On August 20th, 2018, the State Securities Commission (SSC) held a working session with the President and CEO of the Institute of Internal Auditors (IIA) and the Smart Train Organization for cooperation exchange between SSC and IIA to promote the development of the internal audit profession in Vietnam. Attending the meeting, on the side of the SSC were Mr. Pham Hong Son, Vice Chairman of the SSC, representatives of the Public Company Supervisory Department, Securities Market Development Department and International Cooperation Department. IIA and Smart Train are headed by Richard Chambers, President and CEO of IIA; Mrs. Cyndi Planmondon, Senior Vice President of IIA; Mr.Matthew Bennett, Global Development Director of IIA; Mr. Pham Ngoc Hoang Thanh, Director of Smart Train; Mrs. Tran Thi Xuan Mui, Deputy Director of Smart Train.
Panorama of the meeting. Photo: VP
The content of the meeting focused on a number of issues: experience in the application of international standards of internal audit practice; Corporate governance, implementation of internal audit functions in listed companies, securities companies, public interest companies; Sharing research results and surveys on internal audit profession in the world; Supporting and providing with technical documents in internal audit practice for listed companies and securities companies; Co-ordinating with the two Stock Exchanges to organize events and seminars to update knowledge on internal audit for listed companies and securities companies.
Speaking at the meeting, Vice Chairman Pham Hong Son highly appreciated the presence of IIA in Vietnam. Currently there are more than 100 auditing companies but only 26 companies are approved auditing public companies in Vietnam. For auditing companies approved for auditing public companies, listed companies, they are required to meet specific standards, including requirements for auditors. He also expects in the future to have more training programs for professional auditors especially in the field of securities. With the experience of the IIA, he also hopes to have more extensive opportunities for exchanging information and organizing training programs on internal auditing for Vietnamese auditing companies. He always considered the audit as the extension-arm of business management. The audit plays an important role in helping the securities market to be transparent about information and standardization of internal auditing in enterprises as well as international audit practices.
Vice Chairman Pham Hong Son took a photo with President and CEO of IIA Richard Chambers. Photo: VP
Mr. Richard Chambers, President and CEO of IIA, highly appreciates the SSC's sharing of internal audit issues and supports the development of internal auditing in Vietnam in line with international trends. He also shared that internal auditing plays an important role in protecting the business, especially for listed businesses. The internal audit are highly appreciated on issues such as internal risk management support, internal control. There are compulsory regulations on internal audit in the world for the public sector and state-owned enterprises. IIA is also the only organization in the world to develop a code of conduct for international internal audit and now the standards are available in Vietnamese. He wishes to work with the SSC to build and develop a better corporate auditing community and deepen cooperation for the development of an internal audit community in Vietnam.