Independent internal audit to be introduced in Armenia’s state institutions from 2012

PanARMENIAN.Net - During the November 11 sitting, the Armenian government approved a strategy for introduction of a system of independent internal audit in Armenia’s state institutions, as well as a program of events for its implementation.

Armenian Minister of Finance Tigran Davtyan told a briefing that the strategy has been developed with usage of international experience as part of Armenia-EU cooperation with participation of international experts.

“The strategy aims to create an institutional network of independent internal audit to increase the management efficiency of state institutions’ financial resources,” he said.

The Minister noted that from one side the new system will be centralized, as the Ministry of Finance will coordinate the activity of separate audit structures, defining “rules of the game.” From the other side, it will be decentralized, as every state institution will apply it independently.

According to Davtyan, in case of external audit’s inspections, structures of internal audit will be responsible for the revealed violations.

Minister Davtyan also said that the first stage of the strategy introduction is envisaged to be implemented in 2012-2014.