2016年-世界发展银行全球_Vietnam_Report_on_the_Observance_of_Standards_and_Codes___Accounting_and_Auditing_Module_84页_7mb

Summary of the Vietnam ROSC Accounting and Auditing Report (2016)

Core Content

This report, prepared by the World Bank and IMF, evaluates the current state of accounting and auditing standards and practices in Vietnam. It focuses on the institutional framework and the challenges in ensuring compliance with international standards for public interest entities (PIEs), including state-owned enterprises (SOEs). The findings highlight the need for reforms in both the statutory and professional domains to align Vietnam's financial reporting and auditing practices with global norms.

Main Objectives and Scope

• To improve understanding of the importance of high-quality corporate financial reporting and auditing.
• To identify existing gaps and propose ways to address them.
• To support the implementation of the Government's "Strategy for Accounting and Auditing towards 2020, Vision by 2030".
• To provide a basis for an updated implementation plan.

The report primarily addresses the financial reporting and audit requirements for PIEs, rather than SMEs or FDI enterprises.

Key Findings

Statutory Framework

• The Accounting Law and Law on Independent Audit could benefit from simplification.
• The new Accounting Law 2015 is a significant improvement over the 2003 version, but still contains detailed provisions that should be moved to supplementary regulations or standards.
• The Law should be revised to ensure that VAS (Vietnamese Accounting Standards) take precedence over specialized laws and instructions.

Accounting Standards

• Vietnam should fully adopt IFRS and IFRIC interpretations for PIEs.
• A phased approach should be taken in setting effective dates for the implementation of VFRS (Vietnamese Financial Reporting Standards).
• General-purpose financial statements should be prepared in full compliance with VAS, which are aligned with IFRS.
• There is a need to develop a strong and independent valuation profession to support the "fair value" concept in VFRS.
• Valuation standards are being developed in line with International Valuation Standards, covering areas such as ethical principles, bases of value, and valuation approaches.

Auditing Standards

• The current Vietnamese Standards on Auditing (VSA) are aligned with ISA (International Standards on Auditing), but a mechanism should be established to ensure ongoing updates.
• Audit fees in Vietnam are low, which raises concerns about the sustainability of the external audit profession.
• The accounting profession should work with MOF and regulators to educate stakeholders on the value of independent audits.
• A sustainable audit fee level is essential for maintaining high-quality audit processes.

Statutory Reporting and Auditing Requirements

• The Ministry of Finance (MOF) should establish a comprehensive differential reporting framework under the next revision of the Accounting Law.
• PIEs are required to prepare and lodge audited financial statements in compliance with VFRS.
• Non-PIEs of commercial significance may choose to adopt either VFRS for SMEs or full VFRS.

Public Oversight, Monitoring, and Enforcement

• Vietnam should consider establishing a Vietnam Accounting and Auditing Supervision Board (VAASB) to oversee the profession.
• The VAASB would take over regulatory responsibilities from the Accounting and Auditing Policy Department (AAPD).
• It would be responsible for setting standards, reviewing financial reporting, licensing auditors, and enforcing compliance.
• Annual reports on prudential monitoring activities should be published to increase transparency and reduce regulatory risk.
• Currently, only a list of "pass/fail" audit firms is published, with detailed findings not disclosed publicly.

Professional Accountancy Organizations (PAOs)

• Vietnam needs a credible domestic PAO that can fully comply with IFAC's Statement of Membership Obligations (SMOs).
• Both the Vietnam Accounting Association (VAA) and the Vietnam Association of Certified Public Accountants (VACPA) are not fully compliant with SMOs.
• A phased change process is recommended to build the capacity of the proposed new PAO.
• Membership should be mandatory for all chief accountants of PIEs and certified providers of accounting and auditing services.
• Annual membership dues should be a condition for maintaining certification.

Professional Qualification Requirements

• Vietnam lacks a domestic PAO that is a full member of IFAC and fully complies with IES (International Education Standards).
• The Vietnamese CA (Certified Accountant) and CPA (Certified Public Accountant) designations are not recognized internationally.
• MOF and PAOs should collaborate to establish a national framework for examinations, practical experience, and continuing professional development (CPD).
• The CPA examination criteria should align with IES, emphasizing integrative knowledge, professional competencies, and lifelong learning skills.

Accounting Education

• Accounting education is a key area for development in the medium term.
• The Ministry of Education and Training (MOET) and universities should work with PAOs and international organizations to develop a national quality framework and core curriculum.
• The curriculum should shift from compliance with local rules to application of international standards.
• A competency-based model should be adopted to align with the Government's adoption strategy.
• Accreditation processes for accounting degree programs should be established to ensure quality.
• International cooperation in education should be simplified to reduce bureaucracy and improve efficiency.

Conclusion

The report underscores the importance of aligning Vietnam's accounting and auditing standards with international practices to enhance transparency, accountability, and competitiveness. It recommends reforms in the statutory framework, professional standards, public oversight, and education to support the development of a robust financial reporting system. These changes are aligned with the Government's broader goals of building a modern financial sector and an industrialized, modernized, and socialism-oriented market economy.