First Auditors Association Opens in Vietnam

First Auditors Association Opens in Vietnam

Vietnam Association of Certified Practicing Auditors (VACPA) made its official debut in Hanoi on April 15, marking an important landmark of the country’s auditing sector in the process of integrating into the world economy.

The association organized its first congress on the same day during which VACPA members adopted their statute and operation orientations.

Bui Van Mai, Director of the Auditing and Accounting Regime Department under the Finance Ministry, said though independent auditing activities have developed rather rapidly in Vietnam, they have failed to meet quality and quantity requirements demanded by the country during its economic transition and international integration process.

He noted that the VACPA would join hands in managing and supervising the quality of auditors' professional practices and ethics. It will also serve as an advisory agency to the state in making policies on accounting and auditing regimes.

The Finance Ministry official said that in the next one or two years, the Finance Ministry will gradually transfer its function of managing accountants and auditors to appropriate associations as part of the Vietnamese Government's commitments to international financial institutions such as the Asian Development Bank (ADB), the World Bank (WB), and the International Monetary Fund (IMF).

The association will operate nationwide with offices in Hanoi and Ho Chi Minh City. It has an initial membership of 377 practicing auditors from 61 accounting and auditing companies operating in Vietnam.

Auditing services emerged in Vietnam in 1991. The country now has 84 auditing firms, most of which are limited companies.

The VACPA is a member of the Vietnam Association of Accountants and Auditors (VAA).