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Newsletter VI-VII: Initiatives and Legislative Amendments for Promoting Business Activities in Georgia

June-July 2016
Amendments to the Law of Georgia on Entrepreneurs
On June 8, 2016 there were adopted amendments to the Law on Entrepreneurs, according to which:
  • There were made changes to Article 13 of the Law which concerns the matter of accounting and audit. More specifically, Persons of Public Interest (PPI – accountable company, commercial banks and qualified credit institution, microfinance organization, insurer, non-state pension scheme founder, investment fund, credit union and the persons defined by the Georgian Government as PPI)) attributed to first and second category (as defined by the Law) are obliged to perform annual accounting/consolidated audit in accordance with the Law of Georgia on Financial Accounting and Audit;
  • There was adopted Article 131 to the Law (“Audit Committee”) according to which there shall be established audit committee within the Supervisory Council for PPI. If PPI does not have a Supervisory Council, then there shall be created independent audit committee the members of which are independent persons selected by general meeting. Audit committee shall supervise a) the process of financial accounting, b) control of quality, risk management and effectiveness of internal audit of financial information, c) audit of the financial accounting, d) independence of the audit firm. Audit committee shall report to the Supervisory Council (general meeting) on regular basis;
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