They put the revenue note next to the three contracts that actually mattered. We stopped hunting through appendices. I still wanted a page on the tax note, which was not in that folio, and we had to ask for it in the room.
After the sitting
Notes from after the sitting
These notes are from sittings we actually attended or packs we bound. They mention the briefing used, not a general impression of the office. One of them records a late map. That delay happened; it is not edited out.
The map was a day late, which I have not forgotten, because the parent call was already in the diary. When it came, the unmatched intercompany with the Armenian trading company was on one sheet, which is what we had failed to show ourselves.
Our board had been signing a pack they did not like to admit they had not finished. The briefing forced the going-concern paragraph onto page two. Two directors were uncomfortable; that was the point of commissioning it.
Ana walked the related-party note against the register we already kept. Nothing theatrical. The useful part was the list of disclosures that were furniture and could be left unread in the sitting.
By September I could see the same pages I would see in March. The year stopped arriving as a surprise. The Q2 folio was thinner than I wanted on cash, and they thickened it in Q3 when I asked.
We are not listed. We still have a parent in Vienna who reads English only. The Kostava Street pack let that sitting happen without me narrating every line from memory.
A longer note
A December close with four currencies and a new lease note
The draft arrived with IFRS 16 numbers that had been recalculated after a warehouse contract was renewed in November. The face of the statements had moved; the note had not caught up. Giorgi marked that split on a single page so the audit committee could see it before the auditor’s clearance call.
The sitting used forty minutes on leases and twenty on revenue. Related parties, which had dominated the previous year, took less than ten because the balances had not moved. The addendum after the sitting was one redrawn lease-maturity table, sent three days later, which the secretary bound behind the minutes.
A longer note
An audit committee that had never had an open-points list on paper
The auditor’s points lived in email. Tamar asked for them to be forwarded as they stood, then set each point against the line in the interim draft. Two items were already closed; they were struck through rather than hidden, so the chair could see the trail.
The pack did not make the committee faster in a flattering sense. It made the remaining argument — an expected credit loss overlay on a single portfolio — take the whole second half of the meeting, which is where the time belonged.