Ivy Gu Discusses Compliance Management in Key Operational Processes at EU SME Centre Seminar

On October 25, 2024, Ivy Gu, Senior Manager of Audit and Corporate Accounting Services at Dezan Shira & Associates, shared her insights on financial compliance for manufacturing SMEs in China at the EU SME Centre’s event, supported by the European Chamber Nanjing Chapter, “Making the Right Move.” The event included a panel discussion addressing pre-submitted questions and exploring corporate compliance from various perspectives.

Corporate compliance management is increasingly critical for small and medium-sized enterprises (SMEs) in the manufacturing sector. Effective compliance management involves identifying key control points in procurement, sales, and operations, and developing robust strategies to monitor and ensure compliance.

“Internal control review can reveal financial compliance issues within the sales operational flow. Key control aspects in the sales operation include review and approval, traceability, authorization, system control, and special controls under specific circumstances,” Ivy highlighted. “Similarly, for procurement process compliance and cash disbursement, attention must be paid to vendor selection; goods receipt, segregation of duties; and invoice check and reconciliation.”

Compliance challenges affect both companies already operating in China and those planning to enter the market. Issues can arise in procurement, supply chain, sales, digitalization, and ESG. Identifying common challenges and solutions is essential for SME success. This presentation and the following panel discussion provided valuable information for SMEs’ daily operations and compliance issues.

The collaboration with the EU SME Centre and the European Chamber underscores Dezan Shira & Associates’ commitment to delivering valuable insights and support to European businesses navigating China’s business landscape. Our one-stop services assist businesses at every stage of their lifecycle.

Dezan Shira & Associates’ Presence in Europe 

Amidst Asia’s thriving economic growth and the EU’s active pursuit of trade agreements in key Asian markets, significant investment prospects are emerging for European businesses. Our Munich-based European office, established in 2021, acts as the central hub for European enterprises seeking opportunities across Asia. We work alongside various partners to educate businesses on the economic performance and regulatory environment in developing Asian economies. Connect with our multilingual experts at:

• German Desk: germandesk@dezshira.com
• Italian Desk: italiandesk@dezshira.com
• Spanish Desk: spanishdesk@dezshira.com
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• UK/Ireland Desk: ireland@dezshira.com