The Issues Regarding the Refinement of Effective Management of the Company

Despite of the active participation of our country in the condition of globalization, a lot of problems still exist. The essential role for solving the given problems is granted to the audit. For making the right decisions, governmental agencies as well as economic entities should possess the complete and accurate information. Since the area of economic activity overshoots country’s borders and the local legislation, international legislation as well as legislation of the country, in which business relationships are carried, should be taken under consideration. The process of audit of such type of operations is quite complex and lengthy process. Thus, audit should be carried out by highly qualified specialists. The effective management of the company that is a precondition for economic growth and sustainability is dependent on the reports prepared by auditors. The goal of the research is to analyze and evaluate the current state of regulating the financial statements of auditing in Georgia, identifying the priorities of regulating the accounting and auditing spheres. In this work are described in detail the aim of Internal Audit, functions, obligations, its hierarchical structure, audit process on its own and its main parts: planning, distance monitoring, conclution of act, issued recommendations, and its inspection. The work reveals that the information obtained by the internal auditors should be transparent and adequate. In this work are also shown innovation attitudes and methods, which are new in Georgian companies and are being implemented in Internal Audit. Very soon the programs will become very progressive and many big companies will not be able to work without it. The research is the prospect of improvement of accounting and audit national system, combined with organizational-legal and financial relations established in the management of the budgetary resources of the country and targeted use of state property. The objective of the research is the state financial control and non-state sector in Georgia: development of reform in accounting regulation and auditing regulation, education and certification of accountants (auditors), efficiency of investment activities, and valuation of business valuation .