Mandatory Results (outcomes) Objectively Verifiable Indicators Source of Verification Assumption Advanced Approximation of Component 1 Project documentation, interim and Government commitment on – Georgian Legal Framework on Accounting Amendments to the primary and secondary final reports; fulfillment of AA Reporting and Auditing with the EU acquis in Georgian legislation on Accounting, Reporting requirements continued; Project activity reports the relevant area and Auditing drafted in an inclusive process, (consultations, discussion); Strong support and accompanied by a sound RIA if required and commitment from the senior STE mission reports; Result 1.1 Georgian Legal Framework on using unified LA methodology and initiated by – management of SARAS/MoF; Assessment reports; Accounting Reporting and Auditing and SARAS in 12 months from the start of the Twinning MS partner Long- term strategy; related secondary legislation revised in Project; commitment; Legislative amendments and accordance with the provisions of the Public consultations held on a newly drafted Availability of local staff; explanatory note; Association Agreement Strategy Document in 12 months from the start All relevant of the project. documentation/information available; Report on gap/needs analysis; Strong support and Component 2.- Enhanced Capacity Building SARAS conducted inspections of commitment from the Operational Manual for of SARAS in accordance with its mandate and approximately 40 audit firms on a risk-based senior management of inspections; tasks entrusted till the end of the project; SARAS/MoF; Project documentation (working Dispute resolutions performed without any Availability of local staff; procedures, activity reports and Result 2.1 SARAS' ability in fulfilling its – delay in accordance with the existing etc.); Good communication functions to conduct audit quality inspection procedures (average timing for dispute between the Beneficiary Reports of inspection findings; and investigation strengthened resolution at SARAS Board level comprise 2 and other stakeholders; Project activity reports; months); All relevant documentation/information available.
Mandatory Results (outcomes) Objectively Verifiable Indicators Source of Verification Assumption Component 1 – Advanced Approximation of Georgian Legal Framework on Accounting Reporting and Auditing with the EU acquis in the relevant area Result 1.1 – Georgian Legal Framework on Accounting Reporting and Auditing and related secondary legislation revised in accordance with the provisions of the Association Agreement Amendments to the primary and secondary Georgian legislation on Accounting, Reporting and Auditing drafted in an inclusive process, accompanied by a sound RIA if required and using unified LA methodology and initiated by SARAS in 12 months from the start of the Project; Public consultations held on a newly drafted Strategy Document in 12 months from the start of the project. Project documentation, interim and final reports; Project activity reports (consultations, discussion); STE mission reports; Assessment reports; Long- term strategy; Legislative amendments and explanatory note; Government commitment on fulfillment of AA requirements continued; Strong support and commitment from the senior management of SARAS/MoF; Twinning MS partner commitment; Availability of local staff; All relevant documentation/information available; Component 2.- Enhanced Capacity Building of SARAS in accordance with its mandate and tasks entrusted Result 2.1 – SARAS' ability in fulfilling its functions to conduct audit quality inspection and investigation strengthened SARAS conducted inspections of approximately 40 audit firms on a risk-based till the end of the project; Dispute resolutions performed without any delay in accordance with the existing procedures (average timing for dispute resolution at SARAS Board level comprise 2 months); Report on gap/needs analysis; Operational Manual for inspections; Project documentation (working procedures, activity reports and etc.); Reports of inspection findings; Project activity reports; Strong support and commitment from the senior management of SARAS/MoF; Availability of local staff; Good communication between the Beneficiary and other stakeholders; All relevant documentation/information available.
GE_33.docx