YEREVAN. – The Association of Accountants and Auditors of Armenia (AAAA) is against the lifting of the mandatory audit for the large companies in the country, AAAA President Aharon Chilingaryan told Armenian News-NEWS.am. 

Chilingaryan stated the aforesaid commenting on the amendment—which was approved at the Cabinet meeting—to the Law on Accounting. 

Armenia’s large companies, for which an audit is mandatory, must submit the given year’s independent auditor’s report by no later than July 1 of next year. But this law had come into force in 2011, and therefore, as per the AAAA head, the new government’s attempt at taking a backward step is incomprehensible.

“An external audit is mandatory so that the business may be transparent. [And] that is why we will act against the lifting of the mandatory audit,” Aharon Chilingaryan stated, in particular.