CPA Australia raises bar for Vietnam’s auditing services

Huynh Thien, regional manager for South Vietnam of CPA Australia, which teaches accountants and auditors financial reporting based on IFRS, talked with VIR’s Hong Anh about the activities of CPA Australia in Vietnam to ensure local accountants and auditors have the skills and capabilities necessary to meet future challenges.

With more foreign companies operating in Vietnam and more Vietnamese companies hoping to expand internationally, has there been an increase in   the demand for the CPA designation?

The CPA Australia designation is globally recognised as a valuable asset and a career passport for any professional who holds it. This is particularly relevant in Vietnam where there is an increasing demand for professional accountants and auditors. 

In addition, the Asean Economic Community (AEC), which facilitates the free movement of labour in the financial services, will create new opportunities for high quality accounting professionals with a CPA Australia designation.

In the coming years, there will be increased pressure on Vietnam to work towards the full adoption of IFRS. CPA Australia will continue to work with our strategic partners in Vietnam. With its global network and long heritage, it is ideally placed to help Vietnam develop accounting and business professionals of the highest calibre.

CPA Australia has been working with government agencies in Vietnam, such as the State Audit Office of Vietnam and the Ministry of Finance. What benefits has this co-operation brought about for the two sides?

CPA Australia signed the Agreement of Collaboration with the State Audit Office of Vietnam and the Ministry of Finance (MoF) in 2011 and 2012 respectively. 

These agreements aimed to advance the interest of certified auditors and to positively contribute to the development of the accountancy profession, in both Australia and Vietnam. 

In November 2015, leaders of CPA Australia and the MoF signed the Co-operation Agreement Annex about the Vietnamese tax segment under which CPA Australia will introduce and include Vietnamese tax as an elective subject in the CPA Autralia programme, effective from 2016. 

The annex signing reinforces CPA Australia’s support for its members in pursuing high quality professional qualifications, and shows its commitment to working with the MoF in continually strengthening professional and educational standards in taxation across Vietnam.

Besides government agencies, universities are also important partners of CPA Australia. Do you see increasing interest in the designation from universities?

CPA Australia prides ourselves on thought leadership and sharing our knowledge with others. Here in Vietnam, we hold events for members, young accounting professionals, and students to brush up their knowledge.

As part of our commitment to develop the accounting profession in Vietnam, we have provided hundreds of scholarships to outstanding students and young professionals to support their journey to becoming a CPA since 2008. 

In collaboration with Big Four firms, we have organised company visits to offer accounting and auditing students a better understanding of how an international accounting company operates, while also giving them a taste of the corporate environment. 

We also organise other activities such as career talks, the Career Expo, and soft skills training. Through these CPA Australia network events, we help students to connect to our senior members, employers, and other network members around the world. In this way, we have witnessed a growing interest from university students in our international designation.

After eight years operating in Vietnam, has there been any new development in CPA Australia’s operation here?

In 2015, the CPA Australia Career Expos were held for the first time in both Hanoi and Ho Chi Minh City. These expos offered thousands of students and graduates the opportunity to meet representatives from leading businesses in the accounting and finance profession, including all Big Four firms, large local auditing companies, global and local banks, and MNCs (multinational corporations) in major industries. 

The CPA Australia Career Expo is an international series of events held annually across 14 cities throughout the Asia Pacific, and the first expo being held in Vietnam was a wonderful milestone for CPA Australia, emphasising our endeavor to prepare the next generation of leaders in Vietnam.

The Cooperation Agreement Annex about the Vietnamese tax segment that CPA Australia signed with the MoF is also a highlight of our activities recently. 

By signing the tax annex, CPA Australia is giving its members the most practical and in-depth knowledge of the local tax system. And they will bring that high-level expertise to their daily advisory work with clients.