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WB Presents A Report On Accounting And Auditing In Armenia

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  • WB Presents A Report On Accounting And Auditing In Armenia

    WB PRESENTS A REPORT ON ACCOUNTING AND AUDITING IN ARMENIA
    Sona Hakobyan

    "Radiolur"
    17.06.2009 16:56

    The Report on the "Observance of Standards and Codes: Accounting and
    Auditing" of the World Bank was presented in Yerevan today. Specialists
    of the sphere presented the reforms in the sphere of financial
    accounting and auditing implemented in the world and he countries of
    the region.

    Reference was made to the influence of the global financial-economic
    crisis on reforms.

    The report presents an assessment of accounting, financial reporting
    and auditing requirements and practices within the enterprise and
    financial sectors in Armenia. The report uses International Financial
    Reporting Standards (IFRS) and International Standards on Auditing
    (ISA) as benchmark and draws on international exercise and good
    practices in the field of accounting and audit regulation, including
    the EU member states, to assess the quality of financial information
    and make policy recommendations.

    "The World Bank will be with Armenia throughout the process of reforms
    in the field of accounting and auditing," said John Hegarty, Head of
    the World Bank Centre for Financial Reporting Reform. He underlined
    that Armenia had registered great progress in this regard, but there
    was still some way to pass. "The World Bank will be beside Armenia as
    long as necessary. We are here to assist Armenia. The importance of
    raisin g the level of financial accountability especially increases
    under the conditions of the crisis, accounting and audit become
    extremely essential, because they play a regulatory role. Crisis means
    new challenges, the risks increase, their measurability decreases,
    but we are sure we'll work together to resist this," Mr. Hegarty said.

    Head of the World Bank Office in Armenia Aristomene Varoudakis
    expressed hope that this report would enable Armenia to improve
    the corporative accounting and auditing, since these are among the
    important prerequisites for the country's development. According
    to him, the corporative financial transparency is important for
    the private sector, as well: it provides the investors with an
    opportunity to properly assess the corporative perspectives of the
    companies, increases their trust in private companies and promotes
    the availability of credits for small and medium-sized businesses.

    According to RA Minister of Finance Tigran Davtyan, accounting and
    auditing are one of the most important spheres of the financial sector,
    and their productive activity promotes the development of the economic
    and financial system of the country. The Minister informed that
    Armenia had been implementing reforms in cooperation with the World
    Bank and other financial institutions to have the sphere correspond
    to international standards.
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