Best Accounting & Auditing Lawyers in Yerevan

About Accounting & Auditing Law in Yerevan, Armenia

Accounting and auditing law in Yerevan, Armenia, dictates how businesses monitor their financial activities to ensure compliance with local regulations. The law covers various areas spanning from financial report auditing, tax preparation, record keeping, and financial risk management. The legislation provides for the creation of mandatory policies for companies to ensure transparency and accountability in their financial operations. Working with professionals with expertise in this legal sector can facilitate compliance and reduce potential liabilities arising from regulatory breaches.

Why You May Need a Lawyer

An accounting and auditing lawyer can help in many situations. If you're setting up a new company, they can aid in ensuring you comply with local accounting regulations from the start. For established companies, lawyers can guide internal audits, support during regulatory inspections, remedy identified compliance gaps, and defend against any alleged law violation. Individuals may also need an attorney to navigate complex financial and tax situations, ensuring the correct legal procedures are followed, and mitigating any risk of penalties.

Local Laws Overview

In Armenia, the accounting and auditing landscape is largely based on the Law on Accounting and the Law on Auditing. These statutes prescribe how businesses should handle their accounting and audits to ensure financial integrity and reduce risks. Notably, they incorporate the application of International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) respectively. Companies are required to maintain regular financial records, have them audited annually, and submit the reports to relevant authorities. Non-compliance can invite serious penalties, including fines and business license revocation.

Frequently Asked Questions

What are the key governing bodies for accounting and auditing in Armenia?

The key governing body for accounting and auditing in Armenia is the Ministry of Finance.

Should I have annual audits even if my company is small?

Yes, according to Armenian law, annual audits are mandatory for all companies, regardless of size.

Can I use foreign auditing standards for my company's audits?

Armenia has adopted the International Standards on Accounting (ISA), thus foreign auditing standards that are in line with ISA are generally acceptable.

What happens if my company fails an audit?

If your company fails an audit, you may face penalties, such as fines. In serious cases, business licenses can be revoked.

Can I handle my company's accounting and auditing matters without professional help?

While it's technically possible, due to the complexity of the area, it's generally recommended to employ professional help to ensure full compliance with the laws.

Additional Resources

The Ministry of Finance's website provides comprehensive information on accounting and auditing laws. Additionally, contacting Armenia's Chamber of Auditors and the Association of Accountants and Auditors of Armenia can provide guidance, conduct audits, and offer support in understanding related law nuances.

Next Steps

If you need legal assistance in accounting and auditing, the first step is to identify a reputed lawyer already versed in this field within Yerevan. Upon consultation, discuss your issues in detail, ensuring you provide all necessary documentation. The attorney will guide you throughout the process, maintaining transparency and ensuring you're up-to-date on the progression of your legal matters.