Adapted timesheet template - recommendation for auditors/audit firms

From March 1, 2021, the rule of recording working time, approved by the order №01-15/n of the Minister of Internally Displaced Persons from the Occupied Territories, Labor, Health and Social Affairs of Georgia, came into force, according to which recording the working time becomes mandatory for the employers provided by Labor Code of Georgia (for individuals or legal persons and/or associations of persons). 

This rule defines the components of recording working time, filling and administration procedures. The form of a timesheet is a document, which reflects the information about the employees’ working hours. 

In turn, the International Standard of Quality Control (ISQC) introduced by the SARAS based on the law of Georgia “on Accounting, Reporting and Auditing”, repeatedly indicates the necessity of systems to determine the workload of the engagement partners and staff.  Existence of such systems guarantees that there will be sufficient time resources to provide the proper quality of service.  

As a recommendation, SARAS developed an adapted timesheet template for auditor/audit firms. The document fully complies with the form adopted by the above-mentioned rule and provides additional benefits as well. In particular, employer auditors/audit firms, which do not yet have implemented appropriate systems of time recording for staff, this template will enable them to meet not only the legislative but also the requirements of ISQC1. In addition to this, they will be able to:  record staff working hours per engagement, analyze spent hours, improve pricing and budgeting.

The employer is responsible for administrating the process of working time recording. Besides, the employer is obliged to designate the person (s) or a structural subdivision responsible for filling out a form, storage and introducing it to the employees.   

The timesheet template adapted for professionals is published on the SARAS web-page.