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Abstract

Development of the market economy in all countries requires adjustment of national legislation of auditing to international practices and national conditions approved by the international community. In the past 18 years in Vietnam, the independent auditing business has made remarkable contribution to the national development, but the legal infrastructure of this business is limited to the only Decree by the Government, which doesn’t match the importance and development of the business. That is why an auditing law is much necessary now to regulate and orient the independent auditing in the coming years toward industrialization, modernization, and international integration. To carry out Resolution of the NA of the 12th term of law making program in the years 2007- 2011 and in 2008 in particular, the Government has directed the Ministry of Finance (MoF) to cooperate with related ministries and agencies to prepare an Independent Auditing Bill. Promulgation of this Independent Auditing Law is a matter of urgency to Vietnam today and it requires a re-estimate of regulations of the auditing business in the past 18 years (demand for this service appeared in 1991) that helps clarify necessity of making the Independent Auditing Law

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