The checklist on performed engagements prepared under the International Standards of Assurance Engagement other than audits or reviews of historical financial information (ISAE) 3000 (Revised) - an important document for audit firms was published on the SARAS web page

The auditors/audit firms normally conduct o pricing adequacy verification services in the process of public procurement.

Based on the SARAS observation, the reports prepared as a result of the above-mentioned service, do not often identify the standard by which the auditor/audit firm has applied.

According to Article 2 paragraph 1 (f) of the Georgian Law on “Accounting, Reporting and Auditing”, audit service is the work performed by the auditor/audit firm based on the relevant international standards, which is aimed at: f.a) expressing the opinion of the auditor/audit firm on the accuracy, fairness, and completeness of the financial statements based on the audit (including special purpose financial statements ); f.b) the conclusion of the auditor/audit firm by reviewing the financial statements; f.c) expressing a relevant opinion or making a conclusion on the basis of other reasonable or/and limited assurance engagements; f.d) the realization of other purposes provided for in paragraph 2 of Article 14 of the law. In accordance with paragraph 2 of Article 14 of the law, “When conducting other audit services (reviews, other assurance engagements, and related services), except for conducting audits, an auditor/audit firm shall apply international standards for review and related services adopted by the International Auditing and Assurance Standards Board (IAASB) or its successor in title, as well as international standards for other assurance engagements”.

International Standards of Assurance Engagement other than audits or reviews of historical financial information (ISAE) 3000 (Revised) (hereinafter - ISAE 3000) is put into effect by SARAS. Regarding this, SARAS prepared “A checklist on performed engagements under International Standards of Assurance Engagement (ISAE) 3000 (Revised)”. 

SARAS hopes that using the checklist, prepared as a recommendation, will help improve the quality of work of auditors/audit firms to render services provided for in ISAE 3000, including those on verification of  pricing adequacy. 

It should be noted that the audit firm/auditor is responsible for conducting engagements following the requirements of the relevant standard(s).