A Comparison Of The United States Public Company Accounting Oversight Board Standards And Vietnamese Standards On Auditing

Abstract

Due to economic globalization, the growth of multinational corporations is inevitable. Those corporations are required to comply with the auditing regulations in each country they issue shares. However, the auditing environment in the countries are not the same. With my personal experience working with audit firms in both the United States and Vietnam, I am motivated to conduct this study to target to the United States companies who plan to issue shares in Vietnam, and Vietnam companies who plan to issue shares in the United States. This paper compares auditing standards in the United States and in Vietnam. The Vietnamese Standards on Accounting and Auditing Committeehas adopted International Standards on Auditing. Since Vietnamese Standards on Auditing shares similarities with International Standards on Auditing, this paper uses International Standards on Auditing as an intermediary for the comparison. The result of the research indicates that Vietnamese Standards on Auditing is moving towards International Standards on Auditing more than towards the United States Public Company Accounting Oversight Board standards. The differences mainly reflect on the differences in accounting standards and social-economic factors.