THE PRIME MINISTER

Decision No. 480/QD-TTg  dated March 18, 2013 of the Prime Minister approving the accounting - audit strategy up to 2020, vision to 2030

Pursuant to the December 25, 2001 Law on Organization of the Government;

Pursuant to the Government’s Decree No. 118/2008/ND-CP of November

27, 2008, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

At the proposal of the Minister of Finance,

DECIDES:

Article 1. To approve “accounting - audit strategy up to 2020, vision to 2030” (finance strategy up to 2020 approved by the Prime Minister in accordance with the Decision No. 450/QD-TTg dated April 18, 2012) with following principal contents:

I. VIEWPOINTS, GENERAL OBJECTIVES AND SPECIFIC TASKS

1. Viewpoints

a) Accounting – audit is the important economic management mean with the function to establish the information system on economics – finance – budget serving for economic management and decision of the state and each unit, organization and enterprise. Therefore, it is necessary to improve information quality; at the same time, establish full information system of accounting and audit.

b) It is compulsory to set a system with simultaneous solutions in order to promote accounting and audit development: From recognizing fully and efficiently the importance of accounting – audit; finishing standard systematic legal scale, professional method is suitable with Vietnam’s developing economic market, integrate with international common practice; improve activities of operation management and supervision, especially accounting and audit activities; strengthen to investigate, supervise the law implementation in fundamental unit; improve quality on human resources training and fostering; organize information technology system serving for management, supervision of accounting and audit activities.

c) Strengthen and improve the state’s managing role in accounting and audit, especially in planning, exploring and investigating the law implementation on accounting and audit, in investigating and supervising activities of accounting and audit in national economics.

2. Overall objectives

a) Establish a complete accounting and audit system that is suitable with Vietnam’s management mechanism and regional and world accounting – audit career development in order to satisfy information requirements for management, administration and statistics as well as control economic resources and other economic – finance activities.

b) Build and develop a legal framework in accounting – audit basing on researching and taking over international common practice into Vietnam’s specific conditions, create fully, close and suitable legal environment in order to improve accounting – audit development, at the same time, to have close management and improve career quality and ethnic.

c) Improve State’s roles and management competence on accounting – audit, promote the management and supervision on accounting – audit; investigate, supervise and practice laws on accounting – audit as well as practice of accounting – audit; at the same time, improve activities in career organization in accounting –audit in order to improve career management, support market development on accounting – audit services.

d) Develop human resources in accounting – audit to take the equal level with developing countries in the region in quality and quantity.

dd) Strengthen relationship and cooperation with international organizations in accounting – audit, create close relationship  and mutual acceptance between Vietnam and other countries in the region and in the world.

3. Specific tasks

a) Improve the quality of information system in Economics – Finance – Bank by completing and strictly practice legal documents such as Law on Accounting, Law on Independent Audit; update and complete standard accounting – audit system that is suitable with changes of  international standards and satisfy all Vietnam economic market’s management; finish and create legal framework to check the implementation of accounting and audit laws; manage and supervise operations as well as markets of accounting and audit.

b) Strengthen the state management on accounting and audit basing on innovate operations and workforce for state management agencies of the Ministry of Finance in accounting and audit, at the same time, improve career quality management with international common practice, have close corporation with state managing agencies and career organizations; at the same time, establish mechanism and system for state investigation and supervision for quality of accounting – audit in financial statements of units, enterprises and organization, and then improve supervision quality in financial statements and ensure the truthfulness, transparency and give strict fine to violations on making and presenting financial statement.

c) Develop strongly the service markets on accounting – audit, increase the number of enterprises operating in this area as well as the number of auditor and accountant; expand domestic and international accounting – audit market; improve quality in accounting – audit service; diversify products and services of accounting – audit to satisfy all national economics’ requirements.

d) Develop human resources in both quality and quantity on accounting – audit basing on the foundation to have efficient implementation: innovate and strengthen works on training and fostering, at the same time, combine between training and fostering deeply in industry and professional knowledge to get high-quality human resources. Build standard programs and documents with international common practice on training, fostering and take exams for certificates of accounting - audit

dd) Improve international integration, create close and mutual relationship among Vietnam and other countries in the region and in the world as well as international organizations; participate as formal member of international career organization; actively participate in building international financial reports, international public accounting standards, international public audit standards by forums in the region and in the world.

e) Strengthen information system by establishing online information connect system among levels, industries with up-level and down-level accounting units; enterprises of accounting and audit service; organize and develop electronic website of managing agencies of career organizations, and then take online registration and practice management,

II. STRATEGY IMPLEMENTATION SOLUTIONS

1. Complete legal documents in accounting and audit

a) In accounting: Submit to the National Assembly for amending, supplementing the Law on Accounting in the direction to approach international principals at maximum level and suitable with Vietnam’s conditions and environment. And then check up, supplement and complete assembly all guiding documents on state accounting regimes, enterprises accounting including accounting of credit institutions, insurance enterprises, securities companies, fund management agencies and state financial fund, investment funds in economic forms and specialized financial organizations.

b) For the Law in independent audit: Issuing guidance documents in independent audit, procedure in issuing the Certificate on satisfy business registration for audit enterprises, Career Certificate for auditor; accept audit enterprise to audit financial statements for public benefit enterprise; regulations in investigation, quality supervision for audit enterprises and auditor.

c) Build Decree on fining administrative violation in accounting and audit in accordance with Law on fining administrative violations that is suitable with the Law on Independent Audit.

