Independent and transparent: Secretary for Financial Services & the Treasury Frederick Ma says the proposed independent investigation board will help enhance the integrity of our capital markets.

An independent investigation board to conduct investigations into alleged accounting and auditing irregularities involving listed companies is being considered.

Speaking at the ACCA Centenary Conference today, Secretary for Financial Services & the Treasury Frederick Ma said the move was in view of public concern over the standards and integrity of the accounting profession.

"The intention is to improve the independence and transparency of investigation procedures, thereby enhancing public confidence in the profession and the integrity of our capital markets," he said.

The Government launched a consultation in September last year and received more than 20 submissions.

There is overwhelming support for the establishment of the board, although views on the details, such as the institutional set up and sources of funding are diverse.

Mr Ma said discussions with all relevant parties are ongoing with a view to sorting out the implementation details. Lawmakers will be briefed on the progress at a meeting on April 2.