The enduring journey of the leading Auditing Firm

This May marks the 15th anniversary of the event to transform AASC's operating model, from a state-owned enterprise to a limited liability company with two or more members. There are many things for AASC people to be proud of when looking back on their journey.

In 1991, when the economy was in the first steps of a great transformation from a centralized management mechanism, subsidized to operate under a socialist-oriented market mechanism, AASC was established with the aim to contribute to rectifying and bringing accounting and financial management in the state-owned enterprises, private enterprises, and foreign-invested enterprises in Vietnam gradually into order, creating preconditions for management agencies to better perform their inspection and control functions. The original name of AASC was Accounting Services Company, under the Ministry of Finance.

In just a short time, overcoming many difficulties and obstacles in terms of building facilities and forces, the Company has successfully completed the task of providing accounting and tax consulting services, as well as fostering and upgrading high professional level for financial industry staff. Two years later, with the approval of the Prime Minister, the Ministry of Finance decided to add audit functions and tasks, marking a big transformation of the Company. Accordingly, the Company has a new name as Auditing and Financial Consulting Services Company (AASC). The main services provided by the Company are accounting and consulting services; audit financial statements of enterprises, audit finalization reports of completed projects; Valuation - determining business value.

By 2007, when the independent auditing industry was on a strong development momentum, with the appearance of many new auditing firms, the Ministry of Finance advocated to transform AASC's operating model from state-owned enterprises into public companies. Limited liability company with two or more members. Recalling this period, Mr. Ngo Duc Doan, Chairman of AASC's Member Council who was also one of the first personnel to build AASC, shared that there were many difficulties in the transition, coming from resistance. of some personnel who want to go against the general will. With the participation of the Ministry of Finance and the determination of the majority of employees in the Company, the auction of state capital at AASC still took place very successfully. But then the Company faced far greater challenges. It is the fact that many good and core personnel have left because they are afraid of the struggle of AASC, which is no longer a state-owned enterprise, and has to "swim" themselves in the market mechanism, while many companies outside the industry, in the same industry. is opening the door to welcome them with a position and a much more attractive salary.

Mr. Doan said, at the beginning of 2007, AASC had a staff of approximately 350 people, with 118 auditors, 11 days after the transformation was formalized, that team only had less than 200 staff members with 35 auditors. But then again, with bravery and wisdom, the people who stayed have gradually brought the Company out of difficulties and increasingly affirmed its brand and position in the independent audit industry.

Up to this point, after 31 years of operation and 15 years of operating model transformation, according to statistics of the Ministry of Finance and VACPA, AASC is the leading company in terms of number of practicing auditors, in terms of audit revenue. complete project finalization report; ranked second the whole industry in terms of revenue from customers who are state-owned enterprises and ranked third in terms of revenue from property valuation, ranked fourth in terms of number of customers, ranked fifth (after Big4) in total revenue.

AASC's customers each year number up to thousands of businesses and organizations, diverse in size and operational fields. These are state-owned enterprises, private enterprises, foreign-invested enterprises, projects sponsored by the World Bank, Asian Development Bank, and other financial and credit institutions. international… AASC has become a "model in the financial industry", a company that is "the leader in the system of auditing firms in Vietnam".