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Hong Kong Invoice Format | Template Invoice and Card

Hong Kong Invoice Format

In 2002, Times annual called three women who blew the blare on bribery at accumulated giants Enron and WorldCom as ‘Persons of the Year’. They were hailed as heroes. ‘They were bodies who did adapted aloof by accomplishing their jobs accurately – which agency ferociously, with eyes accessible and with the courage the draft of us consistently achievement we accept and may never apperceive if we do,’ the annual wrote.

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However, absolute heroes, one ability argue, are not necessarily the ones who accomplish giants abatement – as in the aloft cases – but those individuals and advisers who ascertain misdoings aural an organisation, abode it internally and by accomplishing so stop fraud, bribery or added actionable activities. Not alone will this aegis actor interests, it could additionally ensure the organisation’s approaching existence.

In Hong Kong there are such heroes, too. But compared to added countries, unfortunately, about fewer. The acumen is not that Hongkongers abridgement audacity or a angle of moral responsibility. It’s rather, according to respondents to this article, the abridgement of able protections for bodies aural organisations who appetite to abode malpractice.

Numerous analysis letters appearance that whistleblowing is one of the best able accoutrement in audition and countering corruption. Aback handled effectively, it safeguards both shareholders’ and society’s interests. But in adjustment for it to ability its abounding potential, there needs to be a accumulated ambiance that is accessory to whistleblowing, as able-bodied as a apparatus to assure whistleblowers adjoin browbeating and reprisals. In abounding respects, Hong Kong lacks this.

Chris Fordham, Managing Partner, Asia Pacific Area, Artifice Analysis & Dispute Services, Ernst & Young (EY), said that best bodies appetite to do the adapted affair and break bright of actuality associated with bent behaviour. But what stops bodies from speaking up in Hong Kong is that, first, they don’t apperceive whom to about-face to and, second, if they do draft the whistle, they can apparently say goodbye to their career.

‘It is unfortunate,’ Fordham says. ‘A lot of the frauds we accord with in agreement of investigations appear from whistleblowers. If companies don’t accept a bigmouth action that protects the anonymity of the informer, they are missing a axiological avenue for issues to be alike and to ascertain fraud. It’s as simple as that’.

Over 43% of detected artifice aural organisations is apparent by a tip, according to a all-around analysis by the Association of Certified Artifice Examiners, and the majority of tips appear from advisers of the organisation. Another abstraction by the University of Chicago showed that about bisected of the artifice cases included in its analysis were spotted by employees, media or non-financial bazaar regulators.

Corruption and artifice in business are amid the greatest challenges in the avant-garde accumulated apple and a above blackmail to acceptable growth. According to studies done by the United Nations and the Organisation for Bread-and-butter Cooperation and Development, bribery adds as abundant as 10% to the amount of accomplishing business and 25% to the amount of accessible procurement.

A PricewaterhouseCoopers all-around bread-and-butter abomination analysis showed that 67% of respondents accept accomplished asset misappropriation, 38% accounting fraud, and 24% bribery and corruption.

In China, 84% of polled companies said they were victims of fraud, a Kroll abode found.

‘If artifice goes undetected, you tend to go into a ability of fraud’, Fordham warns. ‘You get a bearings area bodies anticipate “If he get’s abroad with it, why would I not get abroad with it”. It’s a bottomward spiral’.

These facts highlight the afire call to action bribery in business, and whistleblowing plays an invaluable allotment in this fight. Jurisdictions about the apple accept accordingly developed acknowledged and authoritative accoutrement aimed at arrest bribery in business.

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As aboriginal as 1863, the US pioneered the advance of whistleblowing by assuming the False Claims Act, which aback again has advanced. The Sarbanes-Oxley Act of 2002 contains cogent protections for accumulated whistleblowers, and prescribes a bastille book of up to 10 years for castigating conduct adjoin whistleblowers. What’s more, the US Securities and Exchange Commission (SEC) has appear to await heavily on whistleblowers aback the 2010 DoddFrank Act gave it the ascendancy to accolade bodies whose tips advance to administration actions.

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Regulations alter country to country. In the UK, the non-statutory Combined Cipher of Accumulated Babyminding protects whistleblowers and obliges listed companies to accept whistleblowing arrange or explain why they do not. There is no banknote accolade system. Norway has specific legislation on the aegis of whistleblowers, while neighbouring Sweden does not ascertain whistleblowing in law, but has approved accoutrement – such as the constitution, the barter secrets act and the application aegis act – that absorber alone informers.

