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The role of independent auditing in Vietnam

10/10/2023

In Vietnam and around the world, the role of independent auditing is very important and diverse. Some notable roles include:

  1. Ensuring transparency and reliability: Independent auditing helps ensure that financial information and financial reports of organizations are reliable and accurate. Through examination, evaluation, and confirmation of compliance with legal regulations and accounting standards, independent auditing ensures that the disclosed information is transparent and trustworthy.
  2. Detecting and preventing fraud and errors: Independent auditing helps detect errors, fraud, abuse, and financial mismanagement. By examining and confirming the accuracy and reasonableness of financial information, independent auditing helps prevent fraudulent behavior and ensures that procedures and regulations are complied with.
  3. Contributing to economic development and stability: Independent auditing contributes to the development and stability of Vietnam's economic and financial system. By ensuring the transparency and reliability of financial information, independent auditing enhances the trust of investors, banks, and other stakeholders. This creates favorable conditions for attracting investment and economic development.
  4. Evaluating the efficiency of financial management: Independent auditing helps evaluate the efficiency of financial management in organizations. By examining and evaluating financial processes, policies, and regulations, independent auditing provides assessments and recommendations to improve financial management and enhance the efficiency of business operations.
  5. Protecting the interests of related parties: Independent auditing protects the interests of related parties such as shareholders, investors, banks, and the government. By ensuring the transparency and reliability of financial information, independent auditing ensures that stakeholders are provided with accurate and complete information to make appropriate and timely decisions and protect their interests.

In summary, the role of independent auditing is to ensure transparency, reliability, and protection of the interests of related parties while detecting and preventing errors, fraud, and abuse in financial management.