Publicity and transparency of audit results will enhance national credibility

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Assoc.Prof.Dr. Dang Van Thanh, President of Vietnam Accounting and Auditing Association

There are many innovations in the 2020 audit plan.Could you please tell us how this plan will help the economy?

In addition to the annual audit of finance, budget, public revenue and expenditure, the State Audit also helps the National Assembly and the Government on handling issues of the economy, problems that need to be checked and controlled during the year. In 2020, the State Audit Office of Vietnam introduces the orientation of auditing onsocial issues of interest, public investment projects, investment projects under the mode of BOT, BT transfer, State-invested enterprises, issues that are concerned about the transparency, publicity and effective quality. These are specialized fields, so the assessment of the auditing agency is not purely an examination and assessmenttoconfirm the level of compliance, reliability of financial information related to revenue and expenditure activities and use of resources, but it is more important to evaluate the quality and effectiveness of financial activities of projects and business activities.

Accordingly, the audit will not only assist the State in evaluating the State's investment, but also consider ensuring compliance with legal provisions.

Moreover, through the audit, the State can findlimitations, obstacles and incomplete and unsuitable regulations and policies in investment activities.On that basis, the State agencies can select and offer more reasonable and effective investment modes as well as contribute to perfect the legal framework for investors. Especially, in the context of slow disbursement of public investment, the audit of projects using budget capital and foreign loans will help the State see weaknesses, shortcomings and gaps in legal regulations, processes andprocedures as well as project implementation, thereby removing difficulties, contributing to speeding up the disbursement of public investment capital.

In addition to investment programs and projects, in 2020, the State Audit will also audit financial institutions and credit institutions. This is also a field that has a strong impact on the entire economy, providing resources for economic development.If this market operates in a healthy and effective manner, it will positively impact economic growth. Moreover, this is a very sensitive market, so it must comply with standards to create the circulation of domestic and foreign capital. Therefore, the audit of operations of financial institutions and banks is an in-depth audit, which should be fully evaluated, not only for the health and compliance with the laws of financial institutions and banks but also compliance with policies on interest rates, exchange rates, mobilization, compliance with capital flows, capital management, lending and refinancing.

When the audit results are public, if mistakes are "revealed" in key projects, big state-owned enterprises, in your opinion, howdoes it impact the economy?

In my opinion, this problem is not ominous. Because if the audit resultsare transparent and public, these will make people feel more secure, see the resolute attitude of the Party and State with mistakes. In addition, the audit results will help project owners, agencies, businesses and organizations use State capital and allow the units in the public financial system to correct themselves. By looking at the results, you will know what you are doing right, what has not been done and what is wrong, thereby gradually overcome, helping the national economy to be healthier.

In particular, in the view of international organizations and investors, the transparency of audit results will help improve the credibilityof Vietnam's economy and regulatory agencies. Because if they are hidden, not open, they are more detrimental to the activities of the State. Publicity and transparency are also acommon trend, Vietnam cannot stand out and must do well on this issue. Of course we have to accept to a certain extent, when we disclose negative results, foreign investors and international organizations will be confused. But I believe that when they know our policies, faith will return and increase, especially when Vietnam is conducting strong, deep and comprehensive innovation.

With a huge workload in 2020, in your opinion, how must the Audit industry work to ensure the effectiveness of its work?

I know that, in order to achieve the goals and perform tasks in 2020, the State Audit Office has many solutions to ensure the quality of auditing. In order to audit these fields, the State Audit Department has specialized departments, regional auditors, and a team of auditors are trained every year in specific fields. But with auditing activities in 2020, when going into specific projects, the highly specialized fields such as banking, construction and bridges will require auditors to prepare for in-depth knowledge of each field.

This is a difficult task, because not all auditors have full and profound knowledge about all areas and all subjects of the audit. When organizing audit teams, the audit agency must also arrange reasonable auditing personnel.If it is necessary, the audit sector will recruit additional experts in the field to provide professional assistance as well as ensure ensure objectivity and honesty in the audit.

In fact, in some cases, although agencies and enterprises have been audited, inspected and checked, they did not detect mistakes. What should the audit agency do to avoid repeating similar incidents?

One of the requirements with auditors is to be objective and honest. The State Auditor has issued professional ethical standards and codes of conduct forauditors. The difficulty is how to control professional ethics and control the conduct of auditors.

The State Audit Office has many measures and solutions, inspection and control departments, through organizations, professional techniques, information screening.

Of course, in some cases, there are violations for personal gain. Therefore, management agencies need to warn of risks, take control measures and take strong handling measures. The State Audit has also dealt with violators many times, even removing them from the auditing team, but still needs to be more drastic to preserve the reputation of the audit profession.

Thank you Sir!