Who will
Who will "audit" of audit firms?
Vietnam has a strategic sense of how the market positioning of him?
Deloitte has identified eight most important markets, including China, India, Southeast Asia, Middle East, Russia, Japan, Brazil and Germany. For Southeast Asia, Indonesia and Vietnam are the two strategic markets we are particularly interested.
With the rapid growth of Vietnam economy, including financial markets, capital markets, we found more and more Vietnam enterprises wishing to raise capital in international capital markets. Once there, they must have a system of corporate governance and control systems. Therefore, Deloitte Vietnam will strengthen the business support capacity building control, and administration.
Along with three other units, Deloitte Vietnam is ranked in the "Big Four" accounting for the majority share holding. Is there a reasonable one questions that this group holds a monopoly position on the audit market?
I do not think the large market share means the monopoly.
In contrast, all four major companies also have significant contributions to promote the development of the audit market in Vietnam. In the future, the search for funds from international markets not only in terms of state enterprises but also extended to the private sector, therefore, the role of the "Big Four" are great.
Another evidence of our contribution to Vietnam's financial markets recently, Deloitte Vietnam Ministry of Finance supported the construction of an independent Audit Law, Audit Support Association of professional audit mathematics.
To attract customers, there were signs of violation of professional ethics in a number of audit firms. How to get the financial statements "of great clarity" for investors, sir?
Related to professional ethics, here you will see there is a difference between the "Big Four" and other companies. We comply with the elements of professional ethics and had a set of compliance standards required in the system in the world.
I also do not intend to criticize small audit firms, in markets that have large companies, small companies. The role of small companies is to support and advise enterprises to implement the tax obligations, preparation of financial statements, and the financial reports shall be by the big companies charge.
However, because small companies have not developed the standard criteria, therefore, still happens sometimes violations of professional ethics. That's why recently we have seen many cases of merger of the small company audit market - consultants.
Also related to the violations of professional ethics of auditing companies, I think, increasingly, the professionalism of the audit market and grow with it, the legal framework is also increasingly under close to the situation.
So, not surprisingly, a recent day, somewhere, agency management may revoke a license of ethics violations in the U.S. or Europe.
Enterprises are allowed to audit, audit firms, but who will "audit" of audit firms?
As in the developed markets, the operation of the audit firm must comply with the legislation and executive management of the agency. These agencies under the Ministry of Finance and every year, they will examine the operation of auditing enterprises.
If it detects the absence of guaranteed service quality or regulatory compliance, management agencies will be given warnings, fines or revocation.
In developed countries, there is the management committee of the audit firm, and a license to be considered for the annual grant, if violated, can not be granted.
For the big auditing firms, they always maintain internal control mode. Every two to three years, they were sent to experts in other countries to Vietnam to revise activities as well as audit records.
Even with Deloitte as well. If Deloitte Vietnam does not pass the scrutiny of the Deloitte will increase the frequency of an annual review instead of 2-3 years / time as before to ensure overcome by the error in the system.
If next year does not fix the previous year, we will continue to send warning about the missing member companies and to Year 3, the error is not resolved, we will introduce measures harsh treatment, for example, does not allow affiliates to use the Deloitte brand and type them out of Deloitte global system.
Human Resources audit is currently unsolved problem in the Vietnam market, he says, how to solve this problem?
Lack of human resources audit is happening in most developing countries. I said that Vietnam's education sector should see this trend to expand the training scale large enough at the university, to meet the quantity and quality to market demand.
In addition, there are many students in Vietnam to study abroad and are trained in an environment very well. Deloitte has developed a program to make good connections for these students. Accordingly, in the first few years of employment, we let them work abroad, then, transferred to Vietnam.
In China we also do so. Currently, in China, Deloitte has up to 8,000 personnel and 2,000 each year to recruit students. When not fully meet domestic demand, we recruit students studying abroad, for their work in the country for some time before China.
Another problem, although internal audit is considered the control department, warning of risk are very good for business but for now, this division exists in a "do not have the deficiency, there is excessive" . His opinion on this issue how?
Internal audit and independent audit are two completely different fields. Internal audit activities largely focused on aspects related to management activities, such as ensuring the processes and regulations in the company to ensure compliance. Meanwhile, the independent audit focused on issues related to finance.
The problem "is not the lack, there is excess," not only in Vietnam but also in many countries. Many cases, internal auditors are not independent because they are company employees.
One way to overcome this drawback is to consult how in some countries.
In Singapore, Hong Kong, Europe or America, a listed companies are required to have board members independent, not shareholders, not on the board. The board has an audit committee and attached to an independent audit department in the enterprise shall report directly to the operations of firms said the audit committee.
One thing to note is an independent member board will be directly in charge of the audit committee. Thus, the report, the main findings of internal audit are always timely information for the audit committee. With this mechanism, has created a very independent reporting channels, and promote the work of internal audit.
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