TNAG-1704-FCO40-2376-Crime-and-sentencing-in-Hong-Kong-various-ordinances-1988 — Page 59

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F.S.

The Select Committee Recommendations

ANNEXURE

1. The Government should discuss with the Hong Kong

Society of Accountants and other interested parties ways to facilitate the reporting by accountants of suspected fraud.

Implementation Action

At the request of the Financial Secretary, whom he represents on the Council of the Hong Kong Society of Accountants as an ex officio member under the Professional Accountants Ordinance, the Registrar General has had discussions with the President of the Council of the Society and has subsequently written to the Society explaining what is required and proposing consultations. The Council has referred the matter to its Auditing Standards Committee for report. After considering that report the Council will hold further discussions with the Registrar General and Monetary Affairs Branch. The Registrar General has also had preliminary discussions with Lord Benson, the author of the Benson Report on the subject, and has written to the Commonwealth Fraud Officer at the Commonwealth Secretariat, Marlborough House, and also to the President of the Institute of Chartered Accountants in England and Wales seeking their views on the proposal and particularly on the working of certain provisions in the recent Financial Services Act in the United Kingdom dealing with the reporting by auditors of suspected fraud.