There were not enough certified auditors to satisfy the increasing demand for their services on the domestic market, said the Vietnam Association of Certified Public Accountants (VACPA).

According to the Ministry of Finance, the public now trusts financial reports issued by independent auditors. As the number of listed companies had continuously grown, demand for audits had increased as well, the ministry said. Despite this trend, last year, 35 auditing companies applied for licences, one fewer than in 2010.

VACPA said 19 out of the 35 companies run small-scale operations with under 50 staff members; 12 others had four to six auditors and the three remaining have only three auditors. The small size of the auditing firms indicated that it was difficult for them to train auditors, attract outside talent and improve the quality of their businesses, the association said.

"Enterprises need an estimated 2,000-2,500 auditors while only 1,211 auditors have registered to work for auditing firms," the association said. The association has therefore proposed that the ministry hold the auditor's exam twice a year to help meet the demand.

The association has also asked the ministry to issue guidelines for the implementation of the Law on Independent Audit.-VNA