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Internal Controls

Internal Audit and Management Review

The MPFA’s internal audit function is performed by the Risk Management Unit. Reporting to the Managing Director, the Unit provides an independent assessment of internal controls in line with the guidelines and standards on internal audit promulgated by the Hong Kong Institute of Certified Public Accountants. It reviews whether operational policies, procedures and controls are adequate and whether they are complied with, and identifies improvement opportunities.  Findings are reviewed by the executive management and reported to and considered by the Audit Committee, which reports to the Management Board directly to ensure objectivity and independence.

Risk Management

The MPFA has a risk assessment and management programme to identify, assess and manage risks in a timely and systematic manner. A corporate risk register and departmental risk registers are maintained to keep track of identified risks and risk management plans. These are reviewed and updated annually.

Code of Conduct

To promote high ethical standards and fair dealings in the conduct of its business, MPFA has a code of conduct that must be observed by all its employees. The Code sets out the expected standards of behaviour and reminds staff of their legal and contractual obligations to MPFA. It also provides specific guidelines on various issues, such as confidentiality of information, the offer and acceptance of advantages, avoidance of conflicts of interest, and declaration of financial and other interests.

The Memorandum on Conditions of Service signed by staff upon joining MPFA and the confidentiality provision under MPFSO impose contractual and statutory obligations on staff members to keep confidential any information obtained in the course of performing their duties in MPFA.  A senior staff member must obtain prior approval if, within six months (or 12 months in the case of directorate staff) after leaving service, he/she wishes to take up employment in Hong Kong that may constitute a conflict of interest with that of MPFA.

Last Revision Date: 22/10/2014