2. Build and issue Vietnam’s accounting and audit standards that are suitable with international common practices and Vietnam’s conditions.

a) For accounting: Update and build new standards of enterprise accounting. Within that, update 26 issued accounting standards in 2012 – 2015; build and issue remaining accounting standards in 2016 - 2020; at the same time, consider the standard applications to specialized enterprises.

b) For independent audit: Evaluate applications of 37 new audit standards (issued in 2013); study, update and supplement remaining accounting standards in 2013 – 2015; update international accounting standards and ensure to comply with international audit standards.

3. Develop market of accounting – audit service:

a) Direct all objectives forced to have financial statement’s audits to implement audit mechanism; at the same time, encourage expanding objectives to take independent audit to improve transparency, publication of economic and financial activities.

b) Expand scale and quantity as well as quality of independent audit enterprises, enterprises supplying accounting services by completing mechanism and career conditions; strengthen group of auditors and quality of accounting and audit services.

c) Develop accounting – audit service market by international and mutual agreements for audit career in ASEAN and among Vietnam and countries such as England, Australia and other countries.

4. Strengthen investigation and supervision on legal practice, standards and regime of accounting and audit

a) Strengthen investigate, supervise accounting and audit activities in national economics.

b) Perform publicly and transparently economic and financial situation of agencies, units, enterprises and economic organizations

c) Establish self-management mechanism for career organization; improve career ethnics

5. Consolidate state managing machine and organization on accounting and audit

a) Re-evaluate position, roles, function, task of all units under the Ministry of Finance in accounting – audit management and supervision.

b) Build project on consolidating accounting - audit management organization and supervision to submit to authorized level for consideration and decision in the direction of improving position and state management’s tasks and functions in accounting and audit.

c) Strengthen training and fostering works for accounting – audit management works

6. Strengthen career organization in accounting – audit in country to become self-managing organization.

The promotion and improvement of accounting – audit career will be implemented step by step to open and consider in transferring works under state management to career organization (VAA, VACPA) such as: composing, updating accounting – audit standards, holding exams for auditors...with the aim that all Vietnam career organizations will truly become self-managing organization in 2020 with full functions, tasks and other activities like other international accounting career organizations in order to develop and improve efficiencies in operation, roles of Career Association in Finance, Accounting, Audit.

7. Strengthen international relationship and corporation, improve position of Vietnam accounting and audit.

a) Strengthen relationship with international career organization on accounting – audit in studying and exchange experiences and get lessons on state management about accounting and audit. Study models of developed countries in order to apply to Vietnam on building professional technique of accounting and audit; develop services of accounting – audit; training models and hold examination for issuing career certificate of accounting – audit.

b) Take advantage of helps from international organizations on accounting – audit; non-governmental organizations in supporting projects of studying and reforming accounting – audit.

c) In the next years, after announcing legal scales in accounting, audit to strengthen the national relationship and corporation, support career associations in fulfilling member’s roles in organizations such as International Federation of Accounting (IFAC), ASEAN Federation of Accountants (AFA) and Confederation of Asia and Pacific Accountants (CAPA).

8. Human resources development

a) Improve officer’s quality, service’s quality by improving training organization, updating knowledge in the suitable form basing on international common practice and Vietnam’s specific conditions.

b) Innovate training model in taking exams to issue certificate of accountant and auditor by taking credit; at the same time expand and strengthen number of exams for accountant, notarized accountant, auditor.

c) Strengthen the application in modern information technology and methods with high standards and professionalization.

d) Have suitable mechanism to employ specialists and high-experienced person in accounting and audit in agencies of managing, accounting – auditing supervision; agencies of issuing accounting – audit standards and agencies of study.

9. Build information system to satisfy all managing requirements basing on modern technology by building system to connect online information that is strong enough in State managing agencies in accounting – audit sector; Build database bank to manage and supervise accounting and audit career; Connect information between up-level and down-level units in order to ensure the consolidation of financial statements of all system.

Article 2. Responsibilities for organizing and implementing the strategy

1. The Ministry of Finance shall:

a/ Assume the prime responsibility for and organize the implementation of the strategy; approve and direct the implementation of plans on the implementation of the strategy contents in each period;

b/ Guide and urge ministries, agencies and localities according to their functions and assigned tasks in elaborating and implementing programs and contents related to the strategy;

c/ Assume the prime responsibility for, and coordinate with related ministries and localities in, examining the implementation of the strategy; annually and once every five years review, evaluate and draw experiences from the implementation of the strategy;

d/ Assume the prime responsibility for, and coordinate with related agencies in, proposing and submitting the Prime Minister for decision the modification of the strategy’s objectives and contents when necessary.

2. Ministries, ministerial-level agencies, government-attached agencies and provincial-level People’s Committees shall coordinate with the Ministry of Finance and related agencies in, on the basis of their state management functions and tasks prescribed by law, directing and participating in the implementation of relevant contents of this strategy.

Article 3. This Decision takes effect on the date of its signing.

Article 4. Ministers, heads of ministerial-level agencies, heads of government-attached agencies and chairpersons of provincial-level People’s Committees shall implement this Decision.-

Prime Minister

NGUYEN TAN DUNG

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