The Hong Kong Society of Accountants (HKSA) has launched a new audit service helping companies to test the security of their online systems. HKSA introduced the new service, called WebTrust, to act as a certification service for e-commerce firms and to meet the increasing demand of Hong Kong-based companies that are conducting business over the Internet and who wish to satisfy existing and potential clients of a high standard of online security safety measures.
HKSA president, Andy Lee Shiuchuen, told the South China Morning Post this week: 'As e-business is revolutionising people's way of doing business at the dawn of the 21st century, the ability to conduct reputable and secure business over the Internet is the key to improving Hong Kong's competitiveness in all aspects of commercial and industrial activities.'
Carrie Yau Tsang Ka-lai, Secretary for Information Technology and Broadcasting, agreed. She said the service would improve Hong Kong's chances to become a regional leader in e-commerce: 'The total value of e-commerce transactions in Hong Kong is expected to grow from US$2 billion in 2000 to US$70 billion by 2004,' she stated.
WebTrust works by reviewing areas such as system security, steps taken to protect confidential customer details and their privacy, and the integrity of business practices. To show that the e-companies have met the WebTrust seal of quality, an icon will be displayed on their web site.
The WebTrust service is an international e-commerce trust programme jointly developed by the American Institute of Certified Public Accountants and the Canadian Institute of Chartered Accoutants, who state: 'The WebTrust seal of assurance combines high standards for e-commerce activities with the requirement for independent verification. Together they build trust and confidence among consumers and businesses conducting business over the Internet. The WebTrust Seal of assurance symbolizes that an independent public accountant has evaluated and independently verified the Web site’s disclosed business and information privacy practices and related controls, and has issued a report with an unqualified opinion.'
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