Date issued: 8 April 2009
As part of CPA Australia's efforts to partner with other professional bodies to develop the accounting profession globally, CPA Australia policy adviser, audit and assurance, Dr Gary Pflugrath, recently travelled to Vietnam.
Dr Pflugrath was there to assist the local professional body, the Vietnam Association of Certified Public Accountants (VACPA), prepare a submission on the government's proposed independent auditing law.
In May this year, VACPA will be making a submission to Vietnam’s National Assembly on the proposed independent auditing law. Due to CPA Australia’s strong working relationship and history of collaboration with VACPA, Dr Pflugrath was invited to speak to VACPA representatives about CPA Australia’s experience and expertise, and Australia's auditing regulatory environment.
As a leading professional association in the Asia Pacific region, CPA Australia is acutely aware of its role in assisting accounting and auditing bodies build capacity, flourish and contribute to the growth and stability in their respective countries, and in turn the wider Asia Pacific region.
According to Dr Pflugrath, the main take home message for VACPA is that implementing robust auditing regulation is critical to ensure efficiency in financial reporting, governance and accountability.
'The importance of strong and stable auditing regulation — including appropriate registration and monitoring of auditors and auditing firms — cannot be overstated,' said Dr Pflugrath.
'It's also important to ensure standards of regulation and practice meet the highest international expectations which means that practice should be based on high quality international standards on auditing, quality control and ethics issued by the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA).'
During his trip to Vietnam, Dr Pflugrath also presented to one of Vietnam's leading local universities, National Economics University, on the impact of the global financial crisis on the auditing profession, met with the Ministry of Finance and spoke to CPA Australia members in Hanoi.
CPA Australia established offices in Hanoi and Ho Chi Minh City in mid 2008 and have a close relationship with VACPA, the Ministry of Finance and the State Audit of Vietnam as well as leading employers and universities.
Left to right: Huong Tran, chief representative CPA Australia Vietnam division; Dr Gary Pflugrath, policy advisor - audit and assurance, CPA Australia; Associate professor Dr Dang Thai, director auditing and accounting policy department, Ministry of Finance; Bui Van Mai, VACPA vice president