In a meeting with the delegation of the Confederation of Asian and Pacific Accountants (CAPA) on 13 August 2014 in Hanoi, the Minister of Finance (MOF) Dinh Tien Dung affirmed that by cooperating with CAPA, Vietnam will get reliable finance information for its economic decisions and create a transparent investment environment.
Over the past few years, along with the development of the economy, the Vietnamese accounting and auditing activities have witnessed significant progresses. Apart from the presence of well-known international auditing companies here in Vietnam, the domestic auditing companies have also step by step developed their reputations via professionalism and professional ethics.
According to MOF, to meet the development demand of the accounting and auditing sectors, Vietnam has been continually completing their legal regulations, professional standards and professional ethics as well as setting up professional and independent accounting and auditing associations in accordance with international rules. Minister Dinh Tien Dung hoped that as a representative of the International Federation of Accountants (IFAC) in the Asian and Pacific region, CAPA will continue to provide its support so that the Vietnam Association of Certified Public Accountants (VACPA) will soon satisfy requirements to be a member of IFAC.
CAPA Chief Executive Brian Blood said CAPA had 31official member organizations in 23 countries and territories, including Vietnam, representing more than 1.5 million accountants and auditing professionals. It also had a consistent role in accounting, auditing and is the bridge between IFAC and the representative accounting and auditing organizations of each country. Therefore, “CAPA will have very effective coordination with VACPA and believes that VACPA will have great progress in the near future and contribute to improving the quality and quantity of Vietnamese accounting, auditing human resources to reach international standards.” said Brian Blood.
Minister Dinh Tien Dung expects CAPA will continue to help MOF to complete legal frameworks, share international experience with MOF about the application of professional standards, control and check accounting, auditing services to bring out reliable financial information and create transparent investment environment in Vietnam.
At meetings and conferences of CAPA’s committees to develop accounting and auditing associations held in Hanoi from 12-17 / 8/2014, CAPA will offer orientations and experience in the auditing progress as well as in coordination with professional associations in this field. Brian Blood added “We will discuss our collaboration experience between independent and state auditing institutions, which will strengthen the coordination between organizations, making an important contribution in providing reliable financial information for economic decisions and creating transparent investment environment for the relevant countries.”
To join the global auditing – accounting "playing field", according to the MOF, Vietnam has much work to do. They include the amendment of the Accounting Law 2003 to suit new circumstances; building a system of accounting standards applicable to the public sector; update and further develop the remaining accounting standards; improve the quality and quantity of Vietnamese accounting-auditing human resources; strengthening inspections and controls over on accounting, auditing services and ensuring provision of reliable financial information to investors./.
By Thuy Linh