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LAW OF THE REPUBLIC OF ARMENIA

of December 20, 2019 No. ZR-284

On regulation and public control of financial accounting and auditor activities

Accepted by National Assembly of the Republic of Armenia on December 4, 2019

Chapter 1. General provisions

Article 1. Subject of regulation of the Law

1. This Law establishes the relations connected with regulation and public control of financial accounting and auditor activities.

Article 2. The basic concepts used in the Law

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

1) the auditor – by determination of the Law "About Auditor Activities";

2) auditing organization – by determination of the Law "About Auditor Activities";

3) auditor activities – by determination of the Law "About Auditor Activities";

4) auditing service – by determination of the Law "About Auditor Activities";

5) financial accounting – by determination of the Law "About Financial Accounting";

6) the expert-accountant – by determination of the Law "About Financial Accounting";

7) the organization which is of public interest – by determination of the Law "About Financial Accounting";

8) the large organization – by determination of the Law "About Financial Accounting";

9) the average organization – by determination of the Law "About Financial Accounting";

10) the small organization – by determination of the Law "About Financial Accounting";

11) the microorganization – by determination of the Law "About Financial Accounting";

12) the acting auditor – any auditor, which within three years which were directly preceding this date:

and. performed audit, or

. had the right to vote (votes) in auditing organization, or

was member of executive or regulatory authority of auditing organization century, or

was employee of auditing organization, or

was the face interconnected with auditing organization;

13) complete of IFRS – by determination of the Law "About Financial Accounting";

14) conceptual bases of financial statements – by determination of the Law "About Financial Accounting";

15) IFRS of MSO – by determination of the Law "About Financial Accounting";

16) international standards of auditor activities – by determination of the Law "About Auditor Activities";

17) the code of professional ethics of professional accountants (further – the Code of professional ethics) – by determination of the Law "About Auditor Activities".

Article 3. The body performing policy in the sphere of financial accounting and auditor activities

1. The body performing policy in the sphere of financial accounting and auditor activities in the Republic of Armenia (further – the body performing policy), is the Ministry of Finance according to the Law "About Structure and Activities of the Government".

Article 4. The body performing functions of public control of financial accounting and auditor activities

1. The body performing functions of public control of regulation of financial accounting of the organizations of field of activity of the Law "About Financial Accounting" is Council of public control of financial accounting and auditor activities (further – Council of public control).

2. The body performing the function of public control of auditing regulation performed in the territory of the Republic of Armenia according to the Law "About Auditor Activities" is Council of public control.

Chapter 2. Council of public control

Article 5. Council of public control

1. Council of public control is the body created under the Ministry of Finance according to this Law for the purpose of implementation of functions of public control of regulation of financial accounting and auditor activities.

2. Council of public control is effective on a voluntary basis.

Article 6. Tasks and functions of Council of public control

1. Enters tasks of Council of public control:

1) providing necessary conditions for development of spheres of financial accounting and auditor activities, implementation of functions of public control of regulation of these spheres;

2) control of functions of specialized structure;

3) providing external assessment of observance of requirements of supervision of quality of the auditor services rendered by auditing organizations and auditors;

4) providing external assessment of observance of requirements imposed to the experts-accountants and auditors who are not working in auditing organizations;

5) enhancement of system of legal regulation of financial accounting and auditor activities, proceeding from requirements of international standards of financial statements and international standards of auditor activities.

3. Council of public control performs the following functions:

Provides 1):

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