Gagik Gyulbudagyan: Only companies aimed at entering international markets are interested in auditing

ArmInfo. Only companies aimed at entering international markets are interested in auditing in Armenia. This opinion was expressed in the conversation with journalists by the director and shareholder of Grant Thornton Armenia Gagik Gulbudagyan on March 5 at the margins of the working conference "Improving the quality of auditing by ensuring quality control of audit activities".

In particular, according to him, Grant Thornton Armenia company traditionally cooperates with medium and large companies that work with international structures or are aimed at export. Proceeding from this, after 2014, when the requirement to pass compulsory audit for companies with turnover or assets in excess of 1 billion drams was eliminated, the company lost 5-6 companies from the existing 200 partner companies.

At the same time, as the expert explained, the new law "On Accounting" and "On Auditing" will form a culture of presentation of accounting (financial) statements (information on the financial position of the economic entity at the reporting date, the financial result of its activities and cash flows for the reported period). The current legislation requires companies to submit accounting reports. However, in practice, there is no government agency that monitors the fulfillment of this obligation. The Ministry of Finance, which is entrusted with this function, does not have such resources, in order to check the implementation of the norm. Under the new law, which is planned to be approved this spring, the formation of the Gosregister will be envisaged, where this type of reporting will be recorded.