News

With the support of the Ministry of Finance of Georgia, the Service for Accounting, Reporting and Auditing Supervision (SARAS) hosted an event - Sustainability Reporting and Assurance: International Experience and Significance for Georgia.
The event aimed to emphasize the importance of sustainability reporting and related assurance services, share international experience and explore the practical steps needed to develop this field in Georgia.

The event was opened by David Mchedlidze, Head of SARAS. Tsotne Kavlashvili (Deputy Minister of Finance of Georgia), Ekaterine Mikabadze (Board Member and First Vice-Governor of the National Bank of Georgia) and Dariusz Daniluk (Deputy Head of the Polish Agency for Audit Oversight (PANA)) delivered the welcome remarks.

Event participants discussed the role of sustainability reporting within the modern corporate reporting framework. They emphasized its value in enhancing transparency, improving the quality of reports and boosting investor confidence. Particular attention was given to the practical significance of sustainability reporting. It was noted that this practice serves as a vital tool for companies to comprehensively present both financial and non-financial aspects of their operations, assess risks and opportunities, and provide reliable, structured information to stakeholders, going beyond a mere formal compliance exercise.
Delegates from the Polish Agency for Audit Oversight (PANA) participated in the event, which constituted a pivotal element in the dissemination of international expertise.

Waldemar Majek, Deputy Director of the Department of Standardization and International Cooperation at PANA, gave two presentations. Attendees were introduced to Poland’s practical experience of implementing, supervising and developing professional practices in sustainability reporting and relevant assurance services. As part of the event, two panel discussions were held. The first session, which featured participants from the National Bank of Georgia, the Pension Fund of Georgia, the World Bank, and the private sector, focused on the benefits and challenges of sustainability reporting.

The discussion focused on the importance of sustainability reporting in promoting corporate transparency, improving the quality of reporting, informing investment decisions, and enhancing the business environment as a whole.

The second panel discussion focused on sustainability assurance services and their role in mitigating the risks of ‘greenwashing’ and enhancing investor confidence. Representatives from international auditing and consulting firms, including EY, Deloitte and Grant Thornton Georgia, took part in the discussion. Topics covered included data quality in sustainability reporting, internal control mechanisms, developing professional competencies, gathering evidence, and core practical matters essential for properly executing assurance services.
Participants also discussed the strategic direction of developing sustainability reporting in Georgia. It was emphasized that this process requires a gradual, proportionate and pragmatic approach, considering alignment with international standards, corporate readiness, the capacity of the auditing sector and market demands simultaneously. The discussion also highlighted the importance of coordinated cooperation between regulatory bodies, the business community, audit firms and other stakeholders for the effective implementation of sustainability reporting.
The event was attended by auditors, audit firms, corporate entities and representatives from the public and private sectors, regulatory authorities and professional circles, as well as partner and donor organizations.

The event included a Q&A session, providing participants with the chance to discuss practical issues related to the implementation of sustainability reporting and relevant assurance services with local and international experts.

David Mchedlidze, Head of SARAS, concluded the event. He emphasized the importance of sustainability reporting and assurance services for the further development of Georgia's corporate reporting system. He added that sharing international experience, maintaining professional dialogue and fostering cooperation with stakeholders were essential prerequisites for the gradual and effective development of this field.

See the presentations delivered within the framework of the event:
“Assurance on Sustainability Reporting: PANA - Poland First Experience”
“Sustainability Reporting in Poland: Practical Implementation”