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BUSINESS ETHICS CONTRIBUTE TOWARDS SHAREHOLDER VALUE

and

APPROVED EMPLOYER AWARD CEREMONY

Shenzhen, PR China, April 2007

Over 110 delegates attended the ACCA China 'Professionalism and Ethics' seminar in April. The event was followed by a formal dinner, where 80 guests formally welcomed the latest ACCA Approved Employers.

High profile speakers attended both events, including Alderman John Stuttard, Lord Mayor of the City of London, and Professor Weiguo Zhang, chief accountant and director general of the Department of International Affairs, China Securities Regulatory Commission. Professor Zhang is a member of the Accounting Standards Commission of the Chinese Ministry of Finance; he has also recently been appointed a full time member of the IASB – the first from China – and will take up his post in July 2007.

Also speaking was Jeffrey Qiu, finance controller, China, BP; Maria Lee FCCA, partner, KPMG; and Simon Culhane, chief executive officer, Securities & Investment Institute. Andrew Harding, acting managing director - strategy and development, spoke on behalf of ACCA.

The seminar examined the issues of professionalism, teaching ethics, and the development of a code of conduct. Delegates also considered what makes a good accountant, and how to develop an ethical corporate culture.

In his speech, Alderman John Stutter said: 'Professional accountants must make judgements based on the knowledge, skills and experience that they have acquired or developed while training, or while working as a qualified professional. Those judgements must also be based on certain ethical values – including a duty to serve the public interest. That is why I am so pleased to see that the new ACCA Qualification has a three-pronged approach to ethics – a theme which runs through the examinations, practical experience and dedicated ethics module. These components will help position ACCA as a lead in the ethics and professionalism debate which is so vital for the future reputation of the accounting profession – here in China, in the UK, and across the globe.'

Profession Zhang added: 'We should not blindly trust any particular system because every system has its strengths and weaknesses and was created in its own economic, social, cultural, political and legal context. A system that fits one country may not be suitable for another. Having said that, we should still embrace globalisation, and comply with internationally adopted standards and practices, or endeavour to establish internationalised standards and practices. Government should play a proper role in the market. There is no pure market economy without government supervision, nor is there a pure planned economy without market leverage. The key is how to balance the roles of government and market leverage.'

Jeffrey Qiu added: 'Business does not live in an isolated world. Professional education plays a vital role in ensuring the awareness and practices of ethical professional requirements.'

Delegates

Delegates included a number of Chinese Government officials, including Ge Yun, deputy secretary general of CICPA Guangdong. Deputy presidents Yang Rusheng and Zhang Shunwen, and deputy secretary Liu Xuesheng, all of the Shenzhen Institute of Certified Public Accountants also attended. A delegation from the City of London was present, including Alderman David Lewis, Sheriff of the City of London, Brian Davidson, consul general of the British Consulate General, Guangzhou, and Sir Paul Judge, chair of the 'City of London – City of Learning' project. Maxwell Nisner, partner at PwC was also at the event, along with other senior representatives from Big 4 firms, local and influential CPA firms, and 10 senior executives. Over 70 ACCA members were also in the audience, along with representatives of Approved Employers and key accounts.

Approved Employer Award ceremony

At a formal dinner, held after the seminar, eight employers received their ACCA Approved Employer certificates from Alderman John Stuttard. The employers are:

• American International Assurance Company Ltd, Shenzhen Branch
• China Nuclear Power Engineering Company Ltd, Yangjiang City
• Danzas ZF Freight Agency Co Ltd, Shenzhen Branch
• Decoro Industrial Co Ltd, Shenzhen
• Gemdale Corporation
• Huawei Technologies Co Ltd
• Shenzhen Stock Exchange
• ZTE Corporation

Sponsor

The events were sponsored by CCH China, a division of Wolters Kluwer and a leading multinational information provider, specialising in law, business, tax, accounting, and human resources. CCH China produces professional publications on China, in English and Chinese, which provide information for investors, corporations and professional advisers. CCH China has offices in Hong Kong, Singapore, Malaysia, Japan, Australia, New Zealand, USA, Canada, UK and Europe. Since 2000, branches have also been established in Beijing, Shanghai, Guangzhou and Shenzhen.

DELEGATE COMMENTS

'I enjoyed it a lot. Good to see that ACCA is growing stronger in China … and it is always good to have a partner with a strong perspective.'
Jeffrey Qiu, finance controller, China, BP

'The event was very successful and a good update for me.'
Man Shek, finance director, Finance Department, Wrigley Confectionery (China) Limited (who came all the way from Guangzhou to attend the seminar)

'Thank you for organising the seminar in such an effective way. It was a great success.'
David Wei Chuanjun, general manager, Financial Management Department, Gemdale Corporation

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