Audit Committee

Managing global risks

The global economic uncertainty brought about as a result of the euro-zone debt crisis has affected corporations around the world.

Many perceive it to be the biggest risk facing companies this year.

Tuesday, 26 June, 2012, 12:00am

Lesson on waste being learned, says audit chief

Despite damning reports every year of wasteful practices in government and statutory bodies, the public spending watchdog believes the message is slowly getting through.

Director of Audit Benjamin Tang Kwok-bun says he has observed a gradual cultural change among senior officials who were paying closer attention to governance issues.

27 Nov 2009 - 12:00am

Only 35pc report on risk management

Fewer Hong Kong-listed companies reported on their risk management in their latest annual reports than a year earlier, despite weathering a more volatile business environment amid the global economic crisis, according to international accounting firm Grant Thornton.

16 Dec 2008 - 12:00am

ESF leader continues

ESF chairwoman Felice Lieh Mak has been returned by its new board of governors to sit for the next three years.

The 26-member board, which replaced a foundation of 130 members, met for the first time on Tuesday.

1 Nov 2008 - 12:00am

Bigger picture to risk management

Professionals in the field of internal audit will have to 'redefine the function's value proposition' over the next five years in response to the changing demands and priorities of the modern business world.

18 Jan 2008 - 12:00am

Tourism Board to submit early spending plans

Budget to be ready every January

The Tourism Board will submit its business and budget plans to the government every January from 2009 so the board will not have to go ahead with programmes that have not yet gained funding, the tourism chief said.

14 Dec 2007 - 12:00am

Bosses unaware of woes at research institute, says director

A director of a controversial technological research institute says senior management was unaware of administrative problems that plagued the government-funded company, highlighted in an audit report on Wednesday.

20 Apr 2007 - 12:00am

Auditors want to report to NPC, not to leaders

A senior member of the State Audit Office has recommended the watchdog strengthen its independence by reporting directly to the National People's Congress and its Standing Committee.

If adopted, the recommendation would put the office on the same official level as the State Council and the Supreme People's Procuratorate.

22 Jul 2004 - 12:00am

Future-focused internal audit assists in implementing good corporate governance practices

Under good corporate governance principles, the board and the audit committee are ultimately responsible for risk management and the effectiveness of the organisation's systems of internal control.

5 May 2003 - 12:00am

Andrew Sheng is cleared following claims of cronyism

An independent audit committee has cleared Securities and Futures Commission (SFC) chairman Andrew Sheng, following allegations that he gave jobs to his Malaysian cronies and helped a senior executive evade tax.

Observers say the findings will increase Mr Sheng's chances of having his contract renewed by the government when it expires at the end of September.

1 Mar 2003 - 12:00am

Few executives say reform pressure comes from above

Although the recent spate of corporate scandals has shaken public trust in financial institutions, the strongest pressure for reform remains external, according to a survey of 43 North American, European and Asian financial institutions.

28 Jan 2003 - 12:00am

Auditor immunity plan draws fire

Accountants are strongly opposed to the Government's proposal to grant immunity to auditors who report suspected company frauds to regulators, saying it would seriously undermine their relationship with clients.

26 Mar 1999 - 12:00am

Fraud case auditors gain immunity

The Government is to grant immunity to auditors who report suspected fraud or malpractice to regulators, highlighting growing concern over potentially misleading financial statements by listed companies.

Secretary for Financial Services Rafael Hui Si-yan said the Government would introduce legislative changes by the end of the year.

25 Mar 1999 - 12:00am

More work for less may drive off directors

HONG KONG companies are in danger of losing their best independent non-executive directors, who are faced with increased duties of audit committees and falling fees.

3 Jan 1999 - 12:00am

Most still to comply on audits

Fewer than 10 per cent of locally listed companies are reported to have complied with a stock exchange requirement that they set up independent audit committees.

The deadline for compliance is less than two months away.

5 Nov 1998 - 12:00am