Building a strong and sustainable accounting profession in Georgia

Strengthening Auditing and Reporting in the Eastern Partnership

A series of events aimed at strengthening the accounting and auditing profession in Georgia took place in Tbilisi last month, as part of the Strengthening Auditing and Reporting in the Eastern Partnership programme, funded by the EU under its EU4Business initiative and implemented by the World Bank.

Joining forces with the Service for Accounting, Reporting and Auditing Supervision (SARAS) and the International Financial Reporting Standards (IFRS) Foundation, the World Bank’s Centre for Financial Reporting Reform (CFRR) delivered two roundtables dedicated to accounting education and professional development, as well as an IFRS Workshop. 

The events support the accounting and audit reform implemented by Georgia and pave the way for increased capacity among accountants and auditors in the Georgian market and greater transparency of the business community. 

Continuing Professional Development (CPD) Roundtable

On May 2, the CPD Roundtable brought together over 20 representatives from leading audit companies and professional accountancy organisations in Georgia. Participants discussed the need to establish a clear CPD path for existing and future accountants, outlining the main challenges, including the need in training needs analysis, organizational details, training of trainers, pricing policy and regional coverage. All parties agreed to elaborate a joint action plan and find cooperation venues to improve the quality of accounting and auditing CPD in Georgia. 

National Initiatives for Strengthening Accounting Education

The roundtable for the National initiatives for improving accounting education and strengthening professional accounting organisations in Georgia gathered over 30 representatives from leading universities, professional accountancy organisations, SARAS and the accounting profession on May 4. The meeting focused on the next steps in accounting education reform for Georgia, and specifically on developing learning materials for universities. 

IFRS Workshop for the Accounting Profession

On May 7, the World Bank’s CFRR joined forces with the IFRS Foundation and SARAS to meet the Georgian accounting community and present them the main IFRS topics. The workshop was held at the Ministry of Finance, and convened more than 200 accountants, trainers and auditors working with IFRS standards. Participants learned about developments in the International Accounting Standards, and had the opportunity to ask questions about specific issues in an open Q&A session.

STAREP is a regional programme funded by the EU to support the Eastern Partner countries in establishing a transparent policy environment and effective institutional framework for corporate reporting. The programme has been implemented since 2013, and will run until December 2018.