The attachment of employees to AASC is not because of salary, but because they love the Company, love the working environment in solidarity and respect each other.
The 9-storey building at No. 1 Le Phung Hieu, the headquarters of AASC, shows no signs of being 20 years old because it is constantly being renewed, a testament to its resilient vitality and constant development. It is also an affirmation of the position of a Vietnamese audit brand in the face of fierce competition in the market.
The path is not strewn with roses
2017 marks the 10th anniversary of AASC transforming its operating model from a state-owned enterprise into a limited liability company with two or more members, also the year that AASC turns 26. This is also a successful year in terms of business. AASC's revenue was over VND 200 billion, 3.5 times higher than the first year after conversion. This result continues to affirm its leading position in the domestic audit firms, only behind Big4.
The core activities of AASC all grew positively such as audit and review of financial statements increased by 17.49%, audit of project settlement completed in the period increased by 54.31%, valuation services increased by 54.31%. up 40.3%...
The highlight at AASC is that the service quality is always maintained at the best level. For example, the results of quality inspection in 2017 chaired by the State Securities Commission concluded that AASC was among the few auditing firms that were rated Good in quality of audit services (in 2016, only 2 out of 10 audit firms are rated as good in the same test). This proves that the service and capacity of Vietnamese auditors are not inferior to Big 4 auditing companies.
AASC's customers are large corporations and corporations, including those that operate effectively and are highly appreciated for their transparency and compliance with corporate governance regulations such as Viglacera, Corporation Steel… AASC is also continuously on the short list of the World Bank (WB) and Asian Development Bank (ADB) to conduct audits for projects that these organizations finance.
The company is also the unit that appraises the assets of large corporations such as Airports Corporation, Power Generation Corporation 1, Power Generation Corporation 3, Corporation 36 Ministry of Defense, Military Petroleum Corporation…
AASC's most valuable asset is over 470 professional employees, including 83 auditors, 44 auditors with tax procedures certificate, 28 price appraisers, 10 staffs , auditors with international professional certificates (ACCA, CPA Australia ...), increased many times compared to 10 years ago.
However, the results achieved today are not a road lined with roses. Assoc. Prof. Dr. Dang Van Thanh, former Vice Chairman of the Economic and Budgetary Committee of the National Assembly, Chairman of the Vietnam Association of Accountants and Auditors mentioned the difficulties of AASC before its transformation in 2007, on the occasion 20th anniversary of the company's establishment (1991 - 2011). At that time, personnel psychology fluctuated, insecurity, from where there were 118 auditors, the Company had only 36 auditors. "I remember talking no less than 10 times with the company's leaders about building trust and reorganizing the organization," said Mr. Thanh.
The AASC headquarters in a prime location was also repeatedly looked at and sought to acquire during the turbulent time of the Company's transformation.
Faced with that situation, AASC's leaders set a goal to quickly stabilize the Company. In the first two years, AASC made every effort to retain traditional customers and strengthen the trust of employees in the Company. By 2010, AASC regained the 5th position after Big4 and has maintained it ever since.
At AASC, 33 members of the Board of Directors have accompanied Chairman Ngo Duc Doan for 10 years since the change of operating model.
Talking about the reason for AASC's success, Mr. Ngo Duc Doan, Chairman of AASC's Board of Members said: "It is thanks to the consensus, determination to overcome difficulties and maintain a Vietnamese audit brand of the Board of Directors. and officers, auditors and employees of the Company. Without the strength of solidarity and the people's posture, there would be no AASC today."
Those who know AASC's development history well understand that the attachment of employees to AASC is not because of income, but because of love for the Company, because they empathize and love the business leader.
At AASC, 33 members of the Board of Directors have accompanied Mr. Doan for 10 years after AASC's transformation. Many of them are attracted by companies in the industry as well as economic groups, banks and financial institutions with attractive salaries, but they are still determined to stay at AASC. They said that they are proud of AASC's strong corporate culture, serious working environment and mutual respect.
Create new spaces
The 11th fiscal year is opening up many opportunities for AASC as the economy demands more and more transparency and the role of independent audit. But in order to understand the profession and keep it, there are countless challenges surrounding the leading bird of the Vietnamese audit industry. Foreign audit firms with strong backing from the parent corporation have a distinct competitive advantage over domestic audit firms, and AASC is no exception, especially in the corporate client segment. FDI industry.
With customers being public companies and listed companies, more and more foreign investors are putting pressure on the management of public companies to choose companies in the Big 4 group to audit reports. finance.
Domestic auditing firms account for only a small piece of the audit and services market share. Auditing is considered a "difficult job", not only because it requires personnel to have very broad knowledge of accounting and auditing expertise, about tax policies, and understanding of specific industry and operational areas. of the business, on professional sensitivity to be able to detect errors and unreasonableness of financial data from the auditee, to provide shareholders, the investing public, management agency quality audit report, but also to stand firm against competitive tactics from enterprises in the same industry. Many of them are "below the waist".
Standing still is falling behind, so AASC will have to look for new growth spaces, focusing on its own strengths to expand its customer base. The energies are hidden somewhere in each member of the Board of Directors, each AASC auditor must be activated so that the whole machine moves together, moving forward together.
“There are many difficulties ahead,” said Ngo Duc Doan. But Mr. Doan believes that internal strength will help AASC find new spaces because facing difficulties and challenges has become AASC's culture. During difficulties, AASC learned a lot, the team matured a lot. New success can only be achieved when the team accepts hard work, dares to work hard, and strives forward. Difficulties need synergies, synergies and synergies to solve.
"Convergence" of the final message from the documentary film about the AASC's journey, making viewers unable to help but feel full of emotions. Remember the words of top leaders at the recent APEC Forum: Every country needs domestic brands to be proud of and use that as a springboard to compete with global brands. For AASC, revenue, quality and efficiency are very important, but more importantly, the desire to "fight" together, build a Vietnamese audit brand that will last forever and develop sustainably.
Source: Thủy Nguyễn - http://tinnhanhchungkhoan.vn
