LAW OF THE REPUBLIC OF ARMENIA

of January 14, 2006 No. ZR-25

About entering of amendments into the Law of the Republic of Armenia "About auditor activities"

Accepted by National Assembly of the Republic of Armenia on December 16, 2005

Article 1. "About auditor activities" (on December 26, 2002, ZR-512-N) to add the law of the Republic of Armenia with Articles 31. 1, 31.2, 31.3 of the following content:

"Article 31.1. Responsibility of person performing audit for violation of requirements of this Law

The authorized body, except suspension or the termination of licensed activity, for violation of requirements of this Law applies also following measures of responsibility to person performing audit:

a) prevention and instruction for elimination of violations;

b) penalty.

Article 31.2. Prevention and instruction for elimination of violations

1. The authorized body by means of checks or research stipulated in Item "е" parts 2 of article 18 of this Law of the quarterly or annual statements submitted by person performing audit states violation and warns person performing audit.

2. The prevention provides instruction for undertaking of the actions directed to elimination of violation in the time established by authorized body or to prevention of similar violation in the future and for the written notice of it of authorized body.

3. The prevention as measure of responsibility is applied if person performing audit:

a) skirted deadlines of representation stipulated in Item "е" parts 2 of article 18 of this Law of quarterly or annual statements;

b) violated requirements of the legislation of the Republic of Armenia for representation stipulated in Item "е" parts 2 of article 18 of this Law of quarterly or annual statements.

Article 31.3. Penalty

1. The penalty is applied and levied according to the decision of authorized body according to the procedure, established by the legislation of the Republic of Armenia. If person performing audit is discordant with the decision on application of penalty, then the authorized body takes a legal action with the recovery suit of penalty.

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