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.