As it is approaching the end of the year, all the foreign invested enterprises (“FIEs”) are beginning to prepare for auditing. On the invitation of EU Chamber Shenyang Office, Ms. Vivian Liu, Partner of Lee & Lee Associates held one professional seminar for their members with topic “Audit & Internal Controls—Challenging But Valuable”.
For all FIEs, financial audit are compulsory annually due to annual examination requirement from government bodies or the group reporting requirement from investors. How to manage the annual audit is normally a big challenge as well as a good opportunity to improve for the local management and the Accounting Department of FIEs.
A good internal control is a key measure to provide reasonable assurance for smooth operation of an enterprise. Lacking of necessary control procedures or having weaknesses in control points, the enterprise might be exposed to risks with respect of operation, legal, tax and financial aspects and may sustain unnecessary losses.
Lee & Lee Associates has been providing audit and internal control related services to a number of small- and medium-sized FIEs. Ms. Liu has rich experience and talked about key points over audit work objectives, how to work with auditors and the principles and approaches for setting up internal controls.
The seminar was very successful and received appreciation of the Chamber and attendees.