According to the law on accounting, reporting and audit companies are required to prepare financial statements annually and submit them to the Service for Accounting, Reporting and Auditing Supervision (SARAS).
Also according to the law, companies were divided into 4 categories and respective standards were defined for each category.
For determining and getting more information regarding entities category please follow the link: http://tiny.cc/n1056y
Entities of the first and second category, also Public Interested Entities (PIE) (with any category) are obliged to provide audited financial statements. Meanwhile, entities of the third and fourth category (other than PIE) are free by law from auditing their financial statements prepared under respective standards. Third and fourth category entities can prepare audited financial statements if the user of statements is other than SARAS.
Loialte offers assistance in preparing financial statements.
You can see detailed information on the web page of the Accounting, Reporting and Audit Supervision Services: www.saras.gov.ge