ...
06/12/2020Taxes paid by 1000 largest Armenian companies in first quarter grew by 11 percent
Artur Hakobyan, deputy head of the Tax Audit Office at the State Revenue Committee, recalled today that Armenia's 1000 largest corporate taxpayers paid a total of 245.6 billion drams in taxes in the first quarter of 2020, by 24.6 billion drams or 11% more from the same time span of 2019. ...
06/12/2020Armenia’s State Revenue Committee unveils annual program of comprehensive tax audits
The State Revenue Committee of Armenia published Tuesday an annual program of comprehensive tax audits for the period from July 1, 2020 to July 1, 2021. YEREVAN, June 2. /ARKA/. The State Revenue Committee of Armenia published Tuesday an annual program of comprehensive tax audits for the period from July 1, 2020 to July 1, 2021. The department ...
06/02/2020Pashinyan says two criminal cases launched into developments involving two Armenia-registered airlines
... 2019, several Armenian airlines had been involved in the illegal trafficking of weapons and ammunition in Africa, which was used by the European Aviation Safety Agency (EASA) as a reason to revoke their licenses. Pashinyan said the European Aviation Safety Agency concluded that Armenia's Civil Aviation Committee was unable to effectively oversee the activities of Armenian airlines. According to him, in 2019 autumn, the EASA conducted an audit at one of the Armenian airlines and issued t a warning about the discovered violations, but one of the officials of the Civil Aviation Committee failed to convey the report to the Committee's chairperson. Pashinyan said the head of the Committee ...
04/15/2020Major irregularities found in Armenian defense ministry's diesel fuel procurement
The State Audit Office of Armenia has scrutinized the legality and effectiveness of defense ministry's diesel fuel procurement in 2019 for the needs of the department. YEREVAN, March 11. /ARKA/. The State Audit Office of Armenia has scrutinized the legality ...
03/11/2020The number of women holding senior positions in Armenia increased by 1% in 2019 to 23% of the toatl: Grant Thornton
... the report. By having gender diversity in senior management, their views on the market are likely to be more reflective of a broader clientele, she added. Grant Thornton International is an international organization that brings together independent audit, accounting and consulting firms that provide audit, tax and consulting services to private and public companies. Grant Thornton member firms provide services in more than 100 countries, including Armenia. -0-
03/06/2020New risks emerge in micro businesses area - Armenia's State Revenue Committee to conduct additional inspections
... business entities could not operate in the micro-business sector and they were asked to switch to the sphere of VAT or value-added tax. He also said that a new approach to conducting inspections was introduced in 2019, according to which a preliminary audit of taxpayers is carried out first, also on the basis of a questionnaire and risk assessment. "Based on such inspections, 418 cases of violations were discovered, the results of which revealed additional tax liabilities in the amount of 3.7 ...
03/04/2020Armenia's State Revenue Committee returned 162.5 billion drams as vat refunds
In 2019, Armenia's State Revenue Committee (SRC) returned 162.5 billion drams as VAT refund to economic entities, by 72.4 billion drams or 80.3% more than in 2018, Telman Asatryan, the head of the SRC tax audit department, said today. YEREVAN, February 28. /ARKA/. In 2019, Armenia's State Revenue Committee (SRC) returned 162.5 billion drams as VAT refund to economic entities, by 72.4 billion drams or 80.3% more than in 2018, Telman Asatryan, the ...
02/28/2020BSTDB president on Armenian economy, bank secrecy and global crises
... become such a unit of account. But other countries are not ready to recognize the ruble as a single currency and I don’t think it will be right to invent some kind of currency or something artificial. ARKA - According to the estimates of the PwC audit company, 2020 will be a year of slowdown in global economic growth to 3.4%. Many experts predict a large-scale crisis by 2025 due to high debt, rising money supply and low rates, the infusion of huge money into the capital of companies around the ...
