On the morning of October 1, 2024, at the Guest House for Meritorious People, 168 Hai Ba Trung, District 1, Ho Chi Minh City, representatives from the Faculty of Accounting - Auditing at the Banking University of Ho Chi Minh City attended a seminar organized by the Vietnam Association of Certified Public Accountants (VACPA). The event introduced and presented the book Sample Audit Program for Auditing Group Financial Statements (SAP-AGFS), an important tool issued by VACPA to assist auditors and auditing firms in conducting group financial statement audits.
The seminar was attended by numerous representatives from leading auditing firms and universities in Ho Chi Minh City. All participants expressed deep interest in the document, with a strong desire to apply it effectively in teaching and improving the quality of auditing services in Vietnam.
The SAP-AGFS is a critical guidance document designed to improve the quality of auditing services and ensure compliance with both international and domestic auditing standards. Before the development of this program, only a few large international auditing firms had internal guidelines for group financial statement audits. Vietnamese auditing firms, however, lacked a standardized sample audit program specifically tailored for group financial statements, leading to inconsistent auditing processes and lower standards across different units.
To address this gap, VACPA undertook the effort to develop the SAP-AGFS, providing an effective tool for auditors to perform group financial statement audits. The document was compiled based on Vietnam's auditing standard No. 600, along with references from international sample audit programs such as those from the Institute of Singapore Chartered Accountants (ISCA) and the Association of Chartered Certified Accountants (ACCA). By doing so, the SAP-AGFS ensures access to global best practices while maintaining consistency with Vietnam’s legal regulations and business context.
The SAP-AGFS is expected to bring significant value to auditing firms. In the context of Vietnam’s rapidly developing auditing market, applying a standardized sample audit program will help businesses improve service quality and comply with legal requirements.
The document provides auditors with a comprehensive view of the auditing process, from planning and conducting audits to establishing audit records. This not only ensures accuracy in audits but also helps enhance trust among clients and stakeholders, contributing to the overall credibility of audit results.
For educational institutions, especially universities with programs specializing in auditing and accounting, the SAP-AGFS serves as a valuable reference document. It provides in-depth professional knowledge on the process of auditing group financial statements and helps both lecturers and students better understand the practical application of auditing standards.
Figure 1. Representatives of the Faculty of Accounting - Auditing receive books from VACPA
This document is particularly beneficial for the Faculty of Accounting - Auditing at the Banking University of Ho Chi Minh City. Having recently completed a project to introduce a new auditing major and with plans to enroll the first cohort in 2025, the faculty will greatly benefit from applying materials from the SAP-AGFS. These materials will help the faculty build a curriculum that aligns with the realities of the profession, equipping students with the knowledge and skills necessary to meet labor market demands.
To fully maximize the value of the SAP-AGFS, the Faculty of Accounting - Auditing plans to organize a series of academic activities in the near future. These activities will involve leading experts in the fields of accounting, auditing, and finance. The goal is to create opportunities for lecturers and students to engage with the document's content and apply it effectively in both teaching and learning.
The academic activities will focus on several important topics, including:
- How to apply the SAP-AGFS in the auditing of group financial statements.
- Studying and analyzing the requirements of Auditing Standard No. 600.
- Key considerations when auditing group financial statements, particularly in the context of Vietnamese enterprises.
By organizing these activities, the Faculty of Accounting - Auditing aims to improve the quality of its teaching and foster a space for knowledge exchange and experience sharing among lecturers, students, and practicing auditors.
Looking ahead, with continued support from experts in the auditing field, the Faculty of Accounting - Auditing at the Banking University of Ho Chi Minh City will maintain its pioneering role in training high-quality human resources. The faculty is committed to meeting the growing demand of the labor market in auditing and accounting, contributing to the overall development of the profession in Vietnam.
D.T.