Vietnam’s Sarbanes-Oxley Compliance: A Comparative Analysis with US Standards

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As multinational corporations continue to expand globally, they must navigate complex regulatory environments to ensure compliance. For companies looking to issue shares in Vietnam or list on the Vietnamese Stock Exchange, understanding local auditing standards is crucial.

Key Takeaways

• Vietnamese Standards on Auditing have adopted International Standards on Auditing (ISA), which share similarities with US PCAOB standards.
• However, Vietnam’s auditing standards are moving closer towards ISAs than those of the US PCAOB.
• The main differences were attributed to variations in accounting standards and socioeconomic factors.

Implications for Sarbanes-Oxley Compliance

While Vietnamese Standards on Auditing share some similarities with US PCAOB standards, there are still notable differences that must be addressed. Companies should consider consulting with local auditors or experts familiar with both US and Vietnamese auditing requirements to ensure compliance.

Prioritizing Compliance

• Companies looking to list on Vietnam’s stock exchange or issue shares in the country should prioritize compliance with Vietnamese Standards on Auditing.
• Consider consulting with local experts to ensure seamless Sarbanes-Oxley compliance.

Quotes from Experts

“As multinational corporations expand globally, it is essential for companies to comprehend the differences between auditing regulations in various countries.” - Tran Marie, lead author of the study

In conclusion, understanding local auditing standards is crucial for companies seeking to comply with Sarbanes-Oxley regulations in Vietnam. By prioritizing compliance with Vietnamese Standards on Auditing and consulting with local experts, companies can ensure a smooth transition into the Vietnamese market.