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Following is the speech by the Permanent Secretary for Financial Services and the Treasury (Financial Services), Mr Tony Miller, at the Signing Ceremony of the Reciprocal Membership Agreements between the Hong Kong Society of Accountants and Six Chartered Accountancy Institutes (November 20):

Alvin, Distinguished Guests, Ladies and Gentlemen,

I am both very honoured and pleased to witness today's signing ceremony of the reciprocal membership agreements (RMAs) between the Hong Kong Society of Accountants and six prestigious Chartered Accountancy Institutes, namely, the Institutes of Chartered Accountants in Australia, England and Wales, Ireland, New Zealand, Scotland and South Africa.

Underpinning this signing ceremony is an international vote of confidence in the standard of the Society's Qualification Programme. Introduced only in January 1999, the Qualification Programme has, in just a few short years, gained international recognition. Members of the Society who have completed the Qualification Programme under the authorized training environment, will now be able to apply for membership of the six Chartered Accountancy Institutes. This rapid recognition is no small feat, and I commend the Society on its achievement.

Indeed the Society is on a strong footing. It is a well-established self-regulatory body, set up by statute and its members play an important role in all facets of our economy. The Society has also consistently exerted itself both in improving itself and keeping abreast of international developments. A case in point is the good progress made in the harmonisation of the Society's accounting standards with the International Accounting Standards. In all these efforts, the Society can be confident of the Government's support.

As I see it, the signing of the RMAs is more a beginning than an end. The Society cannot afford to lose momentum. It must continue to move with the times, particularly with regard to maintaining a high standard for its Qualification Programme. Indeed mutual recognition of professional qualifications is predicated on this. The community will look to the Society constantly to reaffirm its commitment, by encouraging its members in their pursuit of higher standards and greater awareness of international practices. Globalization coupled with a rapidly-changing and highly-competitive business environment demand this. In this context, I am particularly pleased that the World Congress of Accountants, being hosted by the Society in Hong Kong, aims to address the challenges presented by the knowledge-based economy for the accountancy profession.

May I once again thank the Society for inviting me to this joyful event, and congratulate the Society on its achievement in signing the RMAs with its international counterparts. This has both advanced its standing in the international accountancy community and helped forge still stronger links between the Society and its international counterparts.

Lastly, I wish the Society and Chartered Accountancy Institutes every success in the future. Thank you.

End/Wednesday, November 20, 2002

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