Transcript 會計道德及公司管治 - CK Yau & Partners CPA Limited

Accounting Ethics &
Corporate Governance
March 2011
Lindy Yau
Practising Director
C K Yau & Partners CPA Ltd
AGENDA
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1.1 ETHICS
What is ethics?
Behaviour
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1.2 ACCOUNTING ETHICS
What is accounting ethics?
Behaviour
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1.2 ACCOUNTING ETHICS
Financial
projection
Auditing
財務預測
審核
Accounting and
reporting
會計及報告原則
Taxation
稅務
Role of
professional
accountants
專業會計師的角色
Other advisory
services
其他顧問服務
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1.2 ACCOUNTING ETHICS
Source: ICAEW, Accountancy, January 2011
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1.2 ACCOUNTING ETHICS
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Source: HKICPA, APLUS, February 2011
1.2 ACCOUNTING ETHICS
Importance of high ethical standard of professional accountant
and its impacts
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

Public confidence on professional accounting services
The reputation of the professional accountants
Affect the decision made by accounting information users
e.g. management and investors
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1.2 ACCOUNTING ETHICS
Ethical issues in accounting
(Practising and non-practising)
 Offering audit and non-audit services to clients
 Clients prefer accounting firms which give favourable
financial reports
 Pressure from clients or senior on financial manipulation and
tax evasion
 Conflict of interest
 Use of confidential information for personal financial gains or
insider dealing
 Temptation from clients
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1.2 ACCOUNTING ETHICS
Fundamental Principles
Fundamental Principles 基本原則
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Integrity 誠信
Objectivity 客觀
Professional competence and due care 專業才能
Confidentiality 保密原則
Professional behaviour 專業操守
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1.2
ACCOUNTING ETHICS
International Federation of Accountants (IFAC) as an
organization that promotes accounting ethics
 International Ethics Standards Board for Accountant (IESBA)
 Code of Ethics for Professional Accountants
 Develops ethical standards and guidance for use by
professional accountants.
 Encourages member bodies to adopt high standards of
ethics for their members and promotes good ethical
practices globally
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1.2
ACCOUNTING ETHICS
HKICPA as an organization that promotes accounting ethics
 Code of Ethics for Professional Accountants
 Adopting

IFAC Code of Ethics for Professional Accountants

Additional ethical requirements developed by HKICPA

Disciplinary actions may be taken to members of the
institute for non-compliance
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1.2
ACCOUNTING ETHICS
HKICPA as an organization that promotes accounting ethics
 Latest development
 HKICPA - Code of Ethics for Professional Accountants

Committees and working groups
 Statutory boards and committees
 Non-statutory boards and committees
 Advisory working groups
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1.2
ACCOUNTING ETHICS
Revised Code of Ethics
 Announced on June 2010
 Effective from 1 January 2011
 Main principles-based approach
 Covers guidance on accepting payment in an agent-principal
relationship under the Prevention of Bribery Ordinance
ICAC approach
 Best Defence Against Corruption
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Case Sharing
CASE SHARING
明報: 2011年3月10日
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CASE SHARING
中信泰富事件
頭條日報
2011年3月10日
中信泰富遲報虧損 警指「撲水」涉欺詐
明報
2011年3月10日
警指涉欺詐 拒還中信泰富文件 外匯累計期權蝕
155億遲公布
星島日報
2011年3月10日
炒外匯損手155億 警促交出文件
中信泰富「撲水」17億應急
東方日報
2011年3月11日
中信泰富文件法官查閱
星島日報
2011年3月11日
貸款合約有榮智健簽名
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CASE SHARING
明報: 2010年12月23日
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2. CORPORATE GOVERNANCE
Definition
 Involves a set of relationships between an organisation’s
management, its board, its shareholders and other
stakeholders.
 Provides the structure through which the objectives of the
organisation are set, and the means of attaining those
objectives and monitoring performance are determined.
The Organisation for Economic
Co-operation and Development
(OECD)
– Principles of Corporate Governance
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2. CORPORATE GOVERNANCE
Principles
 Ensuring the basis for an effective corporate governance
framework
 Protecting and facilitating the exercise of shareholders’
rights
 Ensuring the equitable treatment of all shareholders
 Recognising the rights of different shareholders
 Ensuring timely and accurate disclosure of all material
matters of the corporation
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2. CORPORATE GOVERNANCE
• Principal and agent have
different interests and goals
• Corporate governance can
help in converging their
goals
Objective
Information
Asymmetry
Shareholders
Conflict of interest
Company’s
interest
Board of Directors
Management
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2. CORPORATE GOVERNANCE
Stakeholders
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2. CORPORATE GOVERNANCE
Example:
School Management
Committee (SMC)
學校管理委員會
(官立學校)
Chairman
(EDB
officer)
Independent
members
Principal/
School Head
SMC
Alumni
2 Teachers
2 Parents
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2. CORPORATE GOVERNANCE
Corporate Governance in Hong Kong
Companies Ordinance
公司條例
Cap 32
Banking Ordinance
銀行業條例
Cap 155
Securities (Insider Dealing)
Ordinance
證券(內幕交易)條例
Cap 395
Securities (Disclosure of
interests) Ordinance
證券(披露權益)條例
Cap 396
Securities and Futures Ordinance 證券及期貨條例
Cap 571
Main Board Listing Rules
主板上市規則
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GEM Listing Rules
創業板上市規則
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2. CORPORATE GOVERNANCE
Corporate Governance in Hong Kong
Hong Kong Exchanges and Clearing Ltd
香港交易及結算所有限公司(香港交易所)

