Vietnam, UK step up cooperation in auditing

The State auditing of offices of Vietnam and the UK will continue cooperating together to match with the two countries’ new strategic relationship.

This plan was outlined at a talk between the Auditor General from the UK ’s National Auditing Office (UK NAO) Amyas Morse and the State Audit of Vietnam’s (SAV) Chief Auditor Vuong Dinh Hue, who visited the UK from September 18-22 at the invitation of the UK NAO head.

This is the first UK ministerial-level visit by the SAV since Vietnam and the UK signed a joint declaration to raise both countries relationship to a strategic partnership.

They agreed to increase joint programmes through a wide range of activities. The UK NAO will send its experts to help Vietnam draw up action plans to implement a development strategy for the State audit by 2020, which was approved by the National Assembly Chairman in April 2010.

The UK NAO will also help Vietnam to standardise auditing methods, especially in personnel training.

Chief Auditor Hue said that the UK ’s NAO visit to Vietnam in 2011 is part of a UK government project to provide technical support to the SAV.

They agreed to coordinate their activities with the European Association of Supreme Audit Institutions (EUROSAI) and the Asian Organisation of Supreme Audit Institutions (ASOSAI).

The UK ’s NAO, is a member of EUROSAI’s management board and is committed to boosting cooperation between the two institutions to cope with the global financial crisis as well as similar occurrences in the future.

Both agreed to promote the role and responsibility of each auditing office and the auditing community during financial crises.

The SAC and the UK NAO first established bilateral ties in 1997.

As part of their visit, the Vietnamese delegation met with the Association of Chartered Certified Accountants (ACCA) to ask for more professional training.

Helen Brand, an ACCA official, said she hoped that the exchange of experiences between the ACCA and the SAV would help to improve professional skills for both offices as well as for general auditors.

The ACCA will support the SAV in its dealings with other auditing organisations across the world, she said.

 

Related Articles

• Washington State seeks cooperation with VN
• AIPA, observers discuss wide-ranging issues
• Workshop calls for longer-term plans to audit State entities
• Vietnamese, Ukrainian leaders meet to promote ties
• President reiterates pledge to facilitate foreign investment

Vietnam, UK step up cooperation in auditing

The State auditing of offices of Vietnam and the UK will continue
cooperating together to match with the two countries’ new strategic
relationship.

This plan was outlined at a talk
between the Auditor General from the UK ’s National Auditing Office (UK
NAO) Amyas Morse and the State Audit of Vietnam’s (SAV) Chief Auditor
Vuong Dinh Hue, who visited the UK from September 18-22 at the
invitation of the UK NAO head.

This is the first
UK ministerial-level visit by the SAV since Vietnam and the UK
signed a joint declaration to raise both countries relationship to a
strategic partnership.

They agreed to increase
joint programmes through a wide range of activities. The UK NAO will
send its experts to help Vietnam draw up action plans to implement a
development strategy for the State audit by 2020, which was approved by
the National Assembly Chairman in April 2010.

The UK NAO will also help Vietnam to standardise auditing methods, especially in personnel training.

Chief Auditor Hue said that the UK ’s NAO visit to Vietnam in 2011
is part of a UK government project to provide technical support to
the SAV.

They agreed to coordinate their activities
with the European Association of Supreme Audit Institutions (EUROSAI)
and the Asian Organisation of Supreme Audit Institutions (ASOSAI).

The UK ’s NAO, is a member of EUROSAI’s management board and is
committed to boosting cooperation between the two institutions to cope
with the global financial crisis as well as similar occurrences in the
future.

Both agreed to promote the role and
responsibility of each auditing office and the auditing community during
financial crises.

The SAC and the UK NAO first established bilateral ties in 1997.

As part of their visit, the Vietnamese delegation met with the
Association of Chartered Certified Accountants (ACCA) to ask for more
professional training.

Helen Brand, an ACCA
official, said she hoped that the exchange of experiences between the
ACCA and the SAV would help to improve professional skills for both
offices as well as for general auditors.

The ACCA will support the SAV in its dealings with other auditing organisations across the world, she said.

The Vietnamese delegation will also pay working visit to the Netherlands and Belgium until September 28./.

