In order to strengthen the exchange between accounting professionals, the Audit Bureau (DSA) and the Macau Society of Registered Accountants jointly held a seminar today (14) dedicated to the theme “Brief Comparative Analysis on Operation Audit in Public and Private Sectors”. More than a hundred participants, including accounting professionals from the private sector and staff from the Commission of Audit, analysed the importance of operation audit in the private sector as well as in the public sector, and reviewed the latest developments in auditing.

One of the two speakers at the seminar, Ricky Cheng, director of risk advisory services of BDO Financial Services Limited, presented the principles and practices of internal control in the framework of operation audit and talked on measures that companies should take to strengthen internal control. Cheng underlined the role of internal control in laying down the appropriate and adequate measures to prevent the effective occurrence of the risks which could impede the achievement of the company’s goals, but also drew the attention to the fact that the implementation of the internal control measures is the responsibility of everybody, including board directors, managers and staff. Internal control provides adequate procedures that ensure effective and efficient operations, credibility of the financial reports as well as the compliance of all applicable laws and regulations. Through real cases, Cheng analysed the five components of internal control: control environment, risks evaluation, control activities, information and communication and monitoring.

On the other hand, Neoh Hwai Beng, director of the Audit Bureau, reviewed the theoretical basis and implementation of operation audit within the public sector. He also shared with the audience experiences on some mostly used audit methods for examining procedures, risks and results. Neoh Hwai Beng underlined the law compliance as the basis of the functioning of the public administration and, as such, the operation audit frequently encounters situations regulated by law and regulations. During the seminar, speakers and participants debated and exchanged views on the various aspects of internal control and operation audit.

Ricky Cheng, member of the Association of Chartered Certified Accountants of England and member of Hong Kong Institute of Certified Public Accountants, has large experience in risk managing and internal control assessment. Neoh Hwai Beng became director of Audit Bureau in 2008, after long years of professional experience in the fields of audit and financial management in the private sector.

Participants in the seminar included: chairwomen of the general assembly and board of directors of Macau Society of Registered Accountants, respectively, Lok Tan Cheng and Luk Choi Yin; representative of Financial Services Bureau’s Committee for the Registry of Auditors and Accountants, Yung Chi Chung; representative of ACCA, Wong Hang; chairwoman of the supervisory board of Macau Society of Registered Auditors, Chan Hio Wan; chairman of the directors’ board of Macau Society of Accountants, Cheong Sio Tong; director of Macau University’s Accounting and Information Management Department, associate professor Yuen Chun Yip; advisers of the Office of the Commissioner of Audit; and senior auditors, auditors and staff of the Commission of Audit.