There were not enough certified auditors to satisfy the increasingdemand for their services on the domestic market, said the VietnamAssociation of Certified Public Accountants (VACPA).
According to the Ministry of Finance, the public now trusts financialreports issued by independent auditors. As the number of listedcompanies had continuously grown, demand for audits had increased aswell, the ministry said. Despite this trend, last year, 35 auditingcompanies applied for licences, one fewer than in 2010.
VACPA said 19 out of the 35 companies run small-scale operations withunder 50 staff members; 12 others had four to six auditors and the threeremaining have only three auditors. The small size of the auditingfirms indicated that it was difficult for them to train auditors,attract outside talent and improve the quality of their businesses, theassociation said.
"Enterprises need an estimated2,000-2,500 auditors while only 1,211 auditors have registered to workfor auditing firms," the association said. The association has thereforeproposed that the ministry hold the auditor's exam twice a year to helpmeet the demand.
The association has also asked the ministry to issue guidelines for the implementation of the Law on Independent Audit.-VNA
According to the Ministry of Finance, the public now trusts financialreports issued by independent auditors. As the number of listedcompanies had continuously grown, demand for audits had increased aswell, the ministry said. Despite this trend, last year, 35 auditingcompanies applied for licences, one fewer than in 2010.
VACPA said 19 out of the 35 companies run small-scale operations withunder 50 staff members; 12 others had four to six auditors and the threeremaining have only three auditors. The small size of the auditingfirms indicated that it was difficult for them to train auditors,attract outside talent and improve the quality of their businesses, theassociation said.
"Enterprises need an estimated2,000-2,500 auditors while only 1,211 auditors have registered to workfor auditing firms," the association said. The association has thereforeproposed that the ministry hold the auditor's exam twice a year to helpmeet the demand.
The association has also asked the ministry to issue guidelines for the implementation of the Law on Independent Audit.-VNA
