Enhancing Accounting and Audit Quality In Georgia
A group of audit specialists representing HAASOB joined inspectors from SARAS on several occasions to conduct joint audit quality inspections at the selected audit firms in Georgia. Working together, the colleagues reviewed internal controls established and maintained by the firms to safeguard audit processes and evaluated their level of compliance with ISQC 1.
The experts supported their counterparts from SARAS in conducting inspections using a specialized operational manual that consisted of the pre-visit questionnaire, work programs for firm-wide inspections procedures, ISQC 1 questions and report template for findings.
In the aftermath of each joint inspection, the auditors from Greece communicated their findings, made suggestions for improvements, and shared best practices with SARAS.
The methodology and procedures applied in the process of joint inspections allowed for the sharing of experience and best practices between the partners, which will add to the efforts undertaken for the improvement of the quality of audit performed by the audit firms operating in Georgia, ultimately contributing to building the trust of financial statement users in the reliability of the existing reporting system.
This website has been produced with the assistance of the European Union. Its contents are the sole responsibility of
the Centre of International and European Economic Law and do not necessarily reflect the views of the European Union.