Enhancing Accounting and Audit Quality In Georgia
A team of Greek specialists with expert knowledge in auditing met with representatives of SARAS and the National Bank of Georgia to discuss Georgia’s legal framework for auditing and its compliance with the EU legislation, specifically with Directive 2006/43/EC as amended by 2014/56/EU and Regulation 537/2014.
After getting acquainted with the legal regulations governing the work performed by SARAS, the experts together with colleagues from SARAS engaged in analyzing the EU legislation article by article to identify any gaps between national legislation and the EU acquis.
The gap analysis showed that the EU directives were incorporated into national legislation, but the incorporation of the Regulation applied only to the statutory audit of commercial banks and not to the audit of other PIEs resulting in a lack of consistency of national legal framework.
Other important gaps are summarized below.
Gaps related to the Directives
Gaps related to the Regulation
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