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Audit

Reports/Opinions on the State Budget Law of Georgia

According to the current budgetary legislation, State Audit Office of Georgia prepares reports and opinions at the budget planning as well as at the execution stage. It is noteworthy, that the State Audit Office audit activities aim strengthening its role, as an advisor, in the public finance management reform process. Thus, reports and opinions, prepared on specific spending agency level, are oriented to identify the systemic deficiencies and to provide appropriate recommendations.

State Audit Office of Georgia is responsible for the preparation of the SAO opinion on the reasonableness and legality of the state budget revenues and expenses set out in the Draft Law on the State Budget. The preparation of the opinion is based on the following criterion

  • Macroeconomic and other relevant material assumptions provide the reasonable basis for the prospective financial information presented by the Draft Law on the State Budget;
  • The prospective financial information presented by the Draft Law on the State Budget is properly prepared on the basis of the assumptions and can be assessed as reasonable and legal based on the relevant legislative requirements;
  • The prospective financial information presented by the Draft Law on the State Budget is properly presented in accordance with the existing financial reporting framework and all material assumptions are adequately disclosed within the relevant enclosed materials.

Based on the abovementioned criteria and under the authority of State Audit Office, opinion on the draft law of state budget highlights the reasonebility of the basic parameters of the state budget, which is based on assumptions, presented in the medium-term economic and fiscal framework. Moreover, opinion reviews  other important issues connecting to the publuc debt management, fiscal discipline, relevance of fiscal limits and also, public sector financial management reform process.

Along with the opinion on the draft law of state budget, State Audit Office of Georgia prepares report on government report on current year state budget execution process (8 months execution). SAO report aims to assess the state budget execution process  and the accuracy and completeness of the information about the state budget revenues and expenses, reflected in the government report. SAO prepares report on government report on the annual state budget execution, which aims at assessing the accuracy and completeness of the information presented in the government’s report, as well as reasonability and legality of revenues and expenses of the State Budget.

In order to improve the efficiency of the public finance management system, reports, prepared by the State Audit Office, reviews all the systemic deficiencies, which were detected during the audit/analytical activities and gives recommendations in all major stages of the public sector financial management system. Namely, reports provide important information about budget planning, budget preparation and approval, resource management, internal financial controls and accounting-reporting directions.