Accounting world descends on Hong Kong

Accounting world descends on Hong Kong

Thousands of accountants from over 100 countries have descended on Hong Kong for the 16th World Congress of Accountants as the profession fights to restore its mangled reputation.

Link:

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.’

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource