During 8-10 October 2018, the World Bank Georgia Country Office hosted two delegations from the Ministry of Finance of the Republic of Belarus and from the Service for Regulation and Supervision of Financial Markets of the Kyrgyz Republic (SRSFM). The delegations had a unique opportunity to learn about implementation of audit reform in Georgia from their colleagues from the Service of Accounting, Reporting and Audit Supervision (SARAS) in an interactive workshop format.

Participants were welcomed by Lasha Khutsishvili, the Deputy Minister of Finance and Yuri Dolidze, Head of SARAS. The two and a half days workshop included interactive sessions aimed at sharing experience of SARAS in implementing accounting, reporting and audit reform in Georgia and allow for open exchanges with SARAS experts. SARAS colleagues presented recently implemented legislative requirements for auditors and audit firms, described functioning of the auditor registry, main regulatory and supervisory functions carried out by SARAS, role of professional accountancy organizations in audit regulation, etc. Particular attention was paid to issues of audit quality and monitoring of audit firms, presented by Anzor Mzhavanadze, Head of Auditing and Professional Education Supervision Department of SARAS. During the visit, the regulators agreed to continue exchanging the experiences, respective rules and regulations, as well as better practices in reform implementation.

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Peer Learning in Action: Georgia Sharing its Audit Reform Experience with Peers

Delegations also benefited from an opportunity to meet and learn about the role of accounting profession in the audit reform from the Georgian Federation of Professional Accountants and Auditors (GFPAA). The delegations devoted significant time to understanding the GFPAA experience in successful operations since early 90s, working with its members, running local accountancy certification, and path of becoming full member of International Federation of Accountants (IFAC).

The peer learning exchange was organized by the World Bank’s Centre for Financial Reporting Reform as part the regional STAREP program and Kyrgyz Audit and Reporting Enhancement Project (KAREP).

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