|
Licensed Practitioner
Anthony Kam & Co., Certified Public Accountants (Practising) is one of the Licensed Trust Services Practitioners in Hong Kong. Building Confidence in Electronic Commerce A recent survey conducted by the Consumer Council shows that while the number of people shopping on-line is increasing, over 60% of respondents were "unaware of such vital information as terms and conditions, privacy policy and payment security before placing their purchase orders". Consumer complaints related to Internet shopping have also risen over the years. Trust on the Internet, in particular concerns relating to the protection of personal information, and knowing who you are doing business with as well as their business practices, will surely become a key barrier to the further growth of electronic commerce. And as consumers become more aware of these issues, there will be an increasing demand for on-line merchants to demonstrate their adherence to good business practices. About WebTrust In response to consumers' fears and concerns, the American Institute of Certified Public Accountants and the Canadian Institute of Chartered Accountants have jointly developed WebTrust, a comprehensive e-commerce assurance service that provides businesses with e-commerce 'best practice' designed to build trust and confidence in this new electronic marketplace. WebTrust provides a worldwide professional assurance standard for e-commerce 'best practice' which covers:
The WebTrust Program is modular by design, giving on-line businesses the flexibility to select those modules that best meet their unique e-commerce and assurance needs. In addition, WebTrust offers bundled packages of modules (e.g. for consumer protection) that are designed to meet specialized needs. Unique in its proactive, preventive design, WebTrust provides a unique combination of a comprehensive standard and an independent audit assurance by specially trained and licensed CPAs to ensure that an on-line business complies with e-commerce best practice. The CPA firm tests the Web site at least every 6 months to verify that it continues to comply with the WebTrust principles and criteria. A site that complies with all the WebTrust requirements for the module(s) it has selected earns the right to display a WebTrust Seal of Assurance on its Web site. Site visitors can click on the Seal to view the independent CPA's report, the site management's assertions, and disclosures related to the particular WebTrust module(s). Because it focuses on consumers' needs and concerns, WebTrust benefits both consumers and providers of e-commerce services. Benefits to Consumers E-commerce has been inhibited by concerns over security, privacy and protection of confidential information transmitted electronically when conducting business over the Internet, as well as the frequent inability of consumers and business partners to confirm the legitimacy of companies offering goods and services on-line. WebTrust addresses these concerns while reducing the risk of fraudulent practices as well as privacy and security infringement. When customers see a Web site displaying a WebTrust Seal, they will know that the site has been independently verified by trusted professionals that it complies with internationally recognized WebTrust standards for e-commerce. Benefits to Online Businesses Customers are concerned with the legitimacy of many Web site businesses, especially smaller sites without major brand recognition. WebTrust lends credibility to online businesses, levels the playing field for competition and provides the assurance that Web sites displaying the Seal meet e-commerce best practice standards. To be truly effective, the Internet needs a solid foundation of technology, procedures, policies, and standards. All these elements require human to design and implement. CPAs can serve as a valuable e-commerce consultant to the Web site, helping it to develop an effective online strategy with sound business practices and procedures with reference to the WebTrust standards. The benefits to your businesses also include the following:
To obtain a WebTrust Seal, an on-line business contacts us to provide WebTrust services. The cost to obtain the WebTrust Seal will depend on a number of factors, including complexity of a Web site, extent of transactions processed by the Web site, as well as other considerations. Why us? We are in the business of providing assurance services, the most publicly recognized of which is the audit of financial statements. Financial statements audit, however, is only one of the many types of assurance services that can be provided by us. The key elements that make an audit opinion signed by us valued are that we are:
|
|||||||||||||
|
|||||||||||||