eurosai 82 Studies and other articles State Audit Office of Hungary INTERNATIONAL FOCUS ON COMPANIES OWNED BY LOCAL AUTHORITIES Audit experience acquired when auditing companies owned by local and regional authorities was the key focus of the autumn Seminar of the European Organisation of Regional External Public Finance Audit Institutions (EURORAI) held in Székesfehérvár, Hungary, on 18 October 2018. This international event was attended by 180 experts coming from nearly 70 institutions in 25 countries, including representatives of the Task Force on Municipality Audit (TFMA) of the European Organisation of Supreme Audit Institutions (EUROSAI). In his opening speech, Mr. László Domokos, President of the State Audit Office of Hungary stressed that companies owned by local authorities and providing public services are of the paramount importance for local communities, and therefore the mutual sharing of audit experience can help these companies to operate more efficiently and effectively. The State Audit Office of Hungary is an active member of the international community of external public finance institutions. The State Audit Office of Hungary, as a national Supreme Audit Institution, has been an associate member of EURORAI since 2001, which presents great opportunities to share its experience at a European and regional level and learn about good audit practices. This year, the EURORAI autumn Seminar was held on 18 October 2018, hosted by the State Audit Office of Hungary. The professional program was focusing on the audit of companies owned by local authorities. Tihamér Warvasovszky, Vice President of the State Audit Office of Hungary, Dominique Roguez, President of EURORAI, and Péter Róth, Vice Mayor of Székesfehérvár delivered an address during the opening evening of the Seminar. Speakers said that the financial management and financial balance of municipalities were given particular attention in a number of European countries, and therefore the topic of the Seminar would be of great interest on the international scene. The professional program was officially opened by László Domokos, President of the State Audit Office of Hungary. In his speech, the President emphasised that, owing to its sound professional background and audits that create added value, the State Audit Office contributes to the transparent and reliable use of public funds and thus to a well-governed State. According to the President of SAO, the audits of companies owned by local authorities, which was the theme of the Seminar, serve these objectives. The international seminar’s professional program was held in two sessions. In the first session, participants discussed the practical experience acquired during the financial and compliance audits of companies owned by local authorities, and then the topic of performance audit of these companies was discussed. The sections were facilitated by Dr. Gyula Pulay, Head of Supervision of the State Audit Office of Hungary, and Christian Melly, Head of the Audit Office of the Canton of Valais.