Related Articles

• VN, Palestine increase trade cooperation
• Vietnam, Palestine increase trade cooperation
• Workshop calls for longer-term plans to audit State entities
• State President meets with foreign leaders
• GIBC partners with Grant Thornton

SMEs need to be better audited

Small and medium-sized enterprises should improve their auditing standards if they wish to access much needed capital, a conference in Hanoi heard Thursday.

There are about 450,000 enterprises in the country, according to Dang Van Thanh, chairman of the Vietnam Accounting and Auditing Association.

He said about 96 percent of those firms are SMEs, which contribute about 40 percent of Vietnam's total GDP.

However, he said almost every business in the country faces difficulties accessing credit.

Statistics from the State Bank of Vietnam 's Credit Department showed that just half of the 163,000 non-State enterprises had taken out bank loans, accounting for 27 percent of the country's total debt.

"It means that half of the non-State businesses, most of which are SMEs, are suffering a capital shortage," he said.

Another investigation released by the Ministry of Planning and Investment's Development Department shows that just one-third of SMEs has access to bank loans.

Nguyen Minh Tuan, deputy head of the Vietnam Chamber of Commerce and Industry's Business Development Institute, agreed that accessing credit is a problem for SMEs.

Economist Nguyen Dai Lai said banks pay particular attention to production and business plans and capital ability when they consider loan applications.

"Financial transparency and demonstrating the ability to make a profit are vital for any business that wishes to get credit," Lai said.

To meet bank requirements, participants at the conference were told about the need for independent auditing.

"Independent auditing could increase the reliability and accuracy of businesses' financial reports," Lai said.

Nguyen Thi Huong Nga, ANZ Bank's country head of Credit Risk, said financial reports need auditing certification because it increases confidence in the information provided.

"However, many SMEs are not aware of the importance of auditing in answering capital questions," said Le Thi Hong Len, head of the Association of Chartered Certified Accountants (ACCA) Vietnam.

Nguyen Thanh Trung, general director of Mazars, said financial reports are needed to access long-term credit businesses.

"Auditing is not a compulsory requirement for SME's. However, it is helpful and makes accessing credit easier," he said.

Related Articles

• IFC: Vietnam needs to increase PPP to support economy
• Workshop calls for longer-term plans to audit State entities
• Good response to reforms of People's Councils
• Banks scramble for mid-level managers
• Touchscreen chipmakers tap tablet boom

SMEs need to be better audited

Small and medium-sized enterprises should improve their auditing standards if they wish to access much needed capital, a conference in Hanoi heard Thursday.

There are about 450,000 enterprises in the country, according to Dang Van Thanh, chairman of the Vietnam Accounting and Auditing Association.

He said about 96 percent of those firms are SMEs, which contribute about 40 percent of Vietnam's total GDP.

However, he said almost every business in the country faces difficulties accessing credit.

Statistics from the State Bank of Vietnam 's Credit Department showed that just half of the 163,000 non-State enterprises had taken out bank loans, accounting for 27 percent of the country's total debt.

"It means that half of the non-State businesses, most of which are SMEs, are suffering a capital shortage," he said.

Another investigation released by the Ministry of Planning and Investment's Development Department shows that just one-third of SMEs has access to bank loans.

Nguyen Minh Tuan, deputy head of the Vietnam Chamber of Commerce and Industry's Business Development Institute, agreed that accessing credit is a problem for SMEs.

Economist Nguyen Dai Lai said banks pay particular attention to production and business plans and capital ability when they consider loan applications.

"Financial transparency and demonstrating the ability to make a profit are vital for any business that wishes to get credit," Lai said.

To meet bank requirements, participants at the conference were told about the need for independent auditing.

"Independent auditing could increase the reliability and accuracy of businesses' financial reports," Lai said.

Nguyen Thi Huong Nga, ANZ Bank's country head of Credit Risk, said financial reports need auditing certification because it increases confidence in the information provided.

"However, many SMEs are not aware of the importance of auditing in answering capital questions," said Le Thi Hong Len, head of the Association of Chartered Certified Accountants (ACCA) Vietnam.

Nguyen Thanh Trung, general director of Mazars, said financial reports are needed to access long-term credit businesses.

"Auditing is not a compulsory requirement for SME's. However, it is helpful and makes accessing credit easier," he said.

Related Articles

• IFC: Vietnam needs to increase PPP to support economy
• Workshop calls for longer-term plans to audit State entities
• Good response to reforms of People's Councils
• Banks scramble for mid-level managers
• Touchscreen chipmakers tap tablet boom

SMEs need to be better audited

Small and medium-sized enterprises should improve their auditing
standards if they wish to access much needed capital, a conference in
Hanoi heard on Sept. 9.

