The Chamber of Auditors and Expert Accountants of the Republic of Armenia was established in 1997.
Since 2005, it has become a associate member of the International Federation of Accountants (IFAC), carries out the auditor and expert accountant qualification process in line with the International Education Standards of IFAC, sets out and oversees the requirements for sustainable professional development of its members, as well as conducts external assessment of compliance with quality control over services provided by its member auditors and audit companies.
In 2020, the Chamber was accredited as a professional Organization and performs state regulatory functions in the fields of accounting and auditing in the Republic of Armenia.
In 2021, the Eurasian Group of Accountants and Auditors, as well as the the Advisory Council of Auditors of the Eurasian Economic Union were founded with the involvement of the Chamber and professional organizations of CIS and EAEU member countries.
The mission of the Chamber is to improve the reliability of financial information contributed by organizations operating in Armenia for users, including investors. To fulfil this mission, the Chamber strives to enhance the professional capacities of accountants and auditors operating in the Republic of Armenia by means of raising their qualification, providing ongoing education, offering full scale professional support and quality control, as well as by means of constant communication with accounting and auditing customers.
As of 16 March 2023, the Chamber has 491 members, of which 26 are companies, 230 are auditors and 235 are expert accountants.
In 2023, (before 16 March 2023) 17 members joined the Chamber, of which 4 were auditors and 13 were expert accountants.
The Chamber carries out external assessment of compliance with quality control requirements of audit services provided by its member auditors and audit companies, as well as external assessment of compliance with occupational legislation and the requirements of the Code of Professional Ethics by its member expert accountants and auditors, who are not employees of an audit company.
In 2022, the Institute of Chartered Accountants of England and Wales (ICAEW), financed by the Asian Bank and commissioned by the Ministry of Finance of the Republic of Armenia launched works on development of external assessment procedures.
The Chamber implements an educational programme that provides qualification of professional accountant and auditor and includes holding relevant trainings and exams, with at least two examination periods throughout the year.
The qualification of the auditor and expert accountant, issued by the Chamber, meets the requirements of IES (international education standards) and this fact is confirmed by IFAC and the accreditation certificate granted by the Ministry of Finance of the Republic of Armenia.
To qualify as a Chamber auditor and (or) expert accountant, Individuals will need to successfully undergo the qualification exams, as well as have a higher education degree and the required professional work experience. Qualifications are issued for an indefinite period of time.
The qualification system of the Chamber relies on the qualification system of the Association of Chartered Certified Accountants of the United Kingdom of Great Britain and Northern Ireland (hereinafter referred to as “ACCA”). The examination schedule for auditor qualification consists of 7 subjects, while that of the expert accountant – 6 subjects.
A total of 756 people attended the training sessions held in 2022 and 1019 people attended the exams. For statistics, see here:
The object of CPD is periodic updating of the knowledge required to ensure high standards of professional work by each member of the Chamber in various sectors of economy. This will provide the public with sufficient assurance that each member of the Chamber has a profound professional up-to-date knowledge on accounting, taxation, financial reporting, auditing and on other fields related to the profession.
Auditors and expert accountants who are members of the Chamber are obliged to undergo CPD starting from the year following the year of their membership in the Chamber. The duration of CPD for each calendar year shall not be less than 20 hours, and shall not be less than 80 hours for every consecutive two years. In case of non-compliance with CPD requirements the qualifications issued shall be cancelled in accordance with laws of the Republic of Armenia and IES regulations.
The Chamber meets the international standards in the field of education, auditing and financial reporting.
The Chamber ensures the implementation of the qualification programme in accordance with the updated IFAC international education standards, it also envisages further inclusion of new examination subjects in the qualification programme.
Pursuant to the Law of the Republic of Armenia “ “On regulation and public oversight of accounting and auditing”, the translation and adoption of international standards of auditing and financial reporting are not reserved to the Professional Organization (the Chamber); the Chamber, however, stands ready to participate in the translation of international standards of auditing and financial reporting and assist in the application of those standards. It may provide comments on draft international standards of auditing and financial reporting and on the documents discussed.