EU Twinning Project comes to an end

A closing event of the twinning project “Enhancing Accounting and Audit Quality in Georgia" was held on December 18, marking the completion of two-year cooperation between the SARAS and the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB).

The aim of the event was to provide an overview of the main results and outcomes of the project which brought together the expertise of specialists from Greek and Georgian public administrations to help improve the quality of accounting, financial reporting and auditing in Georgia. 

Deputy Minister of Finance Nikoloz Gagua gave a welcome speech at the event, thanking European Union for contributing to the continued implementation of the financial reporting and audit reform through providing valuable support to SARAS. He described the reform as unique in its scale and complexity and vital for capital market development and improvement of corporate governance in Georgia.

Greece’s Deputy Minister of Finance commended the efforts to promote financial transparency, emphasizing in his speech the importance of increasing the quantity and quality of financial information in order to achieve the sustainable growth of the economy. 

As noted by Mr Gherman, the EU considers the field of accounting, reporting and auditing to be of great importance and to have the potential to significantly advance the country’s economic and social recovery. Mr Gherman expressed his confidence that the work performed by the project would stay and continue to bear fruits in the future.   

The project leader and deputy chairman of HAASOB Panagiotis Giannopoulos, joined by experts from other Greek institutions such as the Hellenic Capital Market Commission and Greek Business Register GEMI, gave an account of the main areas the project had focused on, briefly summarizing the outcomes achieved. 

All participants of the event assessed the results of the project as outstanding, hoping for further cooperation. Presenters discussed the progress achieved with regard to advancing legal approximation to the EU acquis and providing capacity-building support to SARAS, which involved, among others, reviewing financial statements, carrying out joint audit quality inspections, contributing to effective monitoring of the work performed by professional organizations, and analyzing HR related matters (see the presentation).

The representative of SARAS thanked all individuals and institutions who made the successful implementation of the project possible, adding that the recommendations, guidelines and best practices shared by the experts will play a major part in securing improved functioning and long-term sustainable development of SARAS. 

The event concluded with an announcement of plans to sign a Memorandum of Understanding between SARAS and HAASOB, which will allow them to continue and expand their cooperation beyond the frames of the project.