Reforms conducted by Armenia to bring accounting and audit systems into compliance with international standards, are planned to be completed by the end of 2009, RA Finance Minister Tigran Davtyan told at the conference on implementation and dissemination of accounting and audit rules in Armenia. "Armenia is implementing legislative and institutional reforms of accounting and audit systems to be brought to logical ending by the end of year," he noted.

According to Davtyan, accounting and audit system are among the most important spheres of financial and economic sector, which is an important factor in the economic development of the country. In this contest, RA Finance Minister emphasized the importance of bringing the systems in compliance with European standards, also noting that reforms in Armenia are actively influenced by international partners, specifically, the World Bank.

In his turn, Head of WB Armenia Aristomene Varudakis added that usage of corporate management standards in Armenia will help reduce corruption risks and increase the level of trust among investors, become a foundation for small and medium-sized businesses and promote stable economic development in Armenia.