Achievements

In 2014, Audit Services LLC was declared as a winner within the framework of “Urgent rehabilitation of irrigation systems” program announced by “Water Sector Development and Institutional Improvements” PIU SI according to the consulting services’ agreement ‘‘Training on the preparation of Reports in accordance with the International Accounting Standards for the accountants conducting the accounting system of the RA 44 Water Users Associations” ISEP/CQS/SW-13/004TR within which each participant had been totaly stadied 72 hours, including:

 

  1. Principles of organizing and conducting accounting according to the RA legislation;
  2. Common principles and rules of preparation and submission of annual complete package, interim, tax and other statements;
  3. Tax and other legislative acts, including instructions;
  4. Application of International Financial Reporting Standards (IFRS / IFRS)
  5. Study of new version of accounting software AS.
  6. The final exam at the end of the courses conducted by the Ministry of Finance Accountants qualification tests

In 2010, Audit Services LLC was declared as a winner within the framework of “Urgent rehabilitation of irrigation systems” program announced by “Water Sector Development and Institutional Improvements” PIU SI of the Ministry of Territorial Administration of the State Committee for Water Management, according to the consulting services’ agreement “Institutional Strengthening Study” IREP/QCBS/SW-10/001, within which the following activities had been implemented:

 

  1. Financial analysis of 44 water user companies (hereinafter WUA);
  2. Business development and training programs for the period of 2007-2010;
  3. Established the necessary legislative and documentation forms for WUA associations for the period of 2011-2016;
  4. Assessment and analyze of current methods of state financial assistance to the irrigation system of Armenia.
  5. Continuation of research of methods and models of state financial assistance of developed and developing countries
  6. Suggestion of at least one new alternative method of state financial assistance effectively using in other countries and adjusted for unique requirements of Armenia. It will differ from the currently used one by its executing effectiveness, transparency and maximally comprehensible for water users and would be easily manageable:
  7. Definition of targets and challenges
  8. Annual strategy development (2011-2016)
  9. Action plan of implementation of strategy, definition of tactics, execution time-line, financial assessment and financing possible sources
  10. Annual Budget of WUA, including
  11. Description of procedures directing current and capital master plan;
  12. Specification of required resources for annual planned activities execution;
  13. Annual Distribution of Resources;,
  14. Annual financial flows;
  15. Development of procedures of the approving and correlation of annual plans;
  16. Establishment of Actions Implementation Schedule after approving and correlation of annual plans.

In 2006 Company won a tender announced by “Water Sector Development and Institutional Improvements” PIU SI, within which the following activities had been implemented:

 

  • Assessment of the effectiveness of usage of Armenian Software (AS) (accounting computer program) in 54 WUAs;
  • Re-qualification Training of the Chief Accountants of WUAs for the purpose of receiving Accountant qualification (fixed by 25.11.2003 Order and affirmed by 08.08.2003 Decision of RA Government on affirming the Order of RA Accountants Qualification) from the Ministry of Finance;
  • Servicing the WUAs with AS effective usage;
  • Support to the forming of 2005 Annual Financial Statements through the AS-Accountant (middle package);
  • Specification of balances of 31.12.2005 accounting reports in the companies which had not ran 2004 accounting through the AS-Accountant (middle package).

In 2004, the Company won the tender on consulting services for 54 Water users associations, particularly organization of trainings of chief accountants, implementation, installation and service of accounting software, which was financing from the Loan means given by International Development Agency. The following activities had been performed within this project;

 

  1. Study of activities and operations of 54 WUAs, analysis of Financial and Accounting indicators based on which the following documents have been developed:
  2. Accounting and Tax Policy of WUAs;
  3. Working Chart of Accounts;
  4. Frequently Used Transactions Manual.
  5. Installing of Software Package of Accounting;
  6. Recording of remains of balance sheet into the program;
  7. Training of the Chief Accountants of WUAs to use the program;
  8. Training of the Chief Accountants of WUAs on Tax Legislation, Accounting Standards of Armenia, and Civil Legislation (60 hours per accountant) in Yerevan;
  9. Servicing the Software Package of Accounting for one year;
  10. Forming Annual Balance with Software Package of Accounting for WUAs.

 

In 2001-2002, the Company won the tender of the Government of the Republic of Armenia on “Analyzing of assets delivering procedure from RA Gas Industrial Organizations to ”HayRusGasard” CJSC”. Besides this analyze, the Company conducted inventory works and audit of assets and liabilities of Haygasard CJSC.

 

In 2002, the Company won the tender announced by the Government of RA on “Auditing of usage of incomes from the imports of gas into Armenia and financial gaps of Energy System of Armenia for the purpose of enhancement of the Charter Capital of “Hayrusgasard” CJSC”. The results have been finished in 2003 and published in one of the most readable news-paper, TV and Radio of Armenia.

 

In 2001, the Company won the tender announced by the World Bank and the Government of RA on “The installation works of newly adopted Accounting Standards in enterprises with 50 percent and more state ownership”. Total number of enterprises was 101, among which

  1. 29 are from transport and telecommunication sector;
  2. 20. are from agricultural sector;
  3. 31 are from industrial sector (among which are: Zangezur Copper-Molybdenum Combine CJSC, Kapan Relay Factory OJSC, Akhtala Relay Factory OJSC, Agarak Copper-Molybdenum Combine CJSC, Nairit OJSC, Kanaz OJSC, Hayelectomeqena OJSC, Hayvosky CJSC, Yerevan Jeweler Plant OJSC, Mars CJSC, Armenmotor CJSC, Polivinilatsetat CJSC, Doghagorc CJSC, Armenian Automobile Roads CJSC etc.).
  4. 13 institutes under the supervision of Municipality of Yerevan;
  5. 5 institutes under the supervision of Ministry of Internal Affairs of Armenia.