Regulatory Alerts2023-06-30 | 113/04Approval of the Rule for the Statutory Audit of the Consolidated Financial Statements of Microbanks and for Information Disclosure in the Explanatory Notes
The National Bank of Georgia issued Order No. 113/04 to approve a rule governing the statutory audit of consolidated financial statements for microbanks and associated information disclosure requirements. The regulation mandates specific qualifications for audit firms, imposes strict independence restrictions on non-audit services, and requires detailed disclosures in explanatory notes regarding collateral, subordinated liabilities, and employee statistics. It further establishes supervisory powers for the National Bank to request additional information and enforce sanctions for non-compliance, including mandatory audit firm rotation after ten years of continuous engagement.
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