Enhancing Accounting and Audit Quality in Georgia is an EU funded twinning project that aims to help enhance financial transparency and effective economic decision-making in Georgia through establishing transparent and reliable reporting systems by 2020.
This project intends to focus on two main objectives in order to promote continuous and sustainable improvement of financial reporting practices and of the quality of audit services provided.
The first objective is to approximate Georgian legislation with the EU rules in the field of accounting and auditing as required by the Association Agreement.
The second objective concerns the institutional strengthening of the Service for Accounting, Reporting and Auditing Supervision (SARAS). It will be reflected in the improved capacity of SARAS, the main beneficiary of the action, to ensure the application of relevant accounting standards, enforce corporate reporting requirements, establish a robust system of audit quality control, and implement proper recognition and monitoring procedures for certification programs and examination processes of professional organizations.
Achieving these objectives involves implementing a range of activities including expert missions, training sessions, workshops and study visits that will enable the partnering agency and invited experts from Greece to transfer public sector expertise and share best practices with their counterparts in Georgia.
The project was launched in November 2018 and will continue until January 2021.
The EU contribution to the project is 1 250 000 EUR.