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5
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intervieW
Bouncing back
AS The INTeRNATIONAL FINANCIAL CRISIS ReCeDeS, The LOCAL
AuDIT MARKeT IS MAKINg A COMeBACK, ACCORDINg
To AgNeS ChAN, eRNST & yOuNg’S RegIONAL MANAgINg
PARTNeR FOR hONg KONg AND MACAu
W
hat did gaming liberalisation in Do you expect an increase in demand Is it hard to get qualified people?
2002 mean for the audit sector? for audit services this year? It is very difficult to find experienced and
First we have to understand the yes, we do predict a gradual increase. trained personnel in Macau, in particular
local statutory audit requirements. there the market quieted down a little bit with to get someone who really has a good
are no statutory audit requirements for the financial crisis, but recently we have understanding of the international Financial
most companies. they mostly only exist for observed that Macau is coming back. reporting standards. But Macau does
companies in highly- regulated industries produce a good supply of fresh graduates.
like gaming, financial services, utilities and what are the main drivers
offshore companies. With this in mind, we for such growth? Some local audit firms have been accused
see that soon after liberalisation, the local We are seeing some entities that are of outsourcing services without the
market attracted a lot of attention because becoming bigger like in the hotel and knowledge of their clients...
business went up. there was an obvious entertainment sectors, and who want that practice will slowly reduce. Perhaps it
growth in retail, hospitality and real estate. better management of their financial happened in the past because there was a
it was a big boom for the international performance – so they will want an limited number of licensed companies or
audit firms and we also expanded our independent auditor to look at their auditors who were therefore authorised to
service capabilities. finances and to provide an opinion. sign audit reports. increasingly, new
March 2010
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