An amendment was made to the normative act of SARAS

For the attention of individual auditors and audit firms, who as a result of the latest quality control system monitoring are assigned to the fifth category of the final assessment or whose monitoring has not been conducted yet.  

From July 1, 2020, onwards, auditor/audit firm engaged to perform audit for I, II and III category entities’ financial statements are required  to submit to SARAS following information no later than in 10 working days about:
• Entity ID and name;
• Number of years of continuous audit;
• Date and subject matter of engagement;
• Name of the engagement partner and his/her registration number in the registry;
• Date of the beginning and end of the reporting period subject to audit;
• Remuneration under the contract (ex-VAT);
• Assessed risk of the engagement (resulted from client acceptance or continuance procedure).

After the completion of the engagement and issuing the auditor’s report, once in a quarter but no later than July/October/January/April 20, the following information shall be submitted in an electronic form on:
• Number of staff;
• Date of the beginning and end of the audit engagement; 
• Termination of the audit engagement (if any);
• Date of the auditor’s report;
• Type of audit opinion.

Note: information to be submitted in every quarter is required to comprise legal relations that emerged since July 1, 2020. 

Attention:
• Submitted information will not be published;
• Submitting information on the termination of the engagement in an electronic form does not relieve auditor/audit firm of the obligation addressed in article 132 of the Georgian Law “on Entrepreneurs”;
• Failure to meet requirements, set by SARAS, shall entail the liability of auditor/audit firm or/and engagement partner.

Abovementioned Regulation aims at enhancing audit quality and protecting customer interests by identifying, evaluating, and, if necessary, addressing the risks on the market for audit services. 
The system for submitting information on engagements electronically is available on personal pages of all those individual auditors and audit firms who are required to perform this activity. The abovementioned system is in available in testing mode until July 1.