The World Bank launched the series of webinars to support Georgian SMPs

On November 30, within the frames of the World Bank – European Union joint Project – Financial Inclusion and Accountability, the World Bank held the webinar on “Future of SMPs: Lessons from the Crisis and Practice Transformation”.

The event opened the series of webinars, which was developed by the World Bank to support SMPs. Difficult situations and new challenges caused by the pandemic, affecting SMPs, require quick response and solution. Therefore, on the first stage, the World Bank conducted a survey of auditors and audit firms to assess and identify the impact of the coronavirus pandemic on the market for audit services in Georgia. 

Based on the survey results, a special series of webinars were developed to help SMPs adapt to the current environment. During webinars, participants will gain global insights tailored to the local needs of Georgian SMPs from leading experts.

On the first webinar, Paul Thompson, Director at the European Federation of Accountants and Auditors for SMEs (EFAA) talked about the transformations that have become essential for SMPs in the current global crisis. In particular, he discussed the importance of rapid adoption of digital technologies and business diversification.

Christopher Arnold, Head of SME/SMP and Research at the International Federation of Accountants (IFAC), and Alex Peal, SMP Committee Member made presentations as well. They demonstrated how Georgian SMPs can achieve this transformation using the guideline - ‘Practice Transformation Action Plan – A Roadmap to the Future’ - published by IFAC.

For more information, please view the presentation.

The webinar recordings can be found on our YouTube Channel.

The webinars from this series planned by the World Bank will be announced on SARAS website.