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ARMENIAN COMPANIES HAVING FALSE FIGURES IN THEIR FINANCIAL REPORTS NO LONGER ELIGIBLE TO COMPETE IN GOVERNMENT TENDERS
YEREVAN, July 10. /ARKA/. The Armenian government decided today to
strip large companies having false figures in their financial reports
or companies where gross faults had been found during audits of their
right to take part in government tenders.
Finance Minister David Sargsyan said that such companies will not only
be stripped of their right to take part in government procurements,
but will also find themselves in the State Revenue Committee's
high-risk zone.
Prime Minister Tigran Sargsyan stressed that this is the second
consecutive year the government demands companies to observe the law,
but this demand has produced little effect so far.
"People should know that those large companies hiding their audit
conclusions have problems," he said.
Vache Gabrielyan, head of the government administration, said large
companies were obliged to release audit results as of July 1, but
there are only one or two releases so far.
The government's decision made earlier obliged all those companies
whose revenue or assets exceed AMD 1 billion to undergo international
audit starting from 2012. ($1 - AMD 411.76). ---0-----
- See more at:
http://arka.am/en/news/economy/armenian_companies_having_false_figures_in_their_f inancial_reports_no_longer_eligible_to_compete_in_/#sthash.mWkerda1.dpuf
From: A. Papazian
YEREVAN, July 10. /ARKA/. The Armenian government decided today to
strip large companies having false figures in their financial reports
or companies where gross faults had been found during audits of their
right to take part in government tenders.
Finance Minister David Sargsyan said that such companies will not only
be stripped of their right to take part in government procurements,
but will also find themselves in the State Revenue Committee's
high-risk zone.
Prime Minister Tigran Sargsyan stressed that this is the second
consecutive year the government demands companies to observe the law,
but this demand has produced little effect so far.
"People should know that those large companies hiding their audit
conclusions have problems," he said.
Vache Gabrielyan, head of the government administration, said large
companies were obliged to release audit results as of July 1, but
there are only one or two releases so far.
The government's decision made earlier obliged all those companies
whose revenue or assets exceed AMD 1 billion to undergo international
audit starting from 2012. ($1 - AMD 411.76). ---0-----
- See more at:
http://arka.am/en/news/economy/armenian_companies_having_false_figures_in_their_f inancial_reports_no_longer_eligible_to_compete_in_/#sthash.mWkerda1.dpuf
From: A. Papazian