Background:
The Vietnam Government promulgates the regulations and the administrative process for managing misconduct in accounting and audit operations. A
regulatory structure is in place to enable VAA to manage its members. There are specific regulations that members are made aware of upon admission, which
regulate and prescribe the disciplinary system and related sanctions according to the levels of misconduct.
The Practice Management Unit is responsible for monitoring its members and issuing the necessary warnings to members in violation of the regulations.
Annually, VAA, VACPA and the Security Committee issue a notice reminding auditors and accountants to meet the minimum conditions for practice and
informing the public about the individuals and organizations which are not allowed to operate. VAA and its member associations announce publicly any
decisions to discipline individuals or firms for via mass media. Any cases of serious violation result in the withdrawal of the auditor certificate and the right
to practice.
In 2010, 170 firms were reviewed. More than 10 accountants and auditors and 2 firms have been through the investigation and disciplinary process.
In 2010 VAA issued the regulations on judging the administrative penalty for serious errors in accounting and auditing operations. This is a bylaw document
targeted at bringing accounting and accounting services into order. Inspections of firms under these new regulations will begin in June 2011.