The Asia Pacific regional conference was held at the Garden Hotel in Guangzhou, China from 9 May to 12 May. The conference lasted for one more day this year, as training on US audit and accounting was integrated.
Over 40 delegates joined the conference. All regional firms had delegates except Australia, Japan, New Zealand and Thailand. Mr. Jim Carulas, Chairman of AGN International and Mr. Nick Blake, CEO of AGN International were also present. Mr. Carulas was the leader of the US training team, which included Mr. Jeff Somers of Rothstein Kass and Mr. Jim Rollins of Meaden & Moore from the United States.
The regional board meeting was held in the late afternoon on the first day. It was followed by a welcome dinner reception at the hotel. Delegates had a cozy and relaxing evening after arrival.
In the morning on the second day, the conference was officially opened. After the welcoming speech by Mr. Ricky Wong, the Asia Pacific Regional Chairman, Mr. Carulas gave a short summary on the recent developments on AGN International. The first speaker for the conference was Professor YL Yuan of the Management Faculty of the Beijing University of Chinese Medicines. She talked about the history and reform of the public medical system in China. According to Professor Yuan, the Chinese Government intended to carry out major reform in the public medical system in order to cope with increasing demands on medical care by the public. On the Government’s agenda, privatization of public hospitals was on the top priority list. Such direction would give good investment opportunities for foreign investors or venture capitalists wishing to embark on the health care industry in China.
After the presentation given by Professor Yuan, Ms. Vimala Devi, the Chairman of the Taxation Committee, chaired the session on “tax development over the Asia Pacific region”. Delegates from Indonesia, Vietnam, Hong Kong and Singapore were invited to give talks on the recent tax developments in their countries.
After a short break, Mr. Victor Wong, CEO of Real Consulting, presented his topic on “Business Valuation: Techniques and Practices”. Real Consulting is an actuarial consulting firm in Hong Kong, specializing in actuarial valuations of financial instruments, structured products and intangible assets. It also advises insurance companies and financial institutions on managing risks. As most delegates were professional accountants, Mr. Wong focused his presentation on accounting issues connected with valuation of employee stock options, financial guarantees, convertible bonds and warrants, intangible assets, etc. His talk was inspiring and educational.
After the lunch break, another good presentation was given by Mr. Mike Bellamy on “Black Box Manufacturing in China – common problems and solutions in China sourcing”. Mr. Bellamy is the founder and CEO of PassageMaker, which operates in the Southern part of China. The company serves as clients’ “black box” where inspection, final assembly and branding are required to take place behind closed doors in order to protect intellectual property rights in China. Mr. Bellamy started off his company with only a small number of staff, and grew it into a very successful business with over 150 staff in just few years’ time. His talk was very interesting and received good response from the floor.
After Mr. Bellamy’s presentation, Mr. Ricky Wong started off the first session of the US training by thanking the US team coming to China. The training was historical. It was the first time that North America members (“NA members”) carried out training outside the US. Mr. Carulas told delegates that certain NA members had expressed concerns over service support from the region for their clients. It was a good opportunity for the US team to join the conference and tell delegates about expectation of NA firms on technical requirements to be met by firms in the region for US audit and accounting engagements. Mr. Jeff Somers explained to delegates that some of the NA firms had public listing clients in the US. Any AGN firm, whether located in US or outside the US, when they were engaged to do attestation work on these clients’ accounts, must be PCAOB registered. Therefore, he urged firms in the region to become registrants with the PCAOB so that they might be able to accept work from NA firms. Such move would enhance AGN’s global competitiveness and increase opportunities for obtaining international engagements. The topics covered by the US team were comprehensive, including:
- Introduction on PCAOB and SEC filing requirements
- Brainstorming on how to work as an international team
- Updating on US accounting and audit standards
- Planning and audit assessment
- Comparison between IFRS and US GAAPs
- Going public in the US
- Audit documentation, reporting packages and wrap-up
Topics were well presented by the trainers. They agreed to give continuing support to the region, and would explore possibility for putting training materials of their firms, e.g. taped videos of in-house trainings, in their websites for access (with passwords to be provided on demand) by firms in the region.
Apart from formal business and training, there were good social programs organized for the conference. After the meeting on the second day, delegates went for a night cruise on Pearl River. There was heavy rain when delegates departed from the hotel for the cruise. The rain magically stopped when the coach arrived at the pier. The Pearl River was picturesque, adorned by charming views along the two sides. Delegates were captivated by the beauty of sparkling lights flickering around the river. The trip was flooded with cameras’ flask lights. After the cruise, delegates had dinner at a Chinese restaurant. Traditional Chinese food such as roast goose, spicy and salty shrimps, stir-fired fish fillets, etc. were served.
To cheer up delegates, there was a magic show after the lunch on the second day. The performance of the young magician was magnificent. The show was full of surprise, laughter and joy.
Dinner was hosted by Wong Brothers and China Regal CPAs at Banana Leaf, one of the busiest Thai restaurants in Guangzhou, in the evening of the third day. Mixed dishes of Chinese and Thai food were served. The spicy tastes were loved by most delegates. The restaurant hired some performers from Philippines to sing and dance. There performance was hilariously funny. The climax of the evening came when delegates were invited to join the performers to twist, bump and dance.
The final day was wrapped up with a city tour around the Guangzhou City. Delegates were guided to popular tourist places including the Chen Clan Ancestral Temple, the Sun Yat-sen Memorial Hall and the Five Rams Sculpture in the Yue Xiu Park. Some delegates had to rush to the Airport after the tour to catch their flights.
The conference was short but successful. Delegates had a wonderful experience in Guangzhou which would bring them good memory in years to come.
