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Banking & Finance

SAV & ICAEW sign MoU

Released at: 16:16, 26/06/2017

SAV & ICAEW sign MoU

Photo: Quang Huy

State Audit Office of Vietnam and Institute of Chartered Accountants in England and Wales to work closer together under agreement signed on June 26.

by Quang Huy

The Institute of Chartered Accountants in England and Wales (ICAEW), a world leader in the accountancy and finance profession, and the State Audit Office of Vietnam (SAV) have signed a memorandum of understanding (MoU) to work more closely together.

The agreement between the two was signed on June 26 by ICAEW’s CEO Mr. Michael Izza and Deputy Auditor-General Mr. Cao Tan Khong at a ceremony in Hanoi. It sets out detailed activities that will see the two exchange professional experience and information while tightening cooperation for mutual benefit.

Speaking at the ceremony, Mr. Khong said the development of human resources and international integration are the two core priorities within the strategy for SAV’s development to 2020. “The MoU sets the foundation for SAV and ICAEW to conduct supportive programs in improving professional experience, contributing to the development of talent in Vietnam’s auditing industry to integrate on a regional and global scale,” he added.

“The partnership with SAV will legalize commitments and ICAEW’s will to contribute to Vietnam’s development,” said Mr. Izza said. With ICAEW’s vision of operating for the sustainable development of the global economy, “the operation and activities of ICAEW in Vietnam during recent years have had a positive impact on the enhancement of talent within the accounting sector in general and the auditing field in particular.”

In 2011, ICAEW also signed an MoU with the Vietnam Association of Certified Public Accountants (VACPA) to establish a framework to work together to develop talent and advance the accountancy profession in Vietnam and Southeast Asia.

Mr. Izza affirmed that during the time to come it will continue with these commitments while at the same time conducting more activities to bring State authorities and Vietnamese organizations and businesses closer to the most up-to-date and modern financial and accounting standards.

As an official member of the International Organization of Supreme Audit Institutions (INTOSAI) and the Asian Organization of Supreme Audit Institutions (ASOSAI) since July 1996 and January 1997, respectively, SAV has participated more actively in global cooperation. It has developed and retained extensive relations with numerous external organizations, including a large number of prestigious supreme audit institutions (SAIs) and foreign agencies around the world that have signed bilateral cooperation agreements with SAV.

SAV has defined its development goals and vision to 2020 as to attain enhanced operational capability and legal effectiveness and quality and efficiency in State audits so as to make it a strong tool of the State in controlling and monitoring the management and use of State budget funds and assets, and to build SAV into a highly professional agency that is modernized from phase to phase into a responsible and prestigious position in the field of public finance control, with a view to better meeting the requirements of the country’s industrialization and modernization and being in line with international practice and standards.

With a philosophy “Transparency, Integrity, Professionalism and Brightness”, SAV is now doing its utmost to become a responsible and renowned public finance control agency to ensure Vietnam’s sustainable and prosperous development.

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