Analysis of Accounting and Control in Georgia

Nino Pailodze and Rusudan Kutateladze
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Nino Pailodze: Georgian Technical University, Tbilisi, Georgia
Rusudan Kutateladze: Georgian Technical University, Tbilisi, Georgia

International Journal of Business and Economic Affairs (IJBEA), 2018, vol. 3, issue 4, 171-177

Abstract: The development of modern economy and market demands has led to the necessity of legislative basisand introduction of new control mechanisms. Audit and State Audit Service have been established as one of the mostimportant mechanisms of control in developed countries. This successful practice resulted Georgia's development of audit.The Law on Audit has been adopted, which has di erentiated mandatory and voluntary types of audits conduction. Thearticle \Analysis of Accounting and Control in Georgia" discusses the legislative and normative acts of regulation ofaccounting and control, key issues of control in organizations activity, issues of improvement for accounting and controlregulation. Also discusses the issues of improvement of the united system of nancial control. The 2015-2017 surveyreport presented by us is an analysis of the condition and challenges of the internal nancial control system and thehindering factors of its development. At the initial stage of the survey, a detailed scheme of selection has been made up,which included the organization selected for characterization of internal nancial control. We have emphasized problemson one hand and - best practices, on the other. We discussed issues that are equally problematic for organizations. Therelevance of the topic of the article is caused by problematic issues related to the control in the institutions. Successfulbusiness is impossible without nance control and management skills. Although the Audit Service has been set up, whichreplaced the Chamber of Control, a united system of control and monitoring of budget funds has not been established yet.Control, which is mainly undertaken by state structures, are characterized by the necessity of detecting and eliminatingof violations. Whereas while the conclusion of the results of audit account of the nancial accountancy, the issuance ofrecommendations and of negative feedback in case of certain circumstances is done

Keywords: Accounting; Audit; Budget process; Control methodology; Treasury system (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:aya:ijbeaa:2018:p:171-177

DOI: 10.24088/IJBEA-2018-34004

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