Armenia Auditor Qualification Exam study guide
Armenia Auditor Qualification Exam · Work through your exam, one topic at a time.
The Armenian auditor qualification exam is the assessment through which candidates seek to become qualified auditors authorised to practise in the Republic of Armenia. It is aimed at accounting and finance professionals who already hold the required education and practical experience and who now need to demonstrate the technical and ethical competence the profession demands. The Armenia Auditor Qualification Exam study guide has 8 sections and about 2,483 words.
01Financial Accounting and Reporting (IFRS and Armenian Standards)
Candidates must be fluent in the conceptual framework (recognition, derecognition, measurement bases) and in the standards that generate the most exam arithmetic: IAS 16 (cost model vs revaluation, component depreciation, residual value), IAS 36 (recoverable amount as the higher of fair value less costs of disposal and value in use), IAS 38 (research expensed, development capitalised once criteria are met), IFRS 15 (five-step model, distinct performance obligations, variable consideration constrained), IFRS 16 (right-of-use asset and lease liability at present value), IAS 37 (provisions vs contingent liabilities), and IAS 12 (deferred tax from temporary differences). Armenia applies IFRS as adopted for public-interest entities, while smaller entities may use national standards aligned with IFRS for SMEs; know which framework a scenario implies.
300 words, about 2 min02Auditing Standards and Audit Methodology (ISA and Armenian Standards)
Understand ISA 200 (reasonable assurance, inherent limitations), ISA 315 (risk identification), ISA 320 (materiality), ISA 330 (responses to assessed risk), ISA 500-580 (evidence), ISA 700 series (reporting), and ISA 701 (key audit matters for listed entities). Armenia adopts ISAs as issued by IAASB, so the exam expects ISA terminology verbatim: "sufficient appropriate audit evidence", "professional scepticism", "pervasive", "modified opinion".
268 words, about 1 min03Audit Evidence
Evidence must be both sufficient (quantity) and appropriate (relevance and reliability). Reliability hierarchy: external evidence internal; original copy; auditor-obtained client-provided; documentary oral.
271 words, about 1 min04Risk Assessment and Internal Control
Audit risk = inherent risk × control risk × detection risk. Detection risk is the auditor-controlled component: lower assessed risk of material misstatement (IR × CR) means higher acceptable detection risk (less substantive work).
298 words, about 1 min05Taxation (Armenian Tax Code and Tax Audit Considerations)
The Tax Code of the Republic of Armenia (current consolidated code effective from 2018, as amended) governs profit tax, income tax, VAT, excise, property tax, land tax, and the turnover tax regime for small businesses. Key concepts: residency-based taxation for companies, permanent establishment rules, transfer pricing documentation thresholds, and the distinction between tax avoidance and evasion.
307 words, about 2 min06Business Law and Civil Law of Armenia
The Civil Code of the Republic of Armenia governs legal persons, contracts, obligations, property, and liability. Candidates should understand: formation of contracts (offer, acceptance, consideration-equivalent), capacity, representation, void vs voidable transactions, and limitation periods.
263 words, about 1 min07Finance, Management Accounting and Business Analysis
Master cost classification (fixed, variable, mixed, step), contribution margin, break-even analysis, and relevant costing. Relevant costs are future, incremental, and cash-related; sunk costs and allocated fixed costs are irrelevant.
249 words, about 1 min08Professional Ethics, Independence and Quality Control
Armenia applies the IESBA International Code of Ethics, which rests on five fundamental principles: integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour. Independence applies to audit and review engagements and comprises independence of mind and independence in appearance.
527 words, about 3 min