The National Bank Of Georgia Publishes The Project On The Statutory Audits Of Financial Statements And Disclosure Requirements Of Commercial Banks

The National Bank Of Georgia Publishes The Project On The Statutory Audits Of Financial Statements And Disclosure Requirements Of Commercial Banks

The National Bank Of Georgia Publishes The Project On The Statutory Audits Of Financial Statements And Disclosure Requirements Of Commercial Banks

The FINANCIAL -- As part of the initiative to publish the legal act projects regarding supervision, the National Bank of Georgia publishes the project on Statutory Audits of Financial Statements and Disclosure Requirements of Commercial Banks.

Main purpose of the project is to enhance the quality and transparency of statutory audits and financial statements in accordance with EU Directives/Regulations and International best practice. Overall project will aid stable and effective functioning of the banking sector.

Proposed project will define and regulate responsibilities of commercial banks and statutory auditors with regard to statutory audits, minimum requirements for banking statutory auditors and disclosure requirements in audited financial statements.