Deputy PM urges reforms of entire accountancy and audit sector

ABO/NDO –Deputy Prime Minister Vuong Dinh Hue said that the accounting and auditing sector should reform its institution, legal regulations, accounting and auditing process and prepare new human resources for the future.

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The government official made the request at the seminar entitled “Vietnam accountancy – Future and Prospects” held by the Vietnam Association of Accountants and Auditors (VAA) in Hanoi on May 25.

Deputy PM Hue said that after 25 years of renewal, the Vietnam’s accounting and auditing sector has contributed to improving the business and investment environment and transparency of the national financial sector.

He noted that in the context of globalisation, trade liberalisation and industrial revolution 4.0, the accounting and auditing sector must renovate its operation and working methods to adapt to changes.
This is a challenge and also an opportunity for Vietnam to renew its entire accounting and auditing systems, Deputy PM Hue said.

Associate Professor, Doctor Dang Van Thanh and VAA chairman said that the seminar is a venue for experts, accountants and auditors to make judgments on trends of globalisation and effects of digital technology on accounting and auditing while determining the roadmap and measures to successfully apply International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards in Vietnam and others.

Auditor General of the State Audit of Vietnam Ho Duc Phoc said that the legal framework will be completed to boost the transparent operation of the State Audit, contributing to the effective settlement of cases.

(Source: NDO)