Accounting world descends on Hong Kong

Read our WorldCom and Andersen special reports.

The congress, held every five years, has as its theme this time: 'Knowledge-based Economy and the Accountant' and begins today. It will run until Thursday and will, amongst other things, look at how to redefine the accountant in today's hi-tech economy.

It will also seek to address the impact of Enron, WorldCom and other disasters.

Almost all the leading acounting regulators and industry leaders are in town, including David Tweedie, chairman of the International Accounting Standards Board, Peter Wyman, president of the ICAEW, Paul Volcker, chairman of the Trustees of the International Accounting Standards Committee and Sam DiPiazza, chief executive officer of PricewaterhouseCoopers.

The event is organised by the Hong Kong Society of Accountants under the auspices of International Federation of Accountants, which represents over two million accountants worldwide.

At the opening IFAC president Rene Ricol stressed the importance of putting stronger internal controls in place in companies, while ensuring stronger external control for firms.

Sir David Tweedie called for 'full transparency in company figures'.

The congress was opened by Chinese prime minister Zhu Rongji who issued the following stark warning: 'Make no false accounts.'