Ecovis Global > ECOVIS Georgia Receives Second Category Auditor Status
ECOVIS Georgia Receives Second Category Auditor Status
8. June 2021
ECOVIS Georgia has been awarded the status of second category auditor by the Service for Accounting, Reporting and Auditing Supervision. For this, the regulator monitored and reviewed selected audit engagements, company policies and procedures of ECOVIS ATA Finance LLC.
The monitoring properly assessed the result of changes made in the company during the last three years, aimed at offering quality and qualification-oriented auditing services in the local market.
What the Regulator Monitored
Monitoring was carried out by the regulator on two levels: At the audit engagement level, on the compliance of the work with International Standards on Auditing. At company level using the International Standard on Quality Control (ISQC 1) and in terms of compliance with registration rules. As a result, the company has been given the permission for rendering audit for public interest entities with certain restrictions that apply to first category PIE companies and groups.
Contact us if you would like to know more about the services of ECOVIS Georgia. Irakli Siradze, Managing Partner, ECOVIS Georgia, Tbilisi, Georgia
What the Success Means for ECOVIS Georgia
The recognition and success of ECOVIS Georgia’s operations are critically important for the company’s further development:
The quality and qualification of our services is recognized by a reputable entity that objectively evaluates the work practice and quality control system of companies operating in the local market.
We can more confidently communicate with companies and groups that are looking for qualified alternatives and high-quality service.
The company’s partners and employees have extensive experience working with microfinance organizations and insurance companies and to date, due to the lack of PIE status, we didn’t have permission to render the audit of these companies.
We have the opportunity to cooperate with state-owned enterprises which have been granted PIE status.
We can offer interested parties assurance services related to the completion of investment obligations, for which permission is usually only given to second or first category audit firms.
For the companies we already provide service to, ECOVIS Georgia’s success provides additional argument that their auditor’s qualifications and quality are recognized by the regulator. This automatically increases the reliability of the audited financial statements for existing and potential investors or other stakeholders. With the further development of the capital market, we have the opportunity to collaborate with companies and groups active on the local stock exchange.