“Georgia has made significant strides in advancing its reporting and audit oversight systems,” Finance Minister Lasha Khutsishvili declared at an event marking the 10th anniversary of the Service for Accounting, Reporting and Auditing Supervision (SARAS).

The Finance Minister underscored the agency’s vital role, noting that key structural reforms in this domain have been essential to building a reliable and robust business environment.

“International accounting and auditing standards have become a cornerstone of our professional framework. A unique public disclosure platform, Reportal.ge, was created, oversight mechanisms have matured, and active engagement across both corporate and professional sectors has steadily expanded.

Another critical dimension of this reform is active involvement of the accounting and auditing profession in combating money laundering and terrorist financing. Expanding SARAS’s mandate and reinforcing its supervisory framework in this arena serves as a crucial safeguard for the stability and credibility of the nation’s financial system,” Minister of Finance Lasha Khutsishvili stated.

In his address, the Finance Minister highlighted the strong support provided by international partners, noting that multilateral organisations and donors, including the World Bank, have made invaluable contributions to driving these reforms forward.

Khutsishvili thanked each staff member of the service for their dedication over the past decade in establishing and refining the oversight framework, wishing them continued success. He also emphasised the pivotal role of businesses and professional associations in championing the reform agenda.