Vietnam Issues 33 Auditing Standards

Vietnam Issues 33 Auditing Standards

Vietnam's Ministry of Finance (MoF) has issued six additional auditing standards, bringing the total to 33, which will help facilitate auditing activities in the country that is expected to have around 500,000 enterprises by 2010.

All the auditing standards were built under the basis of international standards on accounting and auditing, which had been announced by the International Federation for Accounting (IFAC).

The ministry said that the standards are applicable to independent auditing of financial reports of local enterprises and final reports of investment projects.

According to experts, issuance of auditing standards is very necessary for Vietnam in the process of economic renovation, especially when the country is on the way to integrate into the world's economy.

Those standards are considered suitable to not only the condition of Vietnam’s economy but also the legal system of the country.

Besides, Vietnam has so far issued 16 accounting standards. Details, however, were not announced.

• Vietnam & World Economy