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Following is the speech by the Chief Executive, Mr Donald Tsang, at the Annual Dinner 2006 of Hong Kong Institute of Certified Public Accountants at the Hong Kong Convention and Exhibition Centre this evening (December 7) (English only):
Paul (Chan), distinguished guests, ladies and gentlemen,
The accountancy profession has over the years played a pivotal role in Hong Kong's economic development and continued prosperity. This owes in no small part to the steadfast efforts of the Hong Kong Institute of Certified Public Accountants in upholding a high standard of professional competence for its members.
The Hong Kong Institute of Certified Public Accountants has been a pioneer in pursuing a rigorous Qualification Programme for its member professionals. The professional standards set by the Institute have, to date, gained recognition from eight most respected chartered accounting bodies from around the globe.
I highly commend the Institute's vision to promote corporate governance, for instance, and to benchmark local professional standards against the highest international levels. Last year Hong Kong became the first jurisdiction in Asia-Pacific to achieve full convergence with the best international practice in the areas of financial reporting, auditing and accounting ethics. This is an achievement of which the community should be rightly proud of. The Institute takes an active part in the activities of international accounting professional bodies such as the International Federation of Accountants and the Global Accounting Alliance. The Hong Kong colours flies high in the global accountancy community and is a badge of quality. This again is a hallmark of the accountancy professional contribution to Hong Kong's achievement as a World City.
Our certified public accountants' contribution is not confined to the local economy. The burgeoning Mainland market has opened up new opportunities for our accountants to make an impact.
The breadth of your professional excellence in offering advice on compliance, tax and financing issues has added to Hong Kong's attraction as the Nation's centre for professional services. You also serve as very competent auditors and reporting accountants for Mainland enterprises interested in raising capital in international markets. Following the Ministry of Finance's recent announcement that all Mainland-listed companies must comply with International Financial Reporting Standards by 2007, our accountants will become catalysts in upgrading corporate governance for Mainland enterprises and help them move up the value chain.
The National Eleventh Five-Year Plan has reaffirmed Hong Kong's status as an international centre for financial services and trade. I will continue to count on the support of the accounting profession and other stakeholders in Hong Kong's efforts to uphold this eminent status.
Thank you very much.
Ends/Thursday, December 7, 2006
Issued at HKT 20:42
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