There are about 450,000
enterprises in the country, according to Dang Van Thanh, chairman of the
Vietnam Accounting and Auditing Association. He said about 96 percent
of those firms are SMEs, which contribute about 40 percent of Vietnam
's total GDP.

However, he said almost every business in the country faces difficulties accessing credit.

Statistics from the State Bank of Vietnam 's Credit Department
showed that just half of the 163,000 non-State enterprises had taken out
bank loans, accounting for 27 percent of the country's total debt.

"It means that half of the non-State businesses, most of which are SMEs, are suffering a capital shortage," he said.

Another investigation released by the Ministry of Planning and
Investment's Development Department shows that just one-third of SMEs
has access to bank loans.

Nguyen Minh Tuan, deputy
head of the Vietnam Chamber of Commerce and Industry's Business
Development Institute, agreed that accessing credit is a problem for
SMEs.

Economist Nguyen Dai Lai said banks pay
particular attention to production and business plans and capital
ability when they consider loan applications.

"Financial transparency and demonstrating the ability to make a profit
are vital for any business that wishes to get credit," Lai said.

To meet bank requirements, participants at the conference were told about the need for independent auditing.

"Independent auditing could increase the reliability and accuracy of businesses' financial reports," Lai said.

Nguyen Thi Huong Nga, ANZ Bank's country head of Credit Risk, said
financial reports need auditing certification because it increases
confidence in the information provided.

"However,
many SMEs are not aware of the importance of auditing in answering
capital questions," said Le Thi Hong Len, head of the Association of
Chartered Certified Accountants (ACCA) Vietnam . Nguyen Thanh Trung,
general director of Mazars, said financial reports are needed to access
long-term credit businesses.

"Auditing is not a compulsory requirement for SME's. However, it is helpful and makes accessing credit easier," he said./.

Related Articles

• IFC: Vietnam needs to increase PPP to support economy
• Remembering old Nha Trang
• Workshop calls for longer-term plans to audit State entities
• Remembering old Nha Trang
• Banks scramble for mid-level managers

SMEs need to be better audited

HA NOI — Small and medium-sized enterprises should improve their auditing standards if they wish to access much needed capital, a conference in Ha Noi heard yesterday.

There are about 450,000 enterprises in the country, according to Dang Van Thanh, chairman of the Viet Nam Accounting and Auditing Association. He said about 96 per cent of those firms are SMEs, which contribute about 40 per cent of Viet Nam's total GDP.

However, he said almost every business in the country faced difficulties accessing credit.

Statistics from the State Bank of Viet Nam's Credit Department showed that just half of the 163,000 non-State enterprises had taken out bank loans, accounting for 27 per cent of the country's total debt.

"It means that half of the non-State businesses, most of which are SMEs, are suffering a capital shortage," he said.

Another investigation released by the Ministry of Planning and Investment's Development Department shows that just one-third of SMEs has access to bank loans.

Nguyen Minh Tuan, deputy head of the Viet Nam Chamber of Commerce and Industry's Business Development Institute, agreed that accessing credit was a problem for SMEs.

Economist Nguyen Dai Lai said banks paid particular attention to production and business plans and capital ability when they considered loan applications.

"Financial transparency and demonstrating the ability to make a profit are vital for any business that wishes to get credit," Lai said.

To meet bank requirements, participants at the conference were told about the need for independent auditing.

"Independent auditing could increase the reliability and accuracy of businesses' financial reports," Lai said.

Nguyen Thi Huong Nga, ANZ Bank's country head of Credit Risk, said financial reports needed auditing certification because it increased confidence in the information provided.

"However, many SMEs are not aware of the importance of auditing in answering capital questions," said Le Thi Hong Len, head of the Association of Chartered Certified Accountants (ACCA) Viet Nam

Nguyen Thanh Trung, general director of Mazars, said to access long-term credit businesses needed to provide financial reports.

"Auditing is not a compulsory requirement for SME's. However, it is helpful and makes accessing credit easier," he said. — VNS

Related Articles

• SMEs need to be better audited
• IFC: Vietnam needs to increase PPP to support economy
• Remembering old Nha Trang
• Remembering old Nha Trang
• Workshop calls for longer-term plans to audit State entities