PM Nguyen Tan Dung has ratified the Accounting and Auditing Strategy by 2020 with a vision towards 2030 in a bid to build up a full legal framework based on latest practice of international accounting and auditing.
The strategy is expected to tighten management and improve the quality of auditing and accounting activities in Vietnam.
The document also aims to raise State’s management capacity on accounting and auditing, supervise the enforcement of legal regulations on the fields and develop accounting and auditing service markets.
To realize the above goals, the Government will issue accounting and auditing standards in line with international practices and national circumstances.
The market for auditing services will be broadened and the number of independent audit firms will be increased to strengthen the contingent of auditors and improve services.
The country will also strengthen international cooperation through recognition of auditors in ASEAN and other countries and officially join international occupational organizations.
In terms of legal documents, the Government will submit the law on amendments and supplements to some of articles of the Law on Accounting to the National Assembly for renewal.
Documents on the detailed implementation of the Law on Independent Auditing and regulations regarding the examination and supervision of the quality of auditing companies will also be adopted.
A new degree on sanctioning of administrative violations will be promulgated.
Accounting and Auditing Strategy passed
PM Nguyen Tan Dung has ratified the Accounting and Auditing Strategy by 2020 with a vision towards 2030 in a bid to build up a full legal framework based on latest practice of international accounting and auditing.
Source: VGP