Is Hong Kong backward behind?

Hong Kong has a history of demography proactive accomplish to investigate and arraign cases of declared accumulated fraud, but the area is backward acutely abaft aback it comes to bigmouth protection.

According to a abstraction done by the HKICS in 2007, 87% of respondents believed that it is all-important for a aggregation to accept a whistleblowing action in abode – but alone bisected of all listed companies absolutely had one. And the trend does not attending positive. EY’s new Asia-Pacific artifice analysis said the cardinal of advisers in Hong Kong able to use a whistleblowing hotline has alone decidedly from 2013, to alone 40% in 2015.

‘In territories that accept whistleblowing protection, bodies are added acceptable to use it’, Mr Fordham says. ‘Hong Kong not alone lags abaft added jurisdictions; it has bootless to accomplish any able adapted in the accomplished few years. I’m anxious about the bearings here’.

He adds, however, that Hong Kong Exchanges and Clearing (HKEx) has taken accomplish in the adapted direction. It recommends listed companies to accept a whistleblowing action auspicious employees, shareholders and added business assembly to articulation their apropos on doubtable malpractice. Currently this is a ‘recommended best practice’ in the Accumulated Babyminding Code, and is not accordingly mandatory, and there is no absolute legislation authoritative bigmouth programmes compulsory. Also, crucially, Hong Kong is missing the absolute legislation adapted to action whistleblowers protection. At present there is alone a actual almost authentic accouterment in the Application Ordinance which states that, ‘an employer shall not abolish an agent by acumen of his giving affirmation or advice in any affairs and analysis in affiliation with the administration of the Application Ordinance, assignment accidents or aperture of assignment assurance legislation’.

In 2013, administrator Cyd Ho Sau-lan, a affiliate of the Legislative Council of Hong Kong (LegCo), proposed whistleblower protection legislation which would assure individuals from backfire for apprehension malpractices of the government or accessible organisations in the accessible interest. It wasn’t passed. Charles Mok, who represents the advice technology area in LegCo, supports an added bigmouth aegis arrangement in Hong Kong. Too often, as he put it, the blare is shoved adapted aback bottomward the blower’s throat.

‘I am in favour of accepting bigmouth aegis in Hong Kong. We absolutely abridgement such aegis for bodies in Hong Kong’, he said. ‘Unfortunately the affair is not arguable abundant to accumulate the absorption of the accessible to see the claim of accepting such protections,’ he said.

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Dr Brian Lo FCIS FCS, Vice-President and Aggregation Secretary of APT Satellite Holdings Ltd, says it is ‘unfortunate’ that the LegCo proposals were voted down. The use of whistleblowing to action artifice and corruption, he explains, is amid the best important – as able-bodied as arguable – aspects of accumulated governance.

APT Satellite Aggregation has a wellestablished bigmouth aegis policy, he explains. It works calm with a complaints administration action beneath the blank of the company’s analysis lath and centralized auditor. The success of such systems should not be abstinent by the cardinal of tip-offs they generate, Dr Lo credibility out, because their actual attendance is a bridle to misconduct.

He believes that Hong Kong would account from bigmouth aegis regulation. He additionally believes that the advocacy in the Accumulated Babyminding Cipher for companies to apparatus able whistleblowing procedures should be upgraded to a cipher provision.

Edith Shih FCIS FCS(PE), Head Accumulation Accepted Counsel and Aggregation Secretary, CK Hutchison Holdings Ltd, doesn’t anticipate Hong Kong is in afire allegation of added legislation or amendments to the advertisement rules at the moment. The Absolute Commission Adjoin Bribery (ICAC) investigates doubtable bribery appear by the accessible via its 24-hour hotline and abode centres, and all companies should accomplish an accomplishment to accept a anatomic centralized arrangement for tipoffs and complaints, she says.

All business units in the CK Hutchison accumulation accept some anatomy of whistleblowing system, depending on area they are listed. The best adult systems are in jurisdictions like the US and the UK area advertisement rules accomplish such schemes compulsory. In Hong Kong, area whistleblowing is still a recommended best practice, the arrangement can be simpler – an e-mail and mailbox – but such a arrangement can still be acceptable and efficient, she says.

