What is perspective of the Strategy on Accounting - Auditing to 2030 in Vietnam?

What is perspective of the Strategy on Accounting - Auditing to 2030 in Vietnam?

According to Section I, Article 1 of Decision 633/QD-TTg in 2022, the perspective of the Strategy on Accounting - Auditing to 2030 is as follows:

1. Accounting - auditing is an important economic management tool with the function of creating an information system on economy - finance - budget to meet the requirements for the management and economic decisions of the State. country as well as of each unit, organization or enterprise. Therefore, it is necessary to improve and improve the quality of the accounting - audit information system in the direction of publicity, transparency, truthful and complete reflection of economic - financial information and data in the economy. 

2. It is necessary to establish a system of synchronous policies to promote comprehensive, transparent, effective and effective in the direction consistent with international practices and conditions of Vietnam, suitable for digital transformation; remove difficulties and obstacles in the implementation organization; focus on developing high-quality human resources and improving service quality, meeting the requirements of strengthening international integration; interested in developing and improving the position of professional associations of accounting - auditing.

3. Strengthen and improve the role of state management in the field of accounting - auditing, especially the planning, implementation, inspection of law enforcement, supervision of accounting - auditing activities to ensure the effectiveness, efficiency and compliance with regulations, protect the interests of the State and the lawful rights and interests of relevant agencies, organizations and individuals.

What are overall objectives of the Strategy on Accounting - Auditing to 2030 in Vietnam?

According to Section II, Article 1 of Decision 633/QD-TTg in 2022, the overall objectives of the Strategy on Accounting - Auditing to 2030 are as follows:

Completing the accounting-auditing system to ensure a strict, effective, efficient and synchronous system of accounting-audit standards in a manner consistent with international practices and Vietnam's conditions. Enhancing the role of state management, promoting the activities of professional organizations, focusing on developing the service market and human resources in the field of accounting - auditing on a par with other countries in the region. Thereby improving the quality of the economic-financial-budget information system to be more open and transparent, honestly reflecting economic - financial information and data in the national economy, meeting the requirements of management and administration, decision-making of state management agencies as well as other enterprises, units and organizations. Strengthening international integration, cooperate with international organizations on accounting - auditing, establishing close relationships and mutual recognition between Vietnam and countries in the region and the world.

What are specific objectives of the Strategy on Accounting - Auditing to 2030 in Vietnam? 

According to Section III, Article 1 of Decision 633/QD-TTg in 2022, specific objectives of the Strategy on Accounting - Auditing to 2030 are as follows:

1. Completing the system of regulations on accounting - auditing

In 2024, submit to the National Assembly for consideration and comments on the draft Law amending and supplementing the Law on Accounting, the Law on amending and supplementing the Law on Independent Audit, ensuring synchronous regulations, in accordance with the Circular No. Vietnam's international standards and conditions, strengthen the roles and responsibilities of enterprises, units, organizations and individuals in providing accounting and auditing information.

2. Promulgating, announcing and updating the system of accounting standards and auditing standards

Enhance the compatibility between the financial mechanism and accounting standards; develop a legal framework to apply international financial reporting standards (IFRS) according to an appropriate roadmap, update Vietnam's financial reporting standard system (VFRS), independent audit standards, internal audit standards, professional methods on the basis of conformity with international practices and conditions of Vietnam; ensure comparability of economic and financial information among enterprises and organizations in the economy. Announce the Vietnamese public accounting standard system on the basis of international public accounting standards, deploy and apply in accordance with the laws of Vietnam.

3. Improving the efficiency of management and supervision of accounting - auditing activities

a) Improve the capacity and performance of the accounting-audit management and supervision agencies in the management and supervision of activities of accounting units and service providers.

b) Strengthen inspection and supervision activities and have appropriate sanctions to ensure the compliance with the law by accounting units and accounting-audit service providers in order to improve the quality of financial reporting and accounting and auditing services.

4. Improving the quality of human resources and the market of accounting and auditing services

Develop the market for accounting and auditing services; implement solutions to improve the quality of accounting and auditing services. Orient the scale and number of organizations providing accounting - auditing services in accordance with actual requirements through perfecting the mechanism and practice conditions. Identify objects to be audited practically and effectively, by 2025, ensuring 100% of large-scale enterprises and units have their financial statements audited, regardless of type of operation and form of ownership. There are policies to increase the quantity and improve the quality of the team of accountants and auditors, ensure to meet the requirements of high-quality human resources in the context of international integration.

5. Developing professional organizations in accounting - auditing

Adopt policies to encourage professional organizations in accounting - auditing in order to unify and improve the operational capacity of these organizations; actively coordinate closely with professional organizations in planning and implementing the law on accounting - auditing as well as inspecting and supervising the compliance with regulations of the accounting - auditing team. 

6. Strengthening international integration in accounting - auditing

Review, improve and strengthen the framework and cooperation agreements with important partners such as financial institutions, international professional organizations and State management agencies in charge of accounting and auditing in the countries of Vietnam's comprehensive strategic partners, strategic partners and media partners. Deeply develop, improve the substantive effectiveness of cooperation programs with these organizations, create close relationships and mutual recognition between Vietnam and countries in the region and the world.

7. Implementing digital transformation in the field of accounting and auditing

Promote the application of information technology in line with the digital transformation process in building the legal framework and organizing the implementation at the units; build a database related to accounting - auditing to serve the operations of the units and activities of management and supervision of accounting - auditing.

Best Regards!