AASC: For Vietnamese Auditing Brand Development

1:36:14 PM | 10/10/2019

Independent auditing business entered Vietnam in the 1990s. Given the current volatile economic landscape, auditing plays an increasingly assertive role. And, behind each financial statement is the efforts of auditors who work hard with numbers all year round. Mr. Ngo Duc Doan, Chairman of the Board of Members of AASC Auditing Firm Company Limited, enthusiastically told us about the auditing profession and AASC’s efforts for breakthrough development. Tran Ngoc reports.

Could you please tell us about your nearly 30 years with AASC?

I used to be an expert at the Department of Accounting and Auditing, now the Department of Accounting and Auditing Management under the Ministry of Finance. In 1991, I was assigned by the Ministry to work for Auditing and Accounting Financial Consultancy Services Limited Company (AASC). At that time, I felt very proud but quite stressed as being appointed to one of the first two accounting and auditing firms in Vietnam. In 2007, AASC was transformed into a two or more-member limited liability company. In the first year of transformation, driven by the booming stock market and banking industry, my colleagues felt hesitant about new career opportunities. Many left the company to set up their own auditing companies or moved to other companies, resulting in the company’s personnel downsizing from 118 to 36 auditors. The headquarters of AASC, situated in a prime location, was also sought by many people. And, I worked persistently with the leadership to strengthen confidence, reorganize the apparatus and change the course. Two years after the transformation, AASC faced a slowdown in revenue but it managed to retain customers and strengthen its employee confidence. I thought it was our predestination to work for the company when we together lived through tough times and I gained their trust. Since 2010, AASC has secured the fifth position (after the Big 4) by total revenue and number of auditors, and taken the lead in auditing completed project settlement reports.

In 2011, on its 20th anniversary, Deputy Prime Minister Vuong Dinh Hue, who was then the State Auditor General, said “AASC has made a very long stride, taking the lead in the Vietnamese auditing system”. So, what are the key factors for your success?

The core factor is the responsibility of the leader plus the consensus and resolution to get through hardships and develop a Vietnamese auditing brand by the Board of Members, the Board of  Directors , auditors, appraisers, and other staff of AASC. Without our solidarity, team spirit and job devotion, AASC wouldn’t have today's success.
AASC has outstanding service quality. The reason why AASC has high revenue and many customers is that we have constantly improved our service quality with experienced, well-trained auditors who knowledgably understand the business environment in Vietnam. At the same time, we have initiated and strengthened cooperation with other auditing companies in Vietnam to enhance the reputation of independent auditing profession.

Needless to say, AASC started integration right from the very beginning of operation and we have learned quite a lot from big auditing firms. As standing still means lagging behind, we are thus always looking for new growth spaces, focusing on our strengths to expand our customer base. In 2013, we changed our name to AASC Auditing Firm Company Limited. The establishment of a new brand has enhanced AASC’s confidence in the country and gradually spread its name regionally and internationally.

What is your expectation for Vietnam’s independent audit industry?

We’ve always worked enthusiastically to develop the auditing profession of “independence - honesty - transparency” sustainably through regional and international integration. In order to build a strong independent auditing industry to meet practical requirements, auditing firms must focus on developing human resources quality, regularly foster training and professional ethics for auditors when they deliver auditing and advisory services. Auditing companies also need to perfect a professional management model and build a specific corporate culture of accounting, auditing and consulting.

Thank you very much and wish AASC to always maintain the leading position in the Vietnam's independent auditing industry!