Development of Regulatory Impact Assessment (RIA)

Date: 
11-12 July 2019
 

                                                                           2-3 October 2019, May 2020

Description

After proposing amendments to the primary and secondary Georgian legislation on accounting, reporting and audit, experts arrived from Greece to hold consultations with representatives of SARAS and Ilia State University regarding the development of impact assessment reports on the regulations adopted in Georgia over the last three years in the area of accounting, reporting and audit and the changes that may need to be introduced in the regulatory framework to achieve a closer alignment with the EU Audit and Accounting Directives.

The partners discussed the key elements of the Regulatory Impact Assessment (RIA), the approach and methodology to be applied and the resources needed.

 

Outcomes

The first draft of a structured questionnaire aimed at assessing the impact of the reporting and auditing reform in Georgia was prepared in July 2019. The experts, representatives of SARAS and Ilia State University finalized a set of relevant questions during the second round of consultations, agreeing along the way on the next steps and procedures to be followed in the process of the development of RIA.

In May 2020, the responsible party reported that the questionnaires had been sent out to target groups of auditors, accountants, management representatives and other stakeholders, the answers given by respondents had been collected and analyzed, and several focus group interviews had been conducted despite the challenges related to teleworking.

Experts from HAASOB, the Independent Authority of Public Revenue (IARP) and the Greek Business Registry provided further recommendations on preparation of the final report and other steps that need to be taken to ensure successful completion of the assessment.