Annual Report 2019
EY
Ernst & Young CJSC
1 Northern Ave., office 27
Yerevan, 0001, Armenia
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Independent auditor's report
To the Board of the Central Bank of the Republic of Armenia
Opinion
We have audited the consolidated financial statements of the Central Bank of the Republic
of Armenia and its subsidiaries (hereinafter, the "Group"), which comprise the consolidated
statement of financial position as at 31 December 2019, and the consolidated statement of
comprehensive income, consolidated statement of changes in equity and consolidated statement
of cash flows for the year then ended, and notes to the consolidated financial statements,
including a summary of significant accounting policies.
our opinion, the accompanying consolidated financial statements present fairly, in all material
respects, the consolidated financial position of the Group as at 31 December 2019 and its
consolidated financial performance and its consolidated cash flows for the year then ended in
accordance with International Financial Reporting Standards (IFRSS).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs).
Our responsibilities under those standards are further described in the Auditor's responsibilities
for the audit of the consolidated financial statements section of our report. We are independent of
the Group in accordance with the International Ethics Standards Board for Accountants' Code of
Ethics for Professional Accountants (including International Independence Standards) (IESBA Code),
and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
Responsibilities of management and the Board of the Central Bank of Armenia for the
consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with IFRSs, and for such internal control as management determines is
necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the
Group's ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to
liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The Board of the Central Bank of Armenia is responsible for overseeing the Group's financial
reporting process.View entire presentation