Armenia’s audit quality supervision discussed at AmCham meeting

PanARMENIAN.Net - On June 25, 2012 American Chamber of Commerce in Armenia (AmCham) held meeting with the representatives of its member audit companies and Chairman of Association of Accountants and Auditors of Armenia Aharon Chilingaryan. The meeting took place at the offices of PricewaterhouseCoopers Armenia and was conducted by AmCham Executive Director Diana Gaziyan.

The participants of the discussion represented the following companies: PricewaterhouseCoopers, Ernst & Young, KPMG, and Grant Thornton. Other participants were the AmCham Directors and the representative of the U.S. Embassy in Armenia.

The participants addressed the issue of effectiveness of audit quality supervision in Armenia. Along with this, they discussed the issue of implementation of self-regulatory mechanisms or structure which will help in setting the effective supervision of audit companies’ activities in accordance with the RA legislation and international standards. According to some of the participants, the formation of such institution will promote the quality of audit and increase the level of trust towards the audit companies in Armenia. Participants found it important to widen the scope of dialog and cooperation between the Accountants and Auditors Association of Armenia and the RA Ministry of Finance. In order to make the discussion continuous and more targeted, the representatives of the audit companies suggested AmCham take over the coordination role and present the international experience of its member companies in this area. Upon completion of the meeting, Aharon Chilingaryan called upon companies to join the memorandum of understanding between the Association of Accountants and Auditors of Armenia and auditing companies operating in Armenia.

AmCham is an independent business association operating in Armenia since 2000. AmCham represents interests of around 90 member-companies from almost every business segment of Armenian economy. In pursuit of better business environment and promotion of the best business practices, AmCham closely cooperates with the Armenian government, international organizations, and wider business community. AmCham is a member of the U.S. Chamber of Commerce and European Council of American Chambers of Commerce, AmCham’s press service reported.