TRUST BUT VERIFY - ShineWing Hong Kong · Accountants also have to meet the ICAC standards on...

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34 July 2012 Financial fraud and counter measures by regulators have created a boom for forensic accountants in Hong Kong. George W. Russell reports Forensic accounting TRUST BUT VERIFY

Transcript of TRUST BUT VERIFY - ShineWing Hong Kong · Accountants also have to meet the ICAC standards on...

Page 1: TRUST BUT VERIFY - ShineWing Hong Kong · Accountants also have to meet the ICAC standards on professional conduct and ... expected to assist investigators in the operational and

34 July 2012

� � � � � � � � � � � � � � � � � � �Financial fraud and counter measures by regulators have created a boom for forensic accountants in Hong Kong. George W. Russell reports

Forensic accounting

TRUSTBUT VERIFY

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July 2012 35

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36 July 2012

Forensic accounting

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� � � � " � � � � � & ! � � � � � � � � � $ " � � � � � � � � � � � � � �� � � � � � � � � $ � � � � � ' ) . � � � � � � � � � ! � # � � � & � ! �� � & � � � � � � � � � � � ! � � � � � � ! � � � � � � # � ! 2 � � � +� � % � ( � ! � � 4 � � � � � � � � � ! � � � � � � � � � � � � � � � � � � �� � � � � � & " � � � � ! � � � � � # � � � � � ! � � < ! � � � � �� � � � . � ! ! � � ! � � / � � � 0 � � � � � � � � * � � � � � " � �# � # $ � ! ' ) 5 � � � � � � # � � � � � � � ! � � � � � � ! � �� � � � � � � � � � # � � � � � � � � � � � � � � � � � � � % � � � � 2 � � 2 $ � � 2 & � % # � � � � � � 2 � � $ % � # & � � % � � � � �# � � � � � � � � � # & � � % ' +* � � � � � � � � � � � � � $ " � � � � � � & ! � � � � � � � � � !� � # & � � � � � � � ' ) ( � � � � $ " � � � � � � P � � � � � � � Q � �� � � � � ! � " � � ! � � � � � � � � � � & � � � � � � � � � � � " �� � � � � � � � � � � " � � $ " � � � � � � � � � � & � � & � � � � � �� � � % 2 � � � � � � � ! " � � � " � � � � � � � � � ! � � � � O � �� � � � � + � � � � � G � � � F � � 2 � ! � � � � � � � � � / � � �0 � � � � ! � � � � � � � ! � � � � � � � � � � ! � � 1 ! � � � � � � � ! �� � " � � � � � & � ! � � � < � � 7 � � � � � � � � � � � � ! � ! � � �� � � � � ! " # � � � � ! � � � � ! � " & # � # $ � ! ' ) , � � �� � � $ � � � � � � � � � ! 2 � � � � � � � � � ! � � � � � � � �� � # & � � % � $ " � � � � � � � � � � � � � � � � � $ � � $ " � � � ! � # � � # � � � � � # � � � � � & � � & � � � � � � � $ " � � �� � � � � � � � � � � � ! � # � � � � � � � � ! � � # & � � % ' +, � � � � � � ! � � � " � � � � � � � � � " � � � � � � � � � � �� � � � � R � � � � � ( � � � $ ! � � � � % R � � # � � � � � �# � � � � � � ! ! � � � � � � � � ! � � � � � � � ! � � � ' ) , � � ! � � �� � � ! % � � ! � � � $ � � � � � " $ � ! � � � � � � ! � � � � � � � � � � &� � # � � � ( � � � � � � � � � # � � � � � � � � � � � � � � # " � �� � � � � ! � ! � � # � � � � � � � & � � � � � � � � � " � � � ! � � %� � � � � � � � � ! � � � � O � � � � � � � � " $ � � ! � � ! � � � � � � � �� � � � � � ! � � � � + F � � 2 � ! & � � � � � � " � 'Detective controls3 " � � � � � � � � ! 2 � � � ! � � � � � � � � � " � � � � �� � � � � � � % � � � & ! � � � � � � � � � � � � � � � � � � � � ! � � �� � � � � � � " � � � � � A � # � � � ! � � ) , ! " � � $ " � � � ! � � % � + � � � � � � # � � � � � � ! � $ � � � � � ? " � � � � � & ! � � �� ! $ ' ) 8 � � � � ! � � � � � � % � � ! � � � � � & ! � � � � � � � � � ! �� � ! � $ ! � " � � � � � � � � � # & � � � � � � � � % � � � �� � # � � � � � � � � � � � � � � ! � � � � � � � � � ! � � ! � �

“I like to describe it as the perfect blend of accounting, law, psychology and criminology.”

