LAW OF THE REPUBLIC OF ARMENIA

of January 30, 2018 No. ZR-58

About auditor chamber

Accepted by National Assembly of the Republic of Armenia on January 16, 2018

Chapter 1. General provisions

Article 1. Subject of regulation of the law

1. This Law regulates legal status of Auditor chamber, the purpose and guarantee of activities, the organization of activities of Auditor chamber, audit implementation, and also the relations connected with service in Auditor chamber.

Article 2. Auditor chamber

1. The auditor chamber is the independent state body performing external state audit (further - audit).

2. The auditor chamber consists of seven members: president of Auditor chamber and six members.

3. The auditor chamber develops, claims and realizes policy in the field of external state audit.

4. The residence of Auditor chamber - the city of Yerevan.

Article 3. Purpose of activities of Auditor chamber

1. The purpose of activities of Auditor chamber is provision of the public and to National Assembly of professional and impartial information concerning law enforcement and efficiency in the sphere of public finances and property by carrying out audit.

Article 4. The basic concepts used in the Law

1. In this Law the following basic concepts are used:

1) audit - assessment of conformity to the standards and requirements established by the legal acts regulating subject of check and (or) the bargains concluded within the civil relations, and (or) other standards chosen according to methodology of audit and (or) methodical recommendations of Auditor chamber, and also control over the implementation of the recommendations provided by results of audit. In this law of the rule, concerning audit, are applied both to audit, and to checks, and rules of check are applied only to checks.

2) the sphere of scope of audit - management of public property;

3) public property - the state-owned and municipal property, including the means (entering and proceeding from the state and municipal budgets), the administrative expenses and capital investments of the Central bank approved by National assembly;

4) audit subject - the estimated part within audit.

5) object of audit (check) - the subject determined by part 1 (in case of check - part 2) article 8 of this Law;

6) the auditor - the official booking audit;

7) the expert-physical person, having special knowledge in the respective area, participating in carrying out auditor works on contractual basis;

8) discrepancy case of non-compliance with the requirements established by the legal acts regulating object of audit and (or) the bargains concluded within the civil relations;

9) misstatement - difference between the amount, classification, representation or disclosure of information in the financial reporting and the requirements established in the applicable concept of preparation of the financial reporting;

10) the financial statement - the performance report of the budget provided by the law "About the Budget System of the Republic of Armenia", the financial statement provided by the laws "About Financial Accounting of the Organizations of Public Sector" and "About Financial Accounting";

11) the subsequent control (follow-up) - receipt of information on accomplishment of the actions following from the recommendations provided as a result of audit (including from object of audit), the analysis and the conclusion;

12) financial audit - assessment of the financial reporting prepared in audit subject in comparison with the regulations and requirements established by legal acts and (or) other bargains concluded within the civil relations;

13) komplayens-audit - assessment of conformity of object of check to the regulations and requirements established by legal acts and (or) other bargains concluded within the civil relations;

14) efficiency audit - by means of the criteria and requirements established by the legal acts regulating subject of check and (or) the bargains concluded within the civil relations, and (or) other criteria chosen according to methodology of audit and (or) methodical recommendations of Auditor chamber economic and (or) resource and (or) assessment of target efficiency;

15) economy (economy) - the principle by means of which costs for the acquired resources in comparison with their best possible price are estimated;

16) resource efficiency (efficiency) - the principle by means of which receipt of the most measurable results in exchange for use of state-owned property is estimated;

17) target efficiency (effectiveness) - the principle by means of which extent of achievement of effective objectives and extent of achievement of the expected results is estimated;

18) consideration - studying by the auditor of the actual situation connected with audit subject;

19) observation - observation of accomplishment of process or the procedure relating to audit subject (including to object of audit);

20) request - sending an inquiry about provision of information in written or oral form to persons responsible for object of audit;

21) external approval - submission of demand about provision of information to other body, organization or the legal entity given with the state function in the procedure established by the law in addition to object of audit;

22) the analytical procedure - assessment of the indicators characterizing audit subject by comparison and comparison to other data relating to them;

23) recalculation - calculation accuracy assessment on the basis of basic data;

24) repeated accomplishment reproduction by the auditor of procedures of internal control of object of audit;

25) the audit report - the document generalizing the main results of thematic audit with which approval audit comes to the end;

26) the current conclusion - the document constituted during financial audit of execution of the annual government budget in which the intermediate results of audit are summed up;

27) the auditing organization which is the member of the international group and having the international recognition - one of 10 largest independent auditing organizations having universal international recognition, which is engaged in the rating of the auditing organizations registered or having rating on the websites having the international recognition;

28) thematic audit - carried out for the purpose of creation of the conclusion about execution of the State Budget, in addition to financial audit of the government budget of accounting year, other program Items of audit provided by the program of activities of Auditor chamber;

29) qualification of the auditor - the qualification established by the law "About Auditor Activities";

30) service in Auditor chamber - type of public service which features are established by this Law;

31) the employee of Auditor chamber - person holding autonomous position in Auditor chamber, the employee of the main professional structural division.

Chapter 2. Procedure for election and termination of powers of the president and other members of auditor chamber, requirement of incompatibility

Article 5. Elections of the chairman (member) of Auditor chamber

1. The chairman (member) of Audit Chamber any person having the higher education and the qualification of the auditor established by the law "About Auditor Activities" (further - qualification of the auditor), which is conforming to requirements imposed to the deputy of National assembly, having minimum five-year length of service the auditor from which at least three years - length of service of the auditor responsible for carrying out audit in auditing organization, or at least five years of length of service in Auditor chamber from which at least three years - length of service on the positions specified in parts 4 and (or) 5 of article 39 of this law (including executive positions in Auditor chamber to the introduction of this law in force) or at least seven years - in the sphere of finance from which at least five years - as the head, or at least seven years - in the sphere of public service from which at least five years - as the head can be elected.

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