The European Union has launched a new project of brotherhood – ‘Enhancing Accounting and Audit Quality in Georgia’, seeing Greece as the major partner.
The project was launched at the Courtyard Marriott Hotel, where Nikolz Gagua, Deputy Minister of Finance of Georgia delivered a speech noting that the brotherhood project of the EU will strongly contribute to the elevation of the quality of financial accounting and auditing in Georgia.
“The given reform helps the establishment of the improved corporate management system, augmentation of transparency in the business sector and its development,” Gagua stated. “It is of crucial importance for the long-term economic progress of the country and mitigation of the economic risks. The results of this reform will be reflected in the growth of access to finances and diminution of the wage rate. Active support of the European Union is significant for strengthening the reform and development of the country’s economy in the given direction.”
“Bringing Georgian legislation to EU standards and practices and reinforcement of the service capabilities will help the country to increase the transparency and consolidate stability,” said Vincent Rey, Head of Cooperation at the EU Delegation to Georgia.
“This is an extremely important project for Georgia. It is vital to have transparent and trustworthy financial accounting and auditing services throughout the country,” noted Dimitros Karabalis, the Ambassador of Greece to Georgia. “Georgia lacks experience in this respect; however, it is necessary for the country to honestly fulfill its obligations towards the European Union. We are experienced in this case, as Greece has trodden the path to the EU. We have also faced a number of challenges that [Georgia] has to overcome now. That is why it is easier for us to assist you in terms of the implementation of this reform.”
The leaders of the project: Yuri Dolidze, Head of the Service for Accounting, Reporting and Auditing Supervision, and Panaiotis Yiannopulous from the Supervisory Board of Financial Accounting and Auditing Standards of Greece (HAASOB), presented the aims of the project to the audience and noted that they plan to have the long-term close cooperation in order to achieve mutual goals.
The official opening ceremony of the project was attended by the representatives of business associations, governmental establishments, academic circles, professional organizations and diplomatic corps.
The brotherhood project aims to improve the quality of financial accounting, reporting and auditing in Georgia, which is set to be achieved by the appropriate collaboration between the Service for Accounting, Reporting and Auditing Supervision of Georgia (SARAS) and the corresponding EU legislation. The project will also help Georgia to fulfill the country’s obligations regarding the Association Agreement.
Improvement of the quality of financial accounting and auditing of the enterprises is crucial for the establishment of a more transparent and stable business environ in the country, which will contribute to the efficient decision-making in this field.
Through the brotherhood projects, the EU supports the enhancement of institutional partnership between member countries and the public establishments of Georgia. Such cooperation is based on the sharing of practice and professional knowledge through numerous activities, including seminars, training, educational visits, and others.
