The First Sino-US Joint Audit Seminar Held in NAU

On 27th October 2014, the first joint seminar on audit and evaluation of the Sino-America financial regulatory policies was held in our university. Mr. Liu Jiayi, the Auditor General of China's National Audit Office, attended the meeting and made the keynote speech on “National Financial Audit in the post financial crisis age” and Ms. Ores Williams addressed the meeting on behalf of the Auditor General of the U.S. Government Accountability Office. Senior officials and experts from the United States, Britain, Germany, Korea, Australia, China and other countries attended the seminar.
On the opening ceremony, Mr. Liu Jiayi pointed out that “Beijing Declaration”, which was released on the 21st INTOSAI meeting last October demonstrated that audit institutions should enhance international and regional cooperation, actively play the role of auditing in promoting governance and contribute their due part to international sound governance. The opening of the seminar marked the official establishment and operation of meeting and discussion mechanism between China and America Supreme Audit Institutions.
Mr. Liu Jiayi introduced the features of world financial crisis since the 20th century and he thought that with the advancement of global economic integration and financial innovation, the high degree of connectivity in financial sectors and financial virtualization enabled risks to transmit directly through interlocking shareholding, thus bringing and quickly boosting global systematic risks. He also introduced the important role that Chinese financial auditing played in exposing risks, safeguarding financial safety and promoting sound national governance.
Mr. Liu Jiayi said that in the post financial crisis era, how to adjust the development strategy of national financial audit, how to expand the denotation and connotation of audit and make innovations in audit methods, how to play a greater role in maintaining the stability of the financial system and improving the efficiency of financial operation are new tasks set before Supreme Audit Institutions of each country. China's National Audit Office will work with the Supreme Audit Institutions in the world to strengthen the research on financial innovation, financial risks and financial supervision efficiency, to continually make innovations of the concept of financial audit, forms of audit organizations and methods of audit practices, to timely reflect and expose the potential risks and prominent contradictions which have affected the healthy economic and social development in the financial operation as well as to promote the prevention and resolution of systemic, regional and global financial risks. He emphasized that this was not only the exchange of financial audit experience, but also a theoretical seminar towards the future.
Ms. Ores Williams expressed congratulations on the symposium on behalf of the Auditor General, Gene Dodaro in her speech, and expressed gratitude to China for hoding the meeting. She briefly introduced the practice of the U.S. Federal Audit Office in the financial markets and regulatory auditing and expected to share with participants the theory and practice of financial supervision. 
This seminar is an important measure to implement the memorandum of understanding between the Supreme Audit Institutions of China and the United States in 2013. The workshop had 4 sub topics, namely, the performance audit of financial regulators and regulatory policies, the performance audit of consumer protection regulation and regulatory policies, the supervision of financial supervision and law enforcement, and financial crime investigation and supervision. Experts will engage in researches and discussion on the topics when the opening ceremony is finished.