02/18/2020New appointments made in Grant Thornton Armenia
... markets. This is truly very exciting, but it also calls for a new governance structure that will enable our bold projects. Grant Thornton Armenia is entering into an interesting phase and I am confident that under Armen Hovhannisyan’s leadership our audit firm will achieve new milestones”, Gagik Gyulbudaghyan is quoted in the company's press release. Armen Hovhannisyan is one of the leading experts in the area of audit and accounting of financial organizations, who has led Grant Thornton Armenia’s ...
02/03/2020Large Armenian companies and mass media will have to undergo mandatory audits
Armenia's Deputy Prime Minister Mher Grigoryan called today for introduction of mandatory audits of large businesses, including the media. YEREVAN, January 16. /ARKA/. Armenia's Deputy Prime Minister Mher Grigoryan called today for introduction of mandatory audits of large businesses, including the media. Speaking at a Cabinet meeting,...
01/16/2020Armenia's anti-trust agency to reveal monopolists in local media market
... Protection of Economic Competition (SCPEC), said during a government meeting today. Today, the government decided to allocate 26.6 million drams (about $55.4 thousand) to the Public Television and Radio Company Council to commission an international audit of services provided by the Admosphere Armenia company for researching and monitoring Armenia's digital television audience. The audit is meant to verify the reliability of the tele-monitoring methodology and its compliance with the international ...
01/16/2020Armenia's Audit Chamber reveals a string of breaches in social protection service
Armenia's Audit Chamber has revealed a string of breaches after inspecting the Social Protection Service of the Ministry of Labor and Social Affairs, the daily 'Zhoghovurd' (People) writes in today's issue. YEREVAN, December 18. /ARKA/. Armenia's Audit Chamber ...
12/18/2019Armenia's state audit office exposes 2.1 billion drams worth abuses
Armenia's State Audit Office exposed 2.1 billion drams worth abuses after inspecting the Jrar company's performance in 2014-2018. YEREVAN, December 11. /ARKA/. Armenia's State Audit Office exposed 2.1 billion drams worth abuses after inspecting the Jrar company's ...
12/11/2019Armenian deputy prime minister praises EEU for becoming more efficient and quicker in responding to various challenges
... YEREVAN, November 28. /ARKA/. Armenian Deputy Prime Minister Mher Grigoryan praised today the Eurasian Economic Union (EEU) for becoming more efficient and quicker in responding to various challenges. He was speaking at a joint meeting of top officials of audit chambers of the EEU member countries in Yerevan. He described the Russia-led economic bloc as 'effective integration association' created to ensure sustainable economic progress and development of member states. He said the bloc has proved its viability ...
11/28/2019PriceaterouseCoopers considers expansion of activity in Armenia
... PricewaterhouseCoopers could also be a partner within this framework. During the meeting, they also spoke about the prospects for cooperation in the framework of other presidential initiatives. PricewaterhouseCoopers is a member of the world's largest networks providing audit, accounting, corporate finance, tax and legal consulting services operating in 158 countries. Since 2007, the company has also been operating in Armenia. -0-
10/30/2019South Caucasus Railway operating Armenia's railroads goes on strike
... a criminal case against SCR, accusing it of abuses and misappropriations. In December 2018, Armenia's Investigative Committee launched a criminal case against a former Deputy Minister of Transport for hiding a long string of abuses identified by an audit of the South Caucasus Railway. In late 20018 December, the Investigative Committee said it was investigating SCR’s activities for the last 10 years to verify if it indeed had invested $226.8 million in the development of the facility. The company ...
10/23/2019Pashinyan and Russian Railways executives discuss future cooperation
... a criminal case against SCR, accusing it of abuses and misappropriations. In December 2018, Armenia's Investigative Committee launched a criminal case against a former Deputy Minister of Transport for hiding a long string of abuses identified by an audit of the South Caucasus Railway. In late 20018 December, the Investigative Committee said it was investigating SCR’s activities for the last 10 years to verify if it indeed had invested $226.8 million in the development of the facility. The company ...
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