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Following is the speech by the Acting Financial Secretary, Mr Stephen Ip, at the cocktail reception of Hong Kong Institute of Certified Public Accountants today (September 8): (English only)

Roger, Distinguished Guests, Ladies and Gentlemen,

It gives me great pleasure to join you this evening to celebrate an important milestone of the accounting profession in Hong Kong. Starting from today, the Hong Kong Society of Accountants is rebranded as the Hong Kong Institute of Certified Public Accountants.

On this occasion, we are all here to toast the great achievements of the accounting profession and the rich heritage of the Institute. The Institute's predecessor, the Hong Kong Society of Accountants, has made valuable contribution to the Hong Kong community for more than three decades. With integrity, professionalism and expertise, members of the accounting profession have been playing a significant role in fortifying Hong Kong's position as a major international financial centre.

Today, we are here to witness the unveiling of the Institute's renewed mission, vision and core values. In opening a new chapter in its history, the Institute has demonstrated the perseverance to uphold the world-class standing and reputation that all its members and their predecessors have been working hard for. As you venture into this new era, the whole community expects no less from the Institute in continuing to upgrade market quality, reinforce investors' confidence and promote corporate governance.

It is of the utmost importance that the accounting profession continues to do its very best to serve the community and to have the public confidence that it is doing so. In this regard, an effective and transparent regulatory regime of the accounting profession is the key to uphold public confidence. I am very pleased to see the recent enactment of the Professional Accountants (Amendment) Ordinance 2004, and I look forward to the passage of legislative proposals to establish an Independent Investigation Board and the Financial Reporting Review Panel. The Government is committed to working together with all relevant stakeholders, including the Institute, to take forward the legislative proposals.

Ladies and gentlemen, on this memorable occasion, let me again offer my warmest congratulations to the Institute on its exemplary achievements in the past and its embrace of a new identity to take on the opportunities and challenges ahead. As always, we will continue to join hands with the profession in maintaining Hong Kong's competitive edge as an international financial centre. I wish the Institute and all of you every success in the future.

Thank you.

Ends/Wednesday, September 8, 2004

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