Audit shall involve an independent review of information presented in financial statements of auditee after which an auditor’s report is issued.

Audit of financial statements is aimed to enable the auditor to express opinion on whether the financial statements have,in all material respects, been prepared in accordance with the Republic of Armenia legislation.

Audit shall be conducted as and when provided for by law (mandatory audit) or by initiation of the party wishing to be audited (voluntary audit).
Either audit shall be conducted according to normative legal acts on audit activity.

The voluntary audit may be conducted using other requisites (other standards and etc.) if the results of audit are intended for the users outside the Republic of Armenia.

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