Audit’s value and role in the current economy and the development and lessons of Vietnam ’s State Audit Office were discussed at a seminar in Hanoi on May 7.

Associate Professor Dr. Dang Van Thanh, who is also President of the Vietnam Association of Accountants and Auditors (VAA), said that it is necessity to continue completing the auditing legal document system and improving auditors’ training quality.

“We should enhance examining accountants and auditors’ morals and their profession’s quality,” he said.

Audit has an important role and independent audit work always provides guarantee to investors and trust to financial reports and foundations for transactions, said President Brendan Murtagh of the Association of Chartered Certified Accountants (ACCA).

“Audit functions play an important role as the first defence fence against financial faults,” he said.

Murtagh emphasised the need to complete and have a right assessment of audit’s role in the economic development to gain foreign investors’ confidence, make financial information more transparent and facilitate the supervision of financial situation and the result of businesses’ operation.

It is one of the basic steps to help Vietnam ’s economy integrate into the global economy, he said.

According to the ACCA in Vietnam, the country is now home to around 148 audit companies registered for operation, including seven foreign invested and 26 domestic audit companies. There will be 1,017 auditors registered for operation by the end of this year./.