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The 16th World Congress of Accountants, to open Tuesday, will discuss hot topics on the accounting profession including the convergence of standards, ethics, independence and corporate governance.

At a news briefing held Monday, President of the Hong Kong Society of Accountants (HKSA) Alvin Wong said this congress is special "because in the wake of the numerous corporate failures in America, this has become a watershed year for the accounting profession around the world."

"This is the place and the event where you will see this profession begin to pick itself up, dust itself down, and arm itself with a new transparent vision for the future," he added.

Rene Ricol, new president of the International Federation of Accountants (IFAC), said, "The 16th World Congress of Accountants is a reminder to the world that accountants share not only common challenge, but also a common commitment to protect the public interest."

The three-day congress, hosted by the HKSA, has attracted 5,000 accounting professionals from approximately 100 countries and regions, 25 percent more than anticipated.

It is the first time that the event, held once every five years, is convened in China since the congress was launched in 1904.

The congress will put much of its focus on the Chinese accounting industry, particularly the numerous opportunities and changes resulting from the country's entry into the World Trade Organization.

Chinese Premier Zhu Rongji, Chinese Finance Minister Xiang Huaicheng and Chairman of the
China Securities Regulatory Commission Zhou Xiaochuan, as well as 2,000 other Chinese delegates will attend the congress.