ABSTRACT: This article focuses on the audit committee’s insight about the impact of on quality of the external audit process. The findings also imply that the Audit Committee can help enhance various aspects of audit quality, including the quality of the evidence gathered and the invaluable advice the audit committee provides to the external auditor. This article focuses on aspects of the audit in relation to virtual assets that allow the audit process to be made more successful. The communication between the audit committee and the external auditor can be directed toward various audit-related issues. This suggests that in order to improve the external audit process, the auditor has to be aware of how specific procedures are dynamically decided upon. The findings have consequences for regulators and practitioners who evaluate the audit committee’s contribution to enhancing the dependability of the auditor’s and financial reports. The results show that audit committees can affect many aspects of the audit quality. More significantly, the findings show that Georgia’s audit practice has a new era in audits involving virtual assets. This study presents a novel idea to the audit committees on how to enhance it’s effectiveness in order to attain audit quality.

KEYWORDS – Audit Committee Oversight, Auditor Communications, Virtual Assets, Audit Risk, Financial Reporting