The 5th Meeting of the INTOSAI Working Group on Financial Modernization and Regulatory Reform (WGFMRR) was held in Beijing from 28 to 29 March 2018. Nearly 30 participants from 10 member SAIs as well as World Bank, International Monetary Fund (IMF) and the People’s Bank of China (PBOC) attended the meeting. Mme. Hu Zejun, Auditor General of the National Audit Office of China, met and addressed the delegates. Mme. Qin Boyong, Deputy Auditor General, attended the opening ceremony and made a keynote speech. Mr. Gene Dodaro, Chair of WGFMRR and Comptroller General of the United States Government Accountability Office (US GAO) delivered opening remarks via video.

In her speech, Mme. Hu pointed out that forestalling and defusing major risk has been listed as one of China’s top national priorities, among which financial risks receive most attention. Likewise, CNAO has deemed it as one of our core tasks. She hoped that participants could learn from and inspire each other through fruitful discussions, to contribute to not only maintaining financial stability in one’s own country, but also improving the international financial governance system.

At the meeting, representatives from SAIs of Brazil, China, Germany and the United States, as well as the European Court of Auditors, shared their practice and experience in recent financial system audits respectively. External experts from World Bank, IMF, Financial Stability Board, PBOC and Tencent presented on G-20 regulatory reforms, fintech and financial services, vulnerabilities in the global financial system, money creation and financial risk, and fintech business. The meeting also discussed the proposed work streams to update 2018 Terms of Reference, as well as the meeting Memo.

During the meeting, Mme. Hu also met with Dr. Hussam Alangari, President of the General Auditing Bureau of Saudi Arabia, on tightening bilateral cooperation and exchanges.

(Mme. Hu Zejun meets Dr. Hussam Alangari, President of the General Auditing Bureau of Saudi Arabia.)