Yerevan /Mediamax/. Armenia became the 150th country, where “Pricewaterhouse Coopers” Audit Company opened its representative office, Executive Partner of the Armenian branch of “PricewaterhouseCoopers” Clifford Isaac stated in Yerevan today.

Mediamax reports that Clifford Isaac said this during the official ceremony, which took place today, on granting a license for realization of auditor activity to “PricewaterhouseCoopers” Company by the Ministry of Finance and Economy of Armenia.

“The global partners of “PricewaterhouseCoopers”, which work in Armenia, are the RAO UES, “Gazprom” and Nokia-Siemens, which became an additional stimulus for opening our representative office in Armenia”, Clifford Isaac stated. He welcomed the intention of the Armenian government to pass on to international standards of audit and business accounting.

Deputy Minister of Finance and Economy of Armenia David Avetisian stated that in the Armenian market there is great demand for audit and consulting services, noting that in 2007 there were about 700 auditor agreements, signed in Armenia. “In Armenia there are already the 3 out of 4 world leaders in the given sphere present, which will considerably increase the competition in the audit market in the country”, David Avetisian stated.

The Deputy Minister noted that, in accordance with the agreement, signed with the International Accounting Standards Committee, in the course of 2008, international standards on realization of business accounting should be fully approved in Armenia. “Aiming at that, the Ministry of Finance and Economy of Armenia took up legislative and structural reforms, also international standards of financial accounts are in the process of translation into Armenia”, David Avetisian stated.

He informed that there are 31 audit companies functioning in Armenia at present and 4 private auditors.