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Capto Group Claims the Major Attraction of Capto Group is its Service Itself

Published: February 25, 2013 | 12:32 pm
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“We see a large opportunity of growth and our challenge is to grab this opportunity by our client-oriented strategy.”

The COMMERCIAL TIMES

Company Name: Capto Group member of RSM

Date of Foundation: 8th May, 2008

Number of People Employed: 50

Capto Group, one of the most successful network audit and consulting companies in Georgia, continues rapid development on the local market. During an interview with The COMMERCIAL TIMES Gela Mghebrishvili, Managing Partner of the company assessed the local audit market and spoke about the group’s further development plans.

- What would you name the best achievement by Capto Group till now?

- We are very proud to declare that the most important achievement of our company is the quality of the service we can provide to our customers. We put a lot effort in quality control and constant improvement. Our dedication to quality is revealed in the fact that last year we became a member firm of RSM, the 7th largest network company in Audit and Tax and Advisory all over the world. RSM demands the highest standards of quality and professionalism from the people who work for its member firms. So, the fact that we managed to got their membership means that we completely meet their quality requirements and due to this, it is a real success for us.

- Could you please recall the company’s foundation story? Who are your top management members?

- Capto Group was founded in 2008 and after this time we are continuing getting quite profound experience and expertise in our field. As for the management team, we have Giorgi Kvinikadze and Chingiz Abdullayev as Financial Audit Partners, Shota Valishvili and me, Gela Mghebrishvili as Tax Audit Partners. My collages are high-professionals of their work and it is really a great pleasure to me to have an opportunity to work with them.

-What is the main advantage about the Capto Group why businesses should choose it?

- The major attraction of Capto Group is our service itself. Our motto is to provide a high quality service for a fare price. So, one taking decision to use our service must be sure that he is receiving the best service for best price.

-What were the challenges you had to overcome during the years of activities on the local market? What challenging is the current situation?

- The market of the service we provide is constantly increasing in Georgia. We see a large opportunity of growth and our challenge is to grab this opportunity by our client-oriented strategy.

-How would you evaluate the impact of frequent changes to tax code on auditors’ activities?

- On the one hand, we must admit that frequent amendments are not easy things to deal with neither for the Tax Payer nor for the Auditor. In order not to stay behind one must permanently control what is changing in Tax legislation. At least, it requires as important recourse such as time. But, on the other hand, if these amendments are business-oriented, concentrating on improving or simplifying the Tax code, they are not only acceptable but also welcomed from everybody. In our company we have a special team attached to the tax code amendments; There people constantly catch an eye on the amendments, get known and analyze them; In this way we obtain a guarantee that there are not any changes we are not informed about.

- Recently, Minister of Finance of Georgia Nodar Khaduri met with auditors. What were the major issues discussed during the meeting? How enthusiastic would you say the new government is in terms of cooperating with private sector?

- Unfortunately, I couldn’t manage to attend this meeting personally due to the fact that I wasn’t in Georgia at that moment. But, anyway, I got the information about the topics and issues mentioned on that meeting. My impression is that the new government is really enthusiastic to cooperate with private sector and hope, will have a great success in that. According to their statements they eager to encourage healthy competition and hope, their commitment will be soon revealed in the legislation as well.

- Could you please name examples of international practice as far as audit service is concerned which you believe would be a good idea to implement in Georgia?

- It a good question. In my opinion, the issue of the day of Georgia which can be solved with sharing the international practice is the internal control system. In Georgia where are not many companies which sufficiently assess the importance of internal controls. Lack of internal control, first of all, affects the company itself but it also has some affects on the audit procedures. Implementing international practice and developing sound internal control systems in Georgian companies would be a really helpful for both the companies and the auditors as well.

- How would you assess the efficiency of alternative audit project?

- I have to mention that the idea of the project is really wonderful. Capto Group has been participating in the project from the very start of it. The overall project is quite valuable and I think, it must continue in the future as well; but taking part in it our company identified some weaknesses of the project mainly at the point of quality control. The government doesn’t give the auditor any specific guidelines for the audit process, and, as a result, it can’t have any quality guarantees. According to our information, tax authorities are already working on this issue and hope, will manage to handle with it soon.

- How promising are your short-term, mid-term and long-term expectations regarding the local audit sector development?

As for the short-term, the expectation is that the gradual development of the whole Georgian market will be revealed in the fact that more companies will understand the need of audit and self-assessment; analyze how essential is it to know the risks your business may encounter and get help in addressing them; or, on the contrary, get assurance that there are not any risk that might substantially impact your business; This is an expectation we hope will be met in the nearest future.

As for the longer-term expectations, we hope, that finally the sector will be more regulated, so that, quality control will work properly in all the companies that provide service in audit sector. These will encourage healthier competition amongst the audit firms as well. Lately, issuing the law about the accounting and auditing was a good reflection of this effort, but there are still lots of issues to be dealt with and require out attention.

 

 

 

 

 

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