Summary of 2023 Results

We are pleased to inform you that in 2023, SARAS took important steps in its activities and achieved the set goals. SARAS believes that the regulations it has introduced are creating a culture of business transparency, and transparent business in turn provides opportunities for development in many directions, including the capital market.

In 2023, more than 73 thousand entities submitted reports on reportal.ge. Their compliance with the requirements of the law and regulations was verified within the framework of the mandate granted by the law. Detailed statistics on the publication of reports can be found on the reporting portal. In addition, in order to promote growth in the quality of published information, from 2020, a review of compliance with reporting standards is carried out using a risk-based approach. 51 reports were reviewed in 2023, and SARAS plans to increase this indicator in the following years.

SARAS is actively working on the issue of dynamic approximation with the EU directives and regulations, which is important for Georgia on its way to further convergence with the European Union. In this regard, one of the directions is the development of the legal framework for sustainability reporting and the introduction of best practices in the country. As the issue is highly topical, and with the support of donor organizations, many important events and projects were implemented during the year to strengthen the profession and improve the quality of reporting. SARAS is actively working on the introduction and development of environmental, social and governance (ESG) reporting issues. It worth noting that within the framework of the project - "Facility for the Implementation of the EU-Georgia Association Agreement II" - SARAS held various information meetings and received expert support, including on the issue of introducing Country-By-Country Reporting requirements and in the direction of reviewing compliance of reports with international standards.

As the provision of audit supervision is one of the prerequisites for the development of the capital market, monitoring of the quality management system of audit firms and individual auditors is carried out to protect the interests of investors and stakeholders. In 2023, monitoring of 40 audit firms and 8 individual auditors were carried out. In addition, 35 audit firms and 38 individual auditors, who had not performed any financial audit engagement within 6 years of registration, were checked and given the status “without category”.

In 2023, the Department of Anti-Money Laundering Supervision was established in SARAS. SARAS is actively involved in creating an effective system for the detection and prevention of money laundering and terrorist financing in accordance with the FATF recommendations and the European Union Directives. This, in turn, is an important step towards the fulfillment of the corresponding point of the 12-point recommendation of the European Commission's Memo (strengthen the fight against organized crime). Registries of accountants and accounting firms providing professional services, managed by SARAS, have been placed on SARAS web page. Normative acts in the direction of Anti-money laundering came into force and a manual on "Combating Money Laundering and Terrorism Financing" was published. 3 employees of SARAS became certified members of the world's largest membership-based organization of anti-financial crimes professionals, passing CAMS (Certified Anti-Money Laundering Specialist) certification in the ACAMS organization. 

Detailed information on the above events will be provided in the 2023 annual report.

SARAS would like to thank all involved parties, its colleagues, supporters and stakeholders, public and private sector representatives, partners and donor organizations, both at the national and international level, who share the importance of the initiated reform, are actively involved in various projects, and thus contribute to the creation of a transparent business environment and the development of the capital market, which is a prerequisite for the country’s development. 

SARAS wishes you a Merry Christmas and a Happy New Year 2024! We wish you peace, health, success and happiness!