Institute of Singapore Chartered Accountants (ISCA) and the Vietnam Association of Certified Public Accountants (VACPA) Sign Memorandum of Understanding to Launch the ISCA Audit Manual for Standalone Entities in Vietnamese
25 October, 2019 - Building on their long-standing relationship, ISCA and VACPA have signed a Memorandum of Understanding (MoU) on their collaboration to launch the ISCA Audit Manual for Standalone Entities in Vietnamese in Hanoi today.
Under the terms of the MoU, VACPA may translate, publish and distribute the “ISCA Audit Manual for Standalone Entities (AMSE)” in Vietnam. The AMSE is aimed at facilitating the auditor’s thinking process, which is critical in performing an audit.
The audit methodology used in AMSE is aligned with the International Standards on Auditing (ISA) issued by International Auditing and Assurance Standards Board (IAASB). It is a risk-based approach which focuses on the key risk areas in an audit engagement. It encourages engagement teams to design customised audit procedures based on identified audit risks and adopt a more targeted approach. To date, more than 90% of the 680 small and medium practitioners in Singapore have adopted the AMSE.
The manual provides more information to help Vietnamese SMPs and VACPA members have a better understanding of how to conduct an audit in accordance with international auditing standards and supports the development of VACPA's technical documents. With this initiative, VACPA members will be equipped with useful knowledge and suggestions to improve aspects of audit activities such as laws and regulations.
Speaking at the signing ceremony, Mr Pham Sy Danh, VACPA President said: “This MoU makes an important contribution in supporting, improving the quality and reputation of VACPA members, and is a critical step in VACPA’s strategic development plan. International collaboration is the shortest, quickest and most sustainable approach to integrate the accountancy profession. ISCA was one of the professional bodies we aligned with to start our international cooperation. And together, we have significantly contributed to shaping the profession in Vietnam as well as to the development of VACPA.”
ISCA President Mr Kon Yin Tong said “We are pleased to partner VACPA in rolling out the ISCA Audit Manual for Standalone Entities in Vietnam. In particular, we hope that auditors in small and medium practices can use AMSE as a guide to facilitate their audits, thereby helping to uplift audit quality in Vietnam.”
To mark the significance of the MoU, ISCA member and Audit Partner from R Chan & Associates PAC, Ms Magdalene Ang, delivered a presentation related to the overview and audit methodology of AMSE to 59 Vietnamese audit practitioners, university professors and government officials after the MOU signing ceremony.