‘There are adult whistleblowing systems in the bazaar but these amount and if companies booty things actively again alike an e-mail abode for advertisement is not a bad idea. It does the job, too, in attention anonymity. It all depends on how the aggregation handles bigmouth reports. If the centralized accountant aloof puts it away, it’s the end of the story. But our centralized accountant absolutely has to investigate and abode the cases to the analysis committee, and whistleblowing is consistently an account on the calendar to be accounted for at our analysis lath meetings. If there accept been any issues, added analysis would be conducted with a appearance of bottoming out the issues actuality appear on’.

CK Hutchison additionally has an advancing apprenticeship and advice action to ensure that all advisers are acquainted of the arrangement and its benefits.

Most letters from the whistleblowing arrangement are not about above crimes, but rather advice on issues such as arbitrary application treatment, harassment, doubtable bribery, or breaches of authoritative or acknowledged requirements. Whistleblowing is one of abounding means of audition misdoings, Edith Shih credibility out. ‘If we’re talking about above crimes, I don’t anticipate we would await absolutely on the whistleblowing arrangement for that purpose. The way I attending at it, our centralized auditor, management, accident administration and centralized ascendancy colleagues would accept best up those cases’, she says. ‘If actual misconducts are not best up by our own system, again we accept not done our job appropriately and are actuality behindhand as managers’.

Encouraging a ‘speak-up’ culture

The HKICS has been announcement the allowances of whistleblowing for some time. It has issued advice and a toolkit on how companies can apparatus a whistleblowing arrangement (available from the HKICS website: www.hkics.org.hk). ‘There is a complete bartering purpose for whistleblowing’, says Mohan Datwani FCIS FCS(PE), Senior Director and Head of Technical & Analysis at the HKICS. ‘If adapted issues are escalated and dealt with, this is cogent accident mitigation’.

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Basically, what’s bare to actualize a bigger speak-up ability in Hong Kong and to get bodies to accession the banderole on wrongdoings absolutely depends on their ‘level of comfort’, he adds. ‘The adviser allegation apperceive that there is addition able abundant in the organisation to accept from an absolute perspective. For example, if the complaint is adjoin the CEO, what is there to accomplish abiding that the complainant will not be sacked afterward a complaint, including for some borderline operational reasons? There appropriately needs to be a accomplished alternation of blanket about protections for a bigger speak-up culture’.

A whistleblowing action is alone as acceptable as its accomplishing and the akin of abundance it provides in the accepted protections and abilities to advance to results. The best frequently discussed blemish by industry practitioners does not chronicle to accepting or not accepting a admonition system, Datwani explains. Rather, it relates to a abridgement of compassionate of the use of whistleblowing.

The aboriginal footfall is accordingly for the aggregation to accept a whistleblowing policy, a viable whistleblower channnel and a training programme to ensure that advisers apperceive how – and why – to use the whistleblowing channel. Companies allegation set the adapted accent from the top so anybody in the aggregation feels protected. If advisers don’t accept the account abaft the whistleblowing system, it all too calmly turns into a appointment for accepted criticisms and an amphitheatre for infighting. The systems allegation additionally be localised to bounded languages and community – this, Fordham says, is commodity abounding organisations miss.

The added footfall is for the aggregation to authorize able procedures to accord with the tips aback they appear in. Generally the bigmouth doesn’t appear advanced with all the advice at the aforementioned time, but sits on added abstracts and material. How do you accumulate an accessible approach with informers if they ambition to abide unidentified? How can you aegis their aegis if they footfall forward? Then, how do you advance with the analysis to validate the tip-off? Do it wrong, and you accident alerting the suspects who are again acceptable to bound get rid of all affirmation adjoin them by antibacterial computers and afire abstracts – this, Fordham says, happens all the time.

Fordham relates some real-life examples of how not to do it. On one occasion, a aggregation controlling got an bearding admonition about doubtable artifice aural the organisation. His acknowledgment was to stick the letter on the agents apprehension board, with a agenda saying: ‘If you don’t accept the audacity to acquaint me who you are….’. Again he put the bodies who were complained of in allegation of the investigation.

‘I couldn’t accept what I was hearing, it was unbelievable’, he says. ‘It after became bright that there was a axiological affair in the aggregation with bribery and affected invoices’.

This commodity aboriginal appeared in the August 2015 copy of CSj, the account of the Hong Kong Institute of Chartered Secretaries, appear by Ninehills Media Ltd.

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