It is a pleasure to be with you today to participate in the announcement of such a significant achievement here in the People's Republic of China: one that has great ramifications globally. To share the speaking platform today with so many distinguished leaders within the People's Republic of China's Ministry of Finance, the Accounting Standards Board, the Chinese Institute of Certified Public Accountants and the CICPA's Auditing Standards Board, is truly an honor.
The decision by China to converge towards international auditing standards sends a clear message to the world that both the Chinese people and the Chinese accountancy profession are committed to transparency, quality, and high professional standards. Support of these standards will benefit not only the accountancy profession, but also, and even more importantly, all Chinese citizens and the Chinese economy as a whole.