What are regulations on development of the accounting - auditing service market in the Accounting - Auditing Strategy until 2030 in Vietnam?

What are regulations on development of the accounting - auditing service market in the Accounting - Auditing Strategy until 2030 in Vietnam?

Pursuant to Subsection 4, Section IV, Article 1 of Decision 633/QD-TTg in 2022 stipulating development of the accounting - auditing service market in the Accounting - Auditing Strategy until 2030 in Vietnam as follows:

a) Research to identify subjects that must conduct independent audit of financial statements in an appropriate manner; clearly stipulate criteria for enterprises to have their annual financial statements audited and financial and accounting information transparent in order to improve service requirements, quality, efficiency in publicity and transparency of economic and financial activities.

b) Determinie criteria for entities with public interest in the direction of supplementing necessary subjects, along with stricter and more effective requirements for publicity and transparency of financial statements to ensure public interest and the overall sustainable development of the economy. Study and identify the audited subjects of annual financial statements which are large-scale public non-business units, especially public non-business units that are autonomous in both investment and self-sufficient public service providers in recurrent expenditures.

c) Develop directional criteria on the size, quantity and quality of services of auditing firms and accounting service firms in accordance with the requirements of reality, through the completion of the mechanism and practice conditions; increase the quantity and quality of accountants and auditors; effectively implement solutions for service supply, in order to improve the quality of accounting - auditing services.

d) Complete and implement legal regulations, creating the basis and conditions for negotiating, join international agreements and mutual recognition for accounting - auditing services with other countries in the region and around the world.

dd) Implement solutions to improve the quality of valuation services and other services; build an information system and database as a basis for determining financial indicators.

What are tasks and solutions on the development of professional associations in the Accounting - Auditing Strategy until 2030 in Vietnam?

Pursuant to Subsection 5, Section IV, Article 1 of Decision 633/QD-TTg in 2022 stipulating tasks and solutions on the development of professional associations in the Accounting - Auditing Strategy until 2030 in Vietnam as follows:

a) Based on the provisions of the law on associations and the law on accounting - auditing, to develop and promulgate legal regulations related to the operational responsibilities of professional organizations in accounting - auditing; build a unified, self-managed, professional professional organization model, following international practices, attracting a large number of members to participate.

b) Improve the effectiveness of participation in the formulation and criticism of mechanisms and policies; improve management capacity, supervise the compliance with professional standards, standards and regulations on professional ethics of accountants and auditors; checking service quality and fostering professional knowledge and professional ethics for accountants - auditing practitioners.

c) Research to transfer professional activities in accordance with the law and the professional association's capacity according to the appropriate roadmap, ensuring the principle of stability and taking responsibility before the law.

d) Expand cooperation with professional organizations in the region and around the world, in order to improve the operational efficiency of professional associations, contributing to promoting accounting-audit integration.

What are regulations on development of human resources in accounting - auditing in the Strategy of Accounting - Auditing until 2030 in Vietnam?

Pursuant to Subsection 6, Section IV, Article 1 of Decision 633/QD-TTg in 2022 stipulating development of human resources in accounting - auditing in the Strategy of Accounting - Auditing until 2030 in Vietnam as follows:

a) Innovate contents, programs and methods to improve the quality of training and retraining of accounting - auditing human resources, combining theory and practice, associated with the process of digitization and digital transformation on accounting - auditing. Pay attention to high-quality human resources in accounting - auditing, serving the needs of businesses, accounting units and other organizations in the entire economy in the context of deeper and deeper integration.

b) Renovate learning methods, organize exams and issue certificates of auditors and accountants, ensure knowledge and skills in accordance with international requirements and practices, and ensure conditions for mutual recognition in the region and in the world, by 2030, the number of 15,000 people will be certified as auditors.

c) Raise the sense of discipline, professional qualifications and professional ethics of accountants and auditors through reforming regulations on training contents and forms, and updating knowledge; pay attention to and encourage international professional certification training programs in order to access knowledge and practice skills in accordance with international practices.

d) Renovate the content, form and training program for chief accountants; develop contents and programs to update professional knowledge every year for chief accountants of units of public interest.

dd) Have support solutions to improve the qualifications and professional activities of accounting staff working in small, medium and micro enterprises.

Best regards!