The Chamber of Accountants and Auditors of Armenia controls the process of continuous professional growth of auditors

ArmInfo. "The Chamber of  Accountants and Auditors of Armenia" under the new law "On  Accounting" and "On Auditing" will monitor the process of continuous  professional growth of the members of the Chamber of Auditors. Head  of the Accounting and Auditing Department of the Ministry of Finance  of the Republic of Armenia Karen Alaverdyan stated on the margins of  the working conference "Improving the quality of auditing by ensuring  quality control of audit activity" on March 5.

According to Alaverdyan, despite the fact that the Ministry of  Finance will continue to establish policy in the sphere, the Council  of Public Control under the Ministry of Finance of Armenia will be  formed in accordance with the directives of the European Union,  including representatives of the Ministry of Finance, the Central  Bank, the Ministry of Economic Development and Investment, Ministry  of Education and Science, as well as the professional community. The  Board will monitor the quality of the audit, as well as control the  activities of the Chamber of Auditors and accountants, which in turn  will exercise the functions regulating the sphere.

The results of legislative reforms are expected to improve the  quality of auditing. According to the representative of the Ministry  of Finance, in order to monitor the quality of the audit, it is  necessary to have experience as an auditor. "Auditors are very  expensive specialists, therefore, in order to attract such  specialists to the public sector, additional financial costs are  required, while the reforms will allow the specialists involved in  these bodies to monitor the activity of auditors and keep the quality  at the proper level," Alaverdyan explained.

However, in order to ensure a natural demand for audit services and  stimulate the interest of companies to voluntarily conduct an annual  audit, according to the expert, it is necessary first of all to  improve the quality of the audit. To this end, as Alaverdyan pointed  out, it is necessary to exclude the practice of dishonestly putting  signatures and seals. "Then, when the society sees quality services  provided by the audit, it will form an additional demand for audit,"  the representative of the Ministry of Finance explained.