The congress marks the first time for China to host the event, which has taken place every five years since 1904.

The meeting - expected to attract thousands of business leaders and accountants globally - will come at a time when the fall-out of the Enron scandal in the United States continues to rock the industry.

It has already crippled Andersen, which had previously been one of the big five accounting firms. Peter Wong, chairman of the organizing committee of the congress, said delegates will address concerns over corporate failures.

Under the theme of the "Knowledge-based economy and the accountant," the four-day programme between November 18 and 21 will examine whether traditional accountancy approaches and practice will remain valid in the new economic context.

It will also discuss and debate the importance of having a trans-national financial system with international accounting and auditing standards.

A highlight of this year's congress will be the two China forums which will look at the challenges China's accounting community faces, he said.

"China's accession to the World Trade Organization (WTO) will have a significant impact on the development of its accounting profession, financial reporting and corporate governance," he said.

The congress will review the latest developments in China's accounting framework and standards, the convergence of national and international accounting standards and regulatory development of the securities market.

Both the Ministry of Finance and the China Securities Regulatory Commission (CSRC) will also play an active role in organizing Chinese accountants to participate in the congress.

"While China is accelerating its pace to make its accounting standards more compatible with international practice, attending the meeting will help us learn from our foreign colleagues' experience," said Wang Jianxi, deputy-secretary-general of the CSRC.

"Constructive suggestions might be produced after the discussions."

He said the CSRC encourages listed companies, exchanges, and securities brokerages to send people to the congress.

The congress comes under the auspices of the International Federation of Accountants which comprises 156 member organizations in 114 countries and regions, representing more than 2 million accountants worldwide.

Hong Kong beat competitors including Singapore, Jerusalem and the Zimbabwean capital, Harare, to win the right to host the event, according to Alvin Wong, president of the Hong Kong Society of Accountants.

(China Daily March 28, 2002)