On 22 January 2021 the INTOSAI Working Group on Financial Modernization and Regulatory Reform (WGFMRR) held the first virtual meeting in the new year.

The agenda of the event was devoted to the discussion of the new financial risks and support measures in emergency conditions of the COVID-19 pandemic. The webinar, attended by representatives of more than 30 Supreme Audit Institutions, shed light on the negative consequences of the crisis both for the global financial system and for national economies. When analyzing the state of the global financial system, Tobias Adrian, Financial Counsellor and Director of the IMF's Monetary and Capital Markets Department, noted the unprecedented level of volatility in capital flows in the context of the COVID-19 pandemic. At the same time, he pointed out the obvious positive dynamics of the markets, primarily due to the optimism with regard to the vaccination as well as the success of monetary, fiscal, regulatory measures of state support in a number of countries. In turn, Peng Wensheng, ‎Chief Economist and Head of Research Department of China International Capital Corporation, comparing the measures of China and the United States to support the economy, drew attention on the lack of a universal approach and the building of economic policy on an ad hoc basis.

Moreover, representatives of SAIs of Canada, China, Indonesia, Italy and the United State shared successful cases of audit and financial monitoring of government programs with the audience. Philippe Le Goff, Chief Economist of the Office of the Auditor General of Canada, provided an overview of the preliminary results of the audit of the Canadian government's support policy to mitigate the impact of the pandemic and stressed the importance of financial monitoring using functional information systems. Hosting the meeting, representatives of SAI China reviewed the experience of the China Banking and Insurance Regulatory Commission in improving the efficiency of the audit of a commercial bank using the big data analysis method. Through monitoring the business data of commercial banks in China using the EAST system (examination & analysis system technology), experts can identify non-compliance problems in the operations of commercial banks and assess potential risks.

Considering the importance of auditing government support measures for the population, representatives of the SAI of Italy, Erica Guerri and Benedetto Brancoli Busdraghi, highlighted new priority areas for monitoring national digitalisation policy, investments in infrastructure and environmental projects, tax reform and other subject matters.

In addition, participants expressed their interest in keeping on running virtual meetings to ensure business continuity. To improve coordination and enable interactive engagement it was decided to post the necessary information materials on the website of the Working Group on the INTOSAI community portal.