Summary of 2022 Results

SARAS is pleased to inform you that during 2022, a total of 75,659 entities submitted their reports on reportal.ge. SARAS is checking the completeness of the reports within the mandate assigned by law. For published detailed statistics, please visit Reporting Portal. Also, to inform you, SARAS has been checking the compliance of submitted reports in accordance with the financial standards using a risk-based approach since 2020 in order to promote the growth of the quality of information submitted on Reporting Portal. Within this process, 40 reports were checked in 2022. SARAS is planning to increase the rates in the following years.

Audit supervision is of vital importance to strengthen the field too. In order to protect the interests of investors and interested parties, SARAS conducts quality control system monitoring of audit firms and individual auditors. In 2022, SARAS conducted 32 audit firms’ and 3 individual auditors’ monitoring. In addition, 44 audit firms and 32 individual auditors with no income from financial statement audits were checked upon the 6-year expiration from the registration, and they were assigned the status without category.

It should be noted that relevant legislative amendments related to Facilitating the Prevention of Money Laundering and Terrorism Financing were implemented under international recommendations, and the circle of obliged persons to SARAS expanded, and it includes accountants providing professional services and accounting firms. From 2023, SARAS is planning to create a money laundering supervision department, which will ensure the performance of oversight functions envisaged by the law.

Many important activities and projects were conducted during the year, which serve to strengthen the profession and increase the quality of reporting. Detailed information about these events will be set out in the annual report 2022 of SARAS.

SARAS expresses gratitude to each involved party who shares the importance of the reform, actively participates in various projects, and thus contributes to the creation of a transparent business environment, which is a prerequisite for the country's development.

SARAS wishes you a Merry Christmas and a Happy New Year 2023! Wish you peace, good health, success and happiness!