What is promulgation of the Accounting Law and the Independent Audit Law in accounting and auditing strategy until 2030 in Vietnam?

What is promulgation of the Accounting Law and the Independent Audit Law in accounting and auditing strategy until 2030 in Vietnam?

Pursuant to Subsection 1, Section IV of Decision 633/QD-TTg of 2022 specifically stipulates solution tasks as follows:

1. Promulgate the Law on Accounting and the Law on Independent Auditing

a) Review and evaluate the implementation of the Law on Accounting and the Law on Independent Audit; Research and develop the Law on Accounting and the Law on Independent Auditing in the direction of supplementing, amending or replacing current Laws in the direction of approaching international practices, associated with the digital transformation process, in accordance with the conditions Vietnam and overcome current shortcomings, as a basis to continue building and perfecting the legal framework on accounting and auditing.

b) Develop and promulgate legal documents guiding the Law, ensuring the concretization of regulations to organize the implementation in the spirit of the Law. Issue appropriate documents to announce the application of international financial reporting standards; promulgate and guide the implementation of Vietnamese financial reporting standards; Announcing and guiding the implementation of Vietnamese public accounting standards; promulgate and guide the implementation of Vietnam's independent audit and internal audit standards.

c) Promulgate principles and regulations within the scope of accounting - auditing to serve the financial market, securities and other services; serve the publication of financial statements according to IFRS for listed companies and other public interest companies; Manage practice and business conditions within a synchronous legal framework and in accordance with actual requirements to ensure service quality.

d) Standardize regulations on quality inspection and supervision for accounting and auditing services; regulate sanctions for handling violations to ensure deterrence and enhance the responsibility of relevant agencies, units, organizations and individuals. Improve institutions and legal frameworks for inspection and supervision of financial reports, and compliance with accounting and auditing laws to ensure synchronization, completeness, and consistency among agencies responsible for inspection, monitor.

What is promulgation of the Accounting Law and the Independent Audit Law in accounting and auditing strategy until 2030 in Vietnam? (Image from the Internet)

What is promulgation and announcement of strategic accounting standards and auditing standards systems until 2030 in Vietnam?

Pursuant to Subsection 2, Section IV of Decision 633/QD-TTg of 2022 specifically stipulates solution tasks as follows:

2. Promulgate and announce systems of accounting standards and auditing standards

a) Determine the appropriate reporting framework for each type of enterprise to improve the effectiveness of financial and accounting information. Deploy the application of international financial reporting standards in Vietnam according to the roadmap determined by the Ministry of Finance for businesses that need and are eligible to apply. Develop and organize the implementation of Vietnamese financial reporting standards in accordance with international practices and Vietnamese conditions to replace the system of Vietnamese corporate accounting standards. Issue appropriate accounting guidance documents for medium, small and micro enterprises.

b) Announce the system of Vietnamese public accounting standards on the basis of international public accounting standards, in accordance with the trend of reforming public financial management and state budget of Vietnam. Vietnam's public accounting standards system ensures the need to create a unified basis for accounting records, and is a standard and model for preparing and presenting financial information of accounting units in the region, state and local government financial reports.

c) Update, promulgate and apply the system of independent audit standards and other professional standards in accordance with international practices, meeting the actual requirements and conditions of Vietnam. Research and update internal audit standards, promulgate appropriate legal documents, continue to develop and publish guiding documents to serve the implementation of internal audit activities. Applicable to businesses, People's Committees of provinces and centrally run cities, ministries and ministerial-level agencies, Government agencies and large-scale public service units.

Best regards!