TUESDAY, AUGUST 4.
AUGUST 4, 1987
RECENT
YEARS HAD MOVED ALONG HE NOTED THAT HONG KONG IN PATTERN OF DISCLOSURE FOR THE BENEFIT OF INVESTORS AND DEPOSITORS THE GENERAL WELL BEING OF THE COMPANIES CONCERNED.
A
AND
HAVE TAKEN SOMETHING WE THE CONCEPT OF 'A
FOR
WE INSTANCE, "IN THE NEW BANKING ORDINANCE, POWERS TO VET THE FITNESS OF CONTROLLERS AND DIRECTORS, HAD ALREADY PUT INTO OUR INSURANCE LEGISLATION IN FIT AND PROPER PERSON',
REQUIRED ALL NEW IN A BANK OR
DEPOSIT-TAKING
INVESTORS TO BE COMPANY
"AND WE WENT FURTHER AND VETTED IF THEIR SHAREHOLDING REACHES 10 PER CENT OF THE COMPANIES' EQUITY.
"AND WE
PRESSING ARE
AHEAD GENERALLY WITH MORE CORPORATE AND ON PURCHASES, ON THE DISCLOSURE REQUIREMENTS ON SHAREHOLDINGS LINES OF THOSE WHICH APPLY IN THE UNITED KINGDOM,
*
HE SAID.
THE THIRD BUTTRESS, SAID MR NENDICK, WAS THE ROLE OF "HERE AGAIN IT IS A QUESTION OF INDIVIDUAL STANDARDS."
AUDITORS.
THE PRIME HE SAID THAT WHILE THE BOARD OF DIRECTORS MUST BEAR
INVOLVED IN THE MARKETS RESPONSIBILITY, SHAREHOLDERS AND ALL THOSE EXPECTED THE PUBLISHED ACCOUNTS TO PRESENT A TRUE AND FAIR VIEW.
THE
THE ACCOUNTS, THE "IN ESTABLISHING THIS ESSENTIAL QUALITY IN
OF
AND STANDARD HIGHEST
MUST INDEPENDENCE AUDITOR MUST HAVE
FIRMS. FRAUD IS ADMITTEDLY FOLLOW THE BEST PRACTICES OF HIS PEER
ALL IF HARD TO DISCOVER IF PRACTISED CAREFULLY AND MOST DIFFICULT OF THE FRAUD IS DIRECTED FROM THE TOP OF A COMPANY.
"I BELIEVE THAT RIGOROUS FORM OF AUDIT, MUCH MORE DIFFICULT AND BEHIND THEM THAT OF THE NENDICK SAID.
IF THERE IS IN PLACE AN
AND INDEPENDENT A WORSE BECOMES MOVING FROM ONE BAD STEP TO
NON-EXECUTIVE DIRECTORS AND THE ROLE OF THE
GREATLY
MR SHAREHOLDERS IS
STRENGTHENED,
THE FINAL BUTTRESS MR NENDICK TOLD ROLE OF THE AUTHORITIES.
THE PARTICIPANTS WAS
THE
BE HEADING IN THE
COMMERCIAL WITH
CRIME MAY DETECTION
BE IT WILL BE
"HERE IN HONG KONG WE CAN FAIRLY CLAIM TO
MUST DEAL RIGHT DIRECTION. THE AUTHORITIES WITH THE
IT DESERVES. DIFFICULT. BUT IT MUST BE SEEN THAT ONCE IT IS DETECTED DEALT WITH WITHOUT FEAR OR FAVOUR.
PROMPTNESS
AND
SEVERITY
"THE PROMPTNESS