YEREVAN, MARCH 27, NOYAN TAPAN. Amendments were made on March 25, 2008 to the Order of Rating of Commercial Organizations by the Central Bank of Armenia (CBA) approved by the CBA chairman's decision No 1/253 L of April 14, 2006. According to the CBA press service, henceforth the organizations which apply for receiving a rating have to submit to the CBA their financial reports of the last reporting year, which have been approved by an independent audit organization. Those organizations that have a rating of "B" and higher, henceforth will have to submit to the CBA their financial reports of 2008 and following years, which shall be approved, from July 1, 2008, by an independent audit organization making part of "Big Six" (see http://en.wikipedia.org/wiki/Big-Four-auditors#2007-Performance-Analysis]) or an organization - member of such an audit organization. Prior to submitting a financial report, it is necessary to submit a document, which confirms the agreement on conducting an independent audit of 2008 financial reports, to the CBA until January 31, 2009. The "Big Six" of auditors is composed of PricewaterhouseCoopers, Ernst & Young, KPMG, Grant Thornton International, "Deloitte Touche" Tohmatsu and BDO International companies. Only the last two of the indicated companies currently do not operate in Armenia.

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