​Audit

The purpose of the financial statements audit is to enable the auditor to express an opinion on whether the financial statements in all material aspects are composed in compliance with the Armenian legislation.
The auditor opinion provides high (but not absolute level) of confidence which valuates credit-ability towards financial statements. In the result of the audit a writing audit opinion (as well as an audit report (letter to management) if it envisaged by the contract) is given to the customer.

The audit can be exercised in following main directions:

• The audit of the financial statements, which are composed in compliance with the Armenian Accounting Standards
• The audit of the financial statements, which are composed in compliance with other comprehensive accounting principles
• The audit of the financial statement's given elements (given accounts of the statements, elements of the accounts or articles)

Audit ancillary services:

• Monitoring. Financial statements monitoring purpose is by means of audit monitoring procedures execution to enable the auditor to find out whether the financial statements are prepared in compliance with the Armenian legislation. In the result of monitoring the auditor issues an opinion on financial statements.
• Agreed procedures. In case of agreed procedures implementation an auditor use procedures, which are agreed between him, audited organization and third party or parties. In the result of the agreed procedures execution auditor issues opinion on actual results of the audit, based on which the users can make their conclusions.
• Compilation. In case of compilation an accountant is obliged to gather, classify and summarize the financial information, using accounting and not audit knowledge and skills. Typical compilation case is the financial statements composing, using initial documentation. In the result of compilation the report on compilation is given to the customer.

The importance of audit

In the result of the world economy globalization and financial markets unification, the importance of the independent audit of the annual financial reports, which is prepared in compliance with IFRS, has risen sharply.

Execution of the audit valuates credit-ability of the external users, such as investors, financial institutions, tax authorities and potential customers towards audited financial statements. The audit is very important especially for the shareholders, since it enables them to find out weakness of the accounting and internal control, errors and fraud.

FREE-WILL AUDIT normally is arranged by shareholders or beneficiaries, aimed at acquiring of fare picture of an organization's activity. The need of FREE-WILL AUDIT and ancillary services is in presence particularly in course of relations with tax and other control authorities.

In case of COMPULSORY AUDIT demand for annual audit should be stipulated by appropriate law. Particularly, it is mandatory that the following kinds of companies should be audited:

• Big companies, regardless of legal types of an organisation, which had in the previous year gross sale more than 500 mln. AMD, or such organizations which as of end of the previous year has registered total asset's book value more than 500 mln. AMD (Law on Accounting, Article 24)
• Insurance companies
• Investment companies
• Pawnshops
• Banks & credit organizations
• Funds
• Open Joint Stock companies

Annual Financial Statements

IFRS 2021 2022 2023
File Size:	4520 kb
File Type:	pdf

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Accounting

We provide number of accounting related services.
Accounting is s system for collection, registration and generalization of information in monetary expression concerning the state and flow of the assets, equity, liabilities of an organization through comprehensive & continual documented accounting of all economic transactions.

->Creation, rehabilitation and implementation of the accounting
->Composing of the financial reports
->Financial reports re-submission in compliance with Armenian Accounting Standards, International Financial Reporting Standards (IFRS) or Generally Adopted Accounting Principals (GAAP)
->Development of the Accounting policy
->Development of the accounts working plan
->Preparation of the handbook on standard transaction bookkeeping

info@yerevanaudit.am

+374 10 52 20 73
​+374 93 25 05 80

Armenia, Yerevan
Baghramyan ave. 3 (4th floor)

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