Shen Holding transfers accounting maintenance and financial management to TM AUDIT

• Monday, January 21, 12:59

Shen Holding, a big producer of construction materials in Armenia, transferred the accounting maintenance and financial management to TM AUDIT Company on Jan 1 2013 as part of introduction of leading standards of corporate management and as a result of a relevant tender, the company's
press-service told ArmInfo.

Thus, Shen Concerned announced a tender for outsourcing of financial systems and accounting maintenance in Dec 2012. Leading local and international auditor and consulting companies participated in the tender. The potential partner was selected by such criteria as positive image, high-level professionalism of specialists, and principles of management of financial systems and accounting.  Head of TM AUDIT Company Tatul Movsisyan told ArmInfo that his company has 16-year experience in the market of auditor and consulting services. The company's partners are representatives of Armenia's leading economy sectors. Since 2004 TM AUDIT has been cooperating with EBRD providing services of audit of financial reports and surveys of the EBRD partner-companies.

Movsisyan said that outsourcing of financial functions allows upgrading the efficiency of management and financial activity of a company. He said that professional potential of specialists in the given sphere is concentrated today in the very auditor and consulting companies. He said that TM AUDIT specialists were actively involved in formation of methodology and practice of accounting maintenance in Armenia, in particular, in elaboration of the Law On Accounting Maintenance, accounting standards, etc. They are authors of several dozens of specialized and educational manuals.

T. Movsisyan said that effective systems of accounting maintenance, financial management and internal control are currently being developed and introduced at the holding,

To note, Shen Holding is putting into practice the program on introduction of advances standards of corporate governance and is forming a national brand. The International Finance Corporation and the Corporate Governance Center are elaborating a project on improvement of corporate governance practice for the company.

The Holding was founded in 1995 and is a legal successor of the state company ArmResursImpex. Being one of the leading companies in Armenia, Shen Holding CJSC is engaged in production of paints, lacquers, putties, dry mixtures, tile glues, concrete blocks and pavers. The company is expected to produce also gypsum boards. Shen Concern has launched production also in Georgia.

At present the company work to create its own base of raw materials. It disposes the largest gypsum mine in the region, produces calcium carbonate, plans development of perlite mine and perlite popping, lime slaking and production of gypsum boards. The company has made a preliminary agreement for EBRD's participation in shareholder's board. It studies also an IPO.  At present Shen Holding has about 500 employees.