THURSDAY, APRIL 16, 1992
HE ATTRIBUTED THIS PHENOMENAL GROWTH TO THE SUCCESS OF HONG KONG IN USING IMAGINATIVELY ITS GEOGRAPHICAL LOCATION BETWEEN THE FAST EXPANDING CHINESE MARKET AND OTHER ECONOMIES IN THE REGION.
AS HONG KONG'S INDUSTRY MOVED FROM ADVANCED COUNTRIES BECAME AN
TERRITORY'S ECONOMIC DEVELOPMENT,
UPMARKET, TECHNOLOGY TRANSFER ESSENTIAL INGREDIENT OF THE
TO THIS END, MR TSANG WELCOMED
TECHNOLOGICAL ASSISTANCE FROM
ALL OVERSEAS INVESTORS.
HE INVITED PARTICIPATION BY COUNTRIES IN THE REGION IN THE NEW AIRPORT PROJECT IN HONG KONG.
"SOME CONTRACTS FOR OUR CONSULTANCY AND CONSTRUCTION WORK HAVE BEEN AWARDED TO LEADING COMPANIES IN THE REGION.
"WE ARE PLEASED THAT HONG KONG CAN CONTINUE To PROVIDE DEVELOPMENTAL OPPORTUNITIES TO COUNTRIES IN THE REGION AND IN THE PROCESS CAN BENEFIT FROM THE TECHNOLOGICAL EXPERIENCE OF OUR ASIA PACIFIC NEIGHBOURS, MR TSANG SAID.
T
0
BANKING (AMENDMENT) BILL GAZETTED
* * * * *
THE BANKING (AMENDMENT) BILL 1992, WHICH SEEKS TO ENABLE REPORTING BY EXTERNAL AUDITORS ON THE INTERNAL CONTROL SYSTEMS OF BANKS, IS GAZETTED TODAY (THURSDAY).
"BANKING SUPERVISORS WORLDWIDE HAVE INCREASINGLY RECOGNISED THE IMPORTANCE OF MONITORING THE QUALITY OF AUTHORISED INTERNAL CONTROL SYSTEMS, A GOVERNMENT SPOKESMAN SAID.
11
"EFFECTIVE SYSTEMS OF INTERNAL CONTROL ARE ENSURING THAT THE BUSINESS IS PRUDENTLY RUN AND LEGISLATIVE REQUIREMENTS ARE COMPLIED WITH," HE ADDED.
INSTITUTIONS'
ESSENTIAL FOR THAT VARIOUS
CLOSE CO-OPERATION BETWEEN THE BANKING SUPERVISOR AND AUDITORS WILL ENABLE KNOWLEDGE AND OPINIONS TO BE POOLED, AVOIDING UNNECESSARY DUPLICATION OF WORK AND REDUCING COST, THE SPOKESMAN SAID.
A GENERAL REVIEW OF THE EXISTING SYSTEM CONDUCTED IN CONSULTATION WITH THE BANKING INDUSTRY AND THE HONG KONG SOCIETY OF ACCOUNTANTS FOR REPORTING BY EXTERNAL' AUDITORS UNDER THE ORDINANCE HAS RESULTED IN A NUMBER OF PROPOSALS FOR IMPROVEMENT.
FOR INSTANCE, UNDER THE EXISTING SYSTEM, THE COMMISSIONER OF BANKING DOES NOT HAVE THE POWER TO REQUIRE THE AUDITOR OF AN INSTITUTION TO REVIEW THE SYSTEMS OF THE INSTITUTION DESIGNED FOR PRODUCING PRUDENTIAL DATA AND GIVE AN OPINION ON THE ADEQUACY OF THESE SYSTEMS.
1
/THE CERTIFICATES ....
Page 10Page 11