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Quality audit service is a key basis for transparent and reliable business environment. On account of it, outstanding reports with high reliability become available for investors and other interested parties, which makes it easier to make the right economic decisions and, as a result, promotes business development.
In order to improve the quality and reliability of auditing field, it is important to conduct a survey of auditors/audit firms, taking into account international best practices, where appropriate. Thus, according to the Article 20, paragraph (3) (n) of the Law of Georgia on Accounting, Reporting and Auditing, by the Order № N-10 of the Head of SARAS of November 15, 2022 "Rule for Conducting Investigations of Auditors/Audit Firms" was approved.
Implementation of the rule serves to increase the reliability and quality of the auditing field in Georgia by preventing and identifying offences. It regulates developing the procedures and methodologies for conducting investigations of auditors/auditing firms.
The investigation is aimed at determining the compliance of auditors/audit firms with the requirements of the law regulating the audit field. In addition, in accordance with the rule, the compliance of the audit services provided by the auditor/audit firm with the international standards/code of ethics for professional accountants adopted by SARAS will be assessed.
SARAS may start the investigation on its initiative (based on a risk-based approach) as well as on the basis of a statement submitted by an interested party. The initiative of SARAS (or interested party) to start the investigation must be based on a reasonable doubt that a relevant legal requirement has been violated.
The order will become effective on January 1, 2023.