Mission: “HKEx works closely with the Securities and Futures
Commission (SFC) to regulate listed issuers; administers listing,
trading and clearing rules”
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「香港交易所須與證券及期貨事務監察委員會（證監會）緊密配合，
以監管上市發行人；執行上市、交易及結算的規則」
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2. CORPORATE GOVERNANCE
Corporate Governance in Hong Kong
Hong Kong Exchanges and Clearing Ltd
 Listing Rules
Main board listing rule
(主板上市規則)
GEM listing rule (創業
板上市規則)
Appendix 14
Appendix 15
Corporate Governance
Appendix 23
Report 《企業管治報告》
Appendix 16
Code on Corporate
Governance Practices
《企業管治常規守則》
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2. CORPORATE GOVERNANCE
Corporate Governance in Hong Kong
Hong Kong Exchanges and Clearing Ltd
 Analysis of Corporate Governance Practices Disclosure in Annual Reports
 Consultation paper – Review of the Code on Corporate Governance
Practices and Associated Listing Rules (Dec 2010)
 The most significant proposals:
 The selection, appointment or dismissal of the company secretary is a
matter for the board as a whole to decide, and that a physical board
meeting should be held to discuss the dismissal of the company
secretary
 The company secretary should report to the board chairman and / or
the chief executive officer
 Issuers are required to set up a remuneration committee chaired by an
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independent director and comprised of a majority of independent
directors.
2. CORPORATE GOVERNANCE
Corporate Governance in Hong Kong
Hong Kong Exchanges and Clearing Ltd
 Consultation paper – Review of the Code on Corporate
Governance Practices and Associated Listing Rules (Dec 2010)
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INEDs to form one-third of the board
Directors to undertake 8 hours of training per year
Companies to review directors’ time commitments
Companies to report on any non-compliance with chairman’s duties
Boards to be subject to evaluation
Companies to set up a corporate governance committee
“Attendance” at board meetings to be more strictly defined
Companies to provide adequate and general director’ insurance
Source: Chartered Secretaries, CSJ, February 2011
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2. CORPORATE GOVERNANCE
Corporate Governance in Hong Kong
Hong Kong Exchanges and Clearing Ltd
 Consultation paper – Review of the Code on Corporate
Governance Practices and Associated Listing Rules (Dec 2010)
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2. CORPORATE GOVERNANCE
Securities and Futures Commission
證券及期貨事務監察委員會(證監會)
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Non-governmental statutory body
Regulates the securities and futures markets in Hong Kong
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2. CORPORATE GOVERNANCE
Corporate Governance in Hong Kong
HKICPA
香港會計師公會
Corporate Governance for Public Bodies – A Basic Framework
Best Corporate Governance Disclosure Awards 2010
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最佳企業管治資料披露大奬 2010
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Judging criteria and considerations
Overall presentation
 Promptness of reporting
 Quality of disclosure in relation to, for example:
 Corporate governance statement and practice
 Internal control and risk management
 Other voluntary disclosures
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2010 BEST CORPORATE GOVERNANCE
DISCLOSURES AWARDS
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2010 BEST CORPORATE GOVERNANCE
DISCLOSURES AWARDS
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2. CORPORATE GOVERNANCE
Corporate Governance in Hong Kong
HKICPA
 Strategic aims: Specialist qualification (SQ) and specialist
designation (SD).
 Audit
 Insolvency (* SQ in insolvency, SD in insolvency)
 Corporate finance
 Taxation
 Information technology
 Business valuation
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ORGANISATIONS THAT PROMOTE CORPORATE
GOVERNANCE IN HONG KONG
Others
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Case Sharing
CASE SHARING
星島日報: 2011年2月22日
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CASE SHARING
阿里巴巴事件
星島日報
2011年2月22日
阿里巴巴高層大換血 供應商涉詐騙買家 衛哲
李旭暉請辭
蘋果日報
2011年2月22日
阿里巴巴爆詐騙醜聞
求揾快錢縱容騙徒CEO及COO下台
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REFERENCE

