【Commercial Times B5 version / Stock Exchange Market reporter Lu Shumei 呂淑美】

The Institute of Internal Auditors, Accounting Research and Development Foundation, Taiwan Stock Exchange (TWSE), and KPMG will collaborate to host a press conference tomorrow (04/09) to discuss “Strengthening the Supervision of Capital Markets”. Richard F. Chambers, President and CEO of the Institute of Internal Auditors (IIA), has been invited to conduct a speech on how senior management and the board of directors play an important role in capital market supervision.

In addition to Tseng Ming-chung, Chairperson of the Financial Supervisory Commission (FSC), other important personnel have also been invited to the press conference. These include Lee Sush-Der, Chairman of TWSE; Winston Yu, Chairman of KPMG; Li Chung-Pei, General Manager of HSBC Investment Bank; and, Richard F. Chambers, invited to conduct thematic speeches. 

Richard F. Chambers possesses forty years of experience in internal auditing and will be discussing, “How the COSO Internal Control Integrated Framework uses leverage for the three lines of defenses.” Chambers will firstly stress the importance of the role played by senior management and the board of directors in a “controlled environment.” The first line of defense is to assess risks and implement control. The second line of defense assesses and communicates the continuous supervision of the deficiencies of internal control. The third line of defense serves as to further assess internal auditing design and implementation of internal control, as well as providing effective confirmation. 

With, “Using Internal Auditing to Enhance the Effectiveness of the Capital Market,” as his theme, Lee Sush-Der will elaborate on how the functions of capital markets provide an efficient capital supply and demand platform for the providers and those in demand of funds, as well as how the capital market should continue to strengthen its internal management and auditing of TWSE-listed companies, securities dealers, and the trading market.

Winston Yu will be conducting a speech on “How Accountants can Facilitate Increased Transparency of Non-Financial Information Disclosure.” With the changes in business risk, “true value” of enterprises will gradually move from traditional financial performance towards non-financial performance. Due to a recent surge in food safety incidents, authorities have mandated that non-financial information of companies within the food industry must be verified by accountants, starting this year.

Winston Yu will be conducting a speech on “How Accountants can Facilitate Increased Transparency of Non-Financial Information Disclosure.” With the changes in business risk, “true value” of enterprises will gradually move from traditional financial performance towards non-financial performance. Due to a recent surge in food safety incidents, authorities have mandated that non-financial information of companies within the food industry must be verified by accountants, starting this year.