Amendments have been made to the normative acts of SARAS

As it is known, a person/supervising auditor interested in being registered in the State Registry of Auditors/Audit Firms, in order to confirm his/her 3 years of practical experience, is required to submit reliable information to SARAS, and failure to comply with this requirement will result in the person/supervising auditor being held liable in accordance with the rule established by law. 

Based on this, a number of changes have been made to the Practice Sheet on Confirmation of Practical Experience, which was approved by the Order No. N-16 of the Head of SARAS dated 25 September 2017 - on the Approval of the Rule for Recognition of the Professional Certification Standard, Certification Programs and Examination Processes. 

In addition, SARAS is authorized to select, based on a risk-based approach, at least one financial statement audit engagement from the engagements indicated in the submitted Practice Sheet and verify the practical experience of the person interested in registration in the State Registry(s). 

In addition to the above changes, it should also be noted that if an application for cancellation of the registration of an auditor/audit firm already registered in the Registry is submitted to SARAS while the investigation/monitoring of the auditor/audit firm is in progress, the consideration of such application will be suspended until the investigation/monitoring is completed.

In addition, the auditor/audit firm is required to submit the registration form to the Financial Monitoring Service of Georgia no later than 10 working days after the completion of the registration process. 

In addition, editorial changes have been made to eliminate ambiguities in the Order No. N-6 of the Head of SARAS dated 16 May 2024 on the Amendment to the Order No. N-9 of the Head of SARAS dated 12 July 2017 on the Rule for Implementation of the Quality Management System Monitoring.