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P � � � � � � � � � Q � � � & � ! � � � � � � � � � " � � � � � " � ! � � �� ! � � � � " � � � � � � @ & � ! � � � � � � � � � � � & ! � 7 � � � " �� " ! � � � � � � � � + � � % � ( � � � � � M � # � � & � ! � � � ! � �� � � 3 � % � ! < ! � � � G 9 3 � � � � ! # 'Evidence gathering, � � & � � 2 � � � � � � � � � � � � � ! 2 � � ! � � � � � � � �� � " � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � % �� � � � � � � � � � $ % � � � � � � � � � % ' 9 � # � � ! # � " � �N � � � � � � � � � # & " � � ! � � � � � � � � � � � � � & � � 2 � � �# � � � $ % J " � � � � � � 9 � � � � ! � � � � � � � � ! � � � ') N � � � � � � � � � � � � � � � � � � � � � � ! � # � � � � � � � � ! �� ! � � � � � � � � � � � ! � � � � � ! % � � � � � � $ � � � � � � �� " � � � � � ! � � � � ! � � � � � � � � � � � � � % � � % � + � � % �M ' 4 ' � � � " � � � � � ! � � � � � � � � � � � & " � � � � ! � � � � �� ! � " & & � ! � � � ! � � F � � � � � � � � � / � � � 0 � � � � � �� � * � � � � � " � � # � # $ � ! ' ) � � � � � � � � � � � � � � �� � ! ! � � � � � � # � � � � � � � � � � � � � � � # � � � � � �� $ � � � " # $ � ! � � � � ! � � � � % ! � � � � � � � � � � � ' +

Forensic accounting

The Securities and Futures Commission is not the only public sector group in Hong Kong on the lookout for forensic

accountants. The graft busting Independent Commission Against Corruption is also bolstering its ranks of professional financial investigators.

Last year, the ICAC set up a dedicated group led by Melissa Tang, the commission’s chief forensic accountant. The commission will have 11 forensic accountants at full strength – all Institute members – and is actively recruiting to fill three positions.

“In recent years there has been an upsurge of corruption related financial fraud cases and many of them involve complex business transactions in financial markets, global flows of funds, and cross-border money laundering,” says Tang. “In some cases, a large number of parties are involved, including offshore companies, and some innovative and aggressive accounting techniques.”

The growing sophistication of fraud cases prompted the commission to restructure. “In August 2011, we restructured our financial investigation section to deploy additional resources to forensic accounting and enhance our professional capability,” says Tang.

Tang, an Institute member, is confident the ICAC can attract the right people despite the surging demand for forensic accountants in the city.

The commission expects to hire from accounting and consulting firms. Would-be employees must be experienced in forensic accounting and fluent in

written and spoken Chinese. “We have that China element in our cases,” Tang notes.

The ICAC puts its accountants through the same training programme as its investigators, including knowledge of the statutes, such as the ICAC, Prevention of Bribery, Anti-Money Laundering and Theft Ordinances, as well as judicial procedures.

Accountants also have to meet the ICAC standards on professional conduct and discipline. “Our accountants need to know what our frontline investigators know,” says Tang.

Much of the work involves data collection and analysis, but ICAC forensic accountants are also expected to assist investigators in the operational and investigative aspects of cases, including the questioning of suspects and witnesses, and participation in search-and-seizure operations that make for so many dramatic headlines.

The ICAC push into forensic accounting echoes that of counterpart organizations elsewhere in Asia Pacific, such as in Malaysia and Singapore, that also have boosted their accounting ranks.

Private sector forensic specialists say they welcome the strengthening of anti-graft agencies.

“Those who might consider committing fraud and other corrupt acts may think twice if the probability of being caught is higher through the deployment of more skilled investigators to catch them,” says Peter Coleman, executive director of Deloitte Forensic in Singapore. “It can only be a good thing.”

Hard graft

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