LAW OF THE REPUBLIC OF ARMENIA

of January 15, 2011 No. ZR-17

About internal audit

Accepted by National Assembly of the Republic of Armenia on December 22, 2010

Chapter 1. General provisions

Article 1. Subject of regulation of the Law

1. This Law establishes the principles, nature, circle, system of internal audit of the organizations of the public sector, basic rights and obligations of participants of internal audit, and also governs the main relations connected with the organization and activities of internal audit.

Article 2. The basic concepts used in the Law

In this Law the following basic concepts are used:

1) the organizations of the public sector (further - the organizations):

and. the state bodies and local government bodies provided by the Constitution of the Republic of Armenia and the laws of the Republic of Armenia;

. organizations of the state or communities;

century state or municipal non-profit organizations;

of the organization with the state or municipal participation more than fifty percent;

2) internal audit - the independent, objective function on confirmation of reliability and consultation directed to increase and improvement of result of organization activity. He helps the organization to achieve the objectives by the systematized and regulated assessment and improvement of risk management of the organization, supervision of them and management processes.

Internal audit is performed on the basis of strategic and annual internal audit programs by provision to management of the organization of services in confirmation of reliability and consultation;

3) system of internal audit - set of procedures, requirements, stipulated by the legislation the Republic of Armenia for the purpose of implementation of internal audit, and the rights and obligations of participants of internal audit;

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