16:09 | 10/09/2018 Finance - Banking
The State Audit of Vietnam (SAV) has applied a system of standards in accordance with the International Standards of Supreme Audit Institutions (ISSAI) as part of its constant efforts to enhance its professionalism and operation efficiency.
|State Auditor General Ho Duc Phoc - Photo: VNA|
According to State Auditor General Ho Duc Phoc, SAV signed a commitment to apply the ISSAI in 2013, and issued the national audit standards in 2016 in line with the commitment.
The building and application of national audit standards which both comply with ISSAI and suit the conditions in Vietnam is an inevitability in order to enhance the SAV’s independence, efficiency and effectiveness. It will also improve the SAV’s prestige and position in the community of supreme audit institutions.
In addition, the move will help SAV realise the targets and important contents in the strategy for state audit development to 2020.
Deputy Auditor General Doan Xuan Tien said SAV had so far completed the training in the national audit standards for all its officials and auditors. Existing auditing processes have been reviewed and adjusted to match the new standards.
However, many problems have emerged during the application of the standards, such as the translation of professional terms from English into Vietnamese to match Vietnamese laws and practices.
Tien said the SAV will continue to review and adjust auditing processes and develop detailed instructions on the new standards to facilitate their application, while intensifying supervision and inspection of the work.
The SAV became a member of the International Organisation of Supreme Audit Institutions (INTOSAI) in 1996, and joined the Asian Organisation of Supreme Audit Institutions (ASOSAI) in 1997.
The SAV will host the 14th Assembly of ASOSAI slated for September 19-22 in Hanoi.
Established in 1979 with 11 members, ASOSAI now has 46 members. The ASOSAI Assembly is held every three years.