Vietnam legal system on accounting and auditing in 2025

Deputy Prime Minister Le Minh Khai has just signed Decision No. 633/QD-TTg dated May 23, 2022 approving the Accounting and Auditing Strategy until 2030. By 2025, complete a comprehensive legal system on accounting and auditing. This is the goal set out in the draft Decision of the Prime Minister approving the Accounting and Auditing Strategy for the period 2021-2030.

1. Implement the application of international financial reporting standards in Vietnam according to the roadmap

The Ministry of Finance said that in the period 2021-2030, the socio-economic context sets out new goals, requirements and tasks. Therefore, it is necessary to develop an Accounting and Auditing Strategy for the period 2021-2030, fully create and improve the quality of accounting and auditing information, so that accounting and auditing are truly important economic management tools in creating an information system serving the economic management and decision-making of the State as well as of each unit, organization and enterprise.

According to the draft, the goal is to complete the legal system on accounting and auditing in a complete, comprehensive and synchronous manner by 2025, in accordance with international practices and Vietnam's conditions, in order to enhance the role and responsibility of enterprises, organizations and individuals in improving the quality of operations, providing accounting and auditing information for management, operation, decision-making and determining the obligations of agencies, enterprises and organizations. At the same time, update the system of financial reporting standards, independent auditing standards, internal auditing standards, and professional methods based on international practices suitable for Vietnam's market economy; ensure the comparability of economic and financial information of enterprises and organizations in the economy; serve the purpose of attracting capital from domestic and foreign investors. 
 

Developing human resources in accounting and auditing for 2025

2. Issue new Law on Accounting and Law on Independent Auditing

To achieve the set goals, the draft also clearly states the tasks and solutions for implementation. Accordingly, issue new Law on Accounting and Law on Independent Auditing. Research and develop the Law on Accounting and Law on Independent Auditing in the direction of supplementing, amending or replacing the current Laws in the direction of approaching international practices, associated with the digital transformation process, suitable to Vietnam's conditions and overcoming current shortcomings, as a basis for continuing to build and perfect the legal framework on accounting and auditing. Develop and issue decrees and legal documents guiding the Law, ensuring the concretization of regulations for proper implementation in the spirit of the Law's provisions.

Implement the application of international financial reporting standards in Vietnam according to the roadmap determined by the Ministry of Finance for enterprises that have the 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 Vietnamese enterprise accounting standards system. Issue appropriate accounting guidance documents for small, medium and micro enterprises.

In addition, focus on developing the accounting and auditing service market, perfecting and implementing legal regulations, creating the basis and conditions for negotiating, participating in international agreements and mutual recognition of accounting and auditing services with countries in the region and around the world.

3. Developing human resources in accounting and auditing

Another important task and solution is to develop human resources in accounting and auditing, innovate content, programs and methods to improve the quality of training and fostering human resources in accounting and auditing. Pay attention to the high-quality human resources in accounting and auditing, serving the needs of enterprises, accounting units and other organizations in the entire economy in the context of increasingly deep integration. Innovate learning methods, organize exams and grant certificates to auditors and accountants, ensure knowledge and skills in accordance with international requirements and practices, ensure conditions for mutual recognition in the region and in the world. Pay attention to and encourage training programs for 12 international professional certificates to access knowledge and professional skills according to international practices.
 

Strengthening and expanding your HR staffing in auditing

4. Developing the accounting and auditing services market

The strategy strives to improve the quality of human resources and the accounting and auditing services market; develop the accounting and auditing services market; implement solutions to improve the quality of accounting and auditing services; identify the subjects of practical and effective audits, ensuring that by 2025, 100% of large-scale enterprises and units have their financial statements audited, regardless of the type of operation or form of ownership; at the same time, promote the application of information technology in line with the digital transformation process in building the legal framework and organizing implementation at units; build a database related to accounting and auditing to serve the operations of units and the management and supervision of accounting and auditing, etc.

If your business is looking for outsourcing the payroll service administration task to meet with the  inspection and supervision of compliance with accounting and auditing laws, please contact us. You can aslo learn about developing human resources in accounting and auditing who have experienced at Faro Vietnam. If you have any needs, please contact us directly via Hotline for support as soon as possible.

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