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2010, Sep 03

Improved Financial Management Leads to Bribery Discovery in Hong Kong

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Improved Financial Management Leads to Bribery Discovery in Hong Kong

by CFO Innovation Staff, 15 March 2010
topics:
Accounting and Regulations Auditing Internal Audit
tags:
budgets graft and corruption internal auditing
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Here's proof that better financial management works. Hong Kong was agog last week when popular TV host Chan Chi-wan, who is also general manager of major television station TVB, was arrested along with four associates by the ICAC, the city's anti-corruption watchdog. 

 

According to South China Morning Post, they are said to have accepted advantages from an advertising executive in exchange for helping the ad company secure service contracts related to TVB entertainment shows. The irregularities apparently came to light after a new finance team installed at TVB put in a stringent internal auditing system and tightened reviews of production budgets.

 

Quoting Peter Lam Yuk-wah, vice-president of the Televisioners Association, the newspaper says TV stations, which are monitored by the Prevention of Bribery Ordinance, should have stringent management and tendering systems.

 

 

Original Article URL: 
Better auditing behind arrest of TVB five
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CFO Innovation Staff
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