53.
Earlier in the Report, the co-operation of
the Society of Accountants was gratefully acknow- ledged. The co-operation has been with the Society
on policy issues but also with individual auditors on particular cases. The standards being applied by the Society and by auditors are now generally high.
Bank audit is demanding work with the auditors facing the same changing scene which confronts the
bank supervisor. The work of the auditors and the supervisor and the public expectations from their
efforts should not be allowed to obscure where the
fundamental responsibility lies.
profitable running of the bank company lies squarely with its
management.
Anyone becoming
The safe and
or deposit-taking
directors and the
a director of a
The
financial institution must face up to his respon- sibilities and indeed must be of a calibre to accept
the responsibility in the first place.
management systems must also be such that the board
is able to direct affairs properly and with
knowledge of the institution's affairs. Some of the
banks in Hong Kong have learnt a hard lesson about
these basic needs in the last two years. It will be
an aim of the Commissioner
Commissioner in the coming year to ensure that other banks have absorbed these costly lessons in their internal management.
54.
In conclusion, the Commissioner wishes to
express his appreciation of the efforts of his staff
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