The State Audit Office of Vietnam (SAV) issued a set of 39 public sector audit standards last year. These compliance standards, based on the International Standards of Supreme Audit Institutions (ISSAI), along with a glossary of technical terms, will now be applied to every audit SAV performs.
The issuance, as part of SAV’s commitment to the International Organization of Supreme Audit Institutions (INTOSAI) Development Initiative (IDI) and the Asian Organization of Supreme Audit Institutions (ASOSAI) 3i Program, reflects SAV’s efforts to standardize national public audit practices. The new standards aim to enhance audit quality for all audit disciplines within SAV’s mandates and help improve good governance and transparency in managing national and sub-national public finance and public assets.
Additional benefits of the new standards include:
- Creating foundations for SAV to complete professional audit procedures and guidances;
- Helping ensure auditors adhere to professional ethics;
- Providing a tool to review and assess audit engagement quality; and
- Offering guidance to audited entities in working with state auditors and solutions to potential problems.
Currently, the SAV is conducting a comprehensive plan to train all staff members on standards utilization, as well as an external stakeholder communication campaign.