Companies Ordinance (Cap 32) 公司條例

Banking Ordinance (Cap 155) 銀行業條例

Securities (Insider Dealing) Ordinance (Cap 395) 證券(內幕交易)條例

Securities (Disclosure of interests) Ordinance (Cap 396) 證券(披露權益)條例

Securities and Futures Ordinance (Cap 571) 證券及期貨條例
 http://www.legislation.gov.hk
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Main Board Listing Rules
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GEM Listing Rules
 http://www.hkex.com.hk/eng/rulesreg/regulatory.htm
Analysis of Corporate Governance Practices Disclosure in Annual Reports (September
2010)
 http://www.hkexnews.hk/reports/corpgovpract/CG_Practices_2009_E.pdf
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Review of the Code on Coporate Governance Practices and Associated Listing Rule
 http://www.hkgem.com/eng/newsconsul/mktconsul/documents/cp2010124.pdf
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REFERENCE

HKICPA
 Ethics in Management – A Practical Guide for Professional Accountants
http://www.hkicpa.org.hk/en/standards-and-regulations/standards/code-of-ethics/references/
 Corporate Governance for Public Bodies – A Basic Framework
http://app1.hkicpa.org.hk/publications/corporategovernanceguides/eframework_guide.pdf
 Best Corporate Governance Disclosure Awards 10th Anniversary, Judges’ report
http://www.hkicpa.org.hk/file/media/section5_membership/Professional%20Representation/
pdf-file/judgesreport2010.pdf
 Fifth Long Range Plan (2007-2012)
http://www.hkicpa.org.hk/file/media/section1_about_us/status/Fifth_Long_Range_Plan.pdf
 New Specialist Accreditations for Insolvency Professionals
http://www.hkicpa.org.hk/file/media/section4_cpd/Specialist%20Qualifications/insolvencyspecialist/specialist-designation/forms/sqsd-brochure.pdf
 A plus magazine
http://app1.hkicpa.org.hk/APLUS/past_issues.php
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REFERENCE

IFAC
 Code of Ethics for Professional Accountants
http://web.ifac.org/media/publications/5/2010-handbook-of-the-code-o/2010-handbook-ofthe-code-o.pdf
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OECD
 The Organisation for Economic Co-operation and Development– Principles of Corporate
Governance
http://www.oecd.org/document/49/0,3746,en_2649_34813_31530865_1_1_1_1,00.html

匯治出版有限公司
 企業管治：上市公司問題分析 (何順文、高衍璋)
 中國公司管治與制度 (何順文、李元莎)
 營商有道：企業管治新思維 (鄭治洪、司徒永富)
 企業管治：原則與商德（鄭治洪、司徒永富）

CLP
 CLP Code on Corporate Governance 2009
https://www.clpgroup.com/ourcompany/corporategovernance/framework/codespoliciesandg
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uidelines/Pages/codespoliciesandguidelines.aspx
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