Audit of accounts of companies in compliance with the Macau Companies Ordinance and other legislations.
Special Audit Services:
Company valuation Company investigations on irregularities and due diligent audit Special audit for acquisitions and mergers
A company (SA) is required to publish in the Official Gazette and in at least two local daily newspapers the following information: 1. Annual accounts 2. Report of the directors 3. Report of the supervisory board
The annual accounts comprise the following information:
1. A balance sheet
2. A profit and loss account
3. Relevant notes to the accounts
Report of the directors
The directors’ report shall describe the effect on operations of changes in costs, market conditions, investments, and other relevant factors to provide a clear understanding of the company’s financial position at year end and of its profitability for the year then ended. In practice, information provided in the report is normally in very broad outline.
Report of the supervisory board
The statutory duties of the supervisory board are as follows:
1. Supervise the board of directors to the extent that they will become personally liable for any losses arising from acts or omissions that could have been avoided if they performed their duties properly;
2. Inform the relevant authorities of any criminal acts encountered during the performance of their duties;
3. Verify at least on a quarterly basis (i) that the requirement of both the law and the company’s statute are being observed, (ii) the ownership and existence of cash, fixed assets and other assets, and (iii) that statutory books, accounting records and documents are being properly maintained;
4. Convene shareholders’ meetings if the responsible body fails to do so;
5. Fulfill any other obligations imposed by law or by the company’s statute.
6. In practice, the independent auditor in the supervisory board is engaged to assist the supervisory board in carrying out their statutory duties.
As the government’s effort to open up the gaming sector and build additional key public infrastructure, more and more foreign capital launch into Macau. To pave the way for greater economic prosperity and to protect the interests of investors, the Macau Government has launched Macau Auditing Standards, thereby to regulate the auditors’ implementation of audit services and requirements of other statutory duties.
Macau Auditing Standards is combined with Auditing Standards, which was published by Regulation No.23/2004 on 26th July 2004, Technical Auditing Standards, which was published by Resolution of the Secretary for Economy and Finance No.68/2004 on 2nd August 2004, and Technical Guidelines for the Application of Technical Auditing Standards, which was published by Resolution of the Secretary for Economy and Finance No.69/2007 on 5th July 2007. These standards were effective on 1st August 2004, 3rd August 2004 and 6th July 2007 respectively.