Pricewaterhousecoopers To Carry Out Audit Activity In Armenia


Noyan Tapan
March 12, 2008

YEREVAN, MARCH 12, NOYAN TAPAN. The RA deputy minister of finance
and economy Davit Avetisian on March 12 handed the licence for audit
services to the representative of PricewaterhouseCoopers (PWHC)
company’s Armenian subsidiary Clifford Isaac at the hall of sittings
of the RA ministry of finance and economy.

During the press conference following this ceremony, C. Isaac stated
that the company opened its subsidiary, taking into account the
fact that the direct introductiion of international accounting and
financial accounting standards has begun in Armenia. Accoridng to
him, PWHC is ready to withstand the competition of the other audit
companies that form the "great four" in Armenia. C. Isaac said that
among PWHC’s global customers operating in Armenia are RAO UES,
Gazprom, Nokia and Siemens.

Armenia is the 150th country where PWHC has opened its office. As
of March 12, 2008, there were 31 licensed audit organizations and 4
licensed auditors in Armenia. According to D. Avetisian, about 700
agreements on provision of audit services were signed with them in
2007. In his opinion, the presence of PWHC will expand the Armenian
market of audit services and raise the competition extent.

D. Avetisian spoke about the reforms (both ongoing and envisaged ones)
in Armenia’ audit and accounting sectors. In particular, he underlined
the necessity to bring the current audit and accounting standards of
Armenia into line with international standards, saying that with this
aim the RA ministry of finance and economy has initiated legislative
and structural reforms and an official translation of the international
standards of financial statements.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS