What a certified accountant should take into account while confirming experience for registration in Auditors' Registry

According to Article 13 paragraph (4) (b) of the Law of Georgia on Accounting, Reporting and Auditing, a natural person interested in registration as an auditor must have at least 3 years of practical experience in conducting the audit of the financial statement under confirmed supervision of the registered auditor.  

According to paragraph 3 of Article 4 of “The Rules for introduction of the website and the electronic registry, its structure, form, list of information and the identification of users”, approved by Service for Accounting, Reporting and Auditing Supervision on October 28, 2016 by the order N17, when gaining experience in auditing financial statement it is a must for a certified accountant to work directly under the engagement partner for at least the last 2 years and to perform following functions: managing audit team, ensuring compliance with ethics and quality standards, planning of the audit, communication with the client on key audit matters, reviewing significant evidence and discussions, overall review of the financial statements subject to audit etc.

The practice paper shall be confirmed by the supervising auditor. If certified accountant worked with several supervising auditors, the practice paper shall be confirmed by each of them. It is also important the practice paper to contain all information required by the law, including the role of the candidate/certified accountant in audit engagement, date of the commencement and completion, information about audited entity (name, identification number, subject and period of the engagement).