AASC, Story of A Vietnamese Auditing Brand

To choose an audit firm that has compelling stories and is a model for Vietnamese wisdom and bravery, it must be AASC Auditing Firm Co., Ltd.

On May 13, AASC will turn 30 years old, the years that witness the development of the independent audit industry in Vietnam, the years that AASC has overcome many adversities to always affirm its leading position, which is a journey with many inspirational stories.

Constantly changing, evolving
In 1990 - 1991, Vietnam's economy was in the first steps of a great transformation from a centralized and subsidized mechanism to a socialist-oriented market mechanism. AASC was established with the goal of contributing to the rectification and bringing accounting and financial management in the sector of state-owned enterprises, private enterprises, and foreign-invested enterprises in Vietnam gradually into the orderly, creating premise 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.
There were countless difficulties for those who paved the way for AASC at that time, from the lack of facilities and other operating conditions, to the inadequacy of the relevant legal regulations, to the limited professional qualifications of personnel because accounting and auditing services are a completely new field in Vietnam. However, in a short time, the Company has overcome difficulties and obstacles, excellently performed the tasks of accounting consulting services in accordance with the establishment decision; at the same time, do well in training, fostering and improving professional qualifications for all classes of financial sector staff, meeting the development needs of the socialist-oriented market economy.
Through consulting, service and cooperation activities, the Company initially affirms its presence in the financial market, affirming its useful dedication to the market by providing high-quality consulting services, and lay the first basis in both capacity and name for larger-scale, more expansive activities in the future.
AASC's "infancy" ended 2 years after being approved by the Prime Minister, the Ministry of Finance decided to add audit functions and tasks, marking a major transformation of the Company. The company has a new name of Auditing and Accounting Financial Consultancy Services Limited Company, with expanded functions and tasks, along with the development of human resources. Accounting services, consulting services; audit of financial statements of enterprises, audit of finalization reports of completed projects; Valuation - determining business value are key services to build the AASC brand.
Mr. Ngo Duc Doan, Chairman of the Board of Members of AASC, one of the personnel involved in building the Company from the "first bricks", is proud that the footprints of AASC auditors have been imprinted everywhere, no matter how far away, it is to pack a backpack and go. And in each such region, AASC provides services to customers with the principle that is for the legitimate interests of customers, for the common benefit of the economy, together building and developing the reputation of each customer.
The third transformation is when AASC decides to carry out the procedures to convert itself into a limited liability company with two or more members in the context of the growing independent audit industry in Vietnam.
It is at this stage that there are difficulties and challenges that seem to defeat the very resilient AASCers. On the eve of the conversion, an anonymous complaint was sent to the Ministry of Finance to steer the AASC ship. A "Dien Hong Conference" as called by Mr. Tran Van Ta, Former Deputy Minister of Finance was held and the result was that all AASC staff members who attended the meeting shared the same aspiration and will. The conversion and confirmation process is done in absolute transparency.
After the auction of state capital at AASC, AASCers have not had time to enjoy the joy of winning, but have faced new difficulties. It is the fact that many core personnel have left because they are afraid of the uncertainties when the company is no longer a state-owned company, and must manage by itself in the market mechanism, while many companies in the same industry are welcoming them with attractive salaries. At the beginning of 2007, AASC had personnel of approximately 350 people, with 118 certified auditors, 11 days after the transformation was formalized, that team was reduced to only less than 200 staff members with 35 auditors.
If this moment proves that AASC's history once more "has a problem", it also shows the memorable milestone of a rise, overcoming challenges to continue the journey forward.
While many people left AASC, those who wholeheartedly remained with AASC, calmly continued all yesterday's work, proving the existence and movement of AASC as a matter of course. The aspiration, spirit and will of the people who stayed, the corporate culture built and refined at AASC have gradually created the attraction of brainpower to the Company.
Up to this point, AASC was able to boast of its home. AASC's customers annually number up to thousands of businesses and organizations, very diverse in size and economic activities. These are state-owned enterprises, private enterprises, foreign-invested enterprises, projects sponsored by the World Bank, Asian Development Bank, and other international financial and credit institutions…
AASC is currently considered as one of the few leading independent auditing firms in Vietnam. This recognition takes place in the context of Vietnam's financial and auditing market with the presence and competitive activities of four large international auditing firms called Big4 and the birth of no less than two hundred other independent auditing firms.

and dang bao dau tu viet ve AASC

Desire to conquer new heights
Chairman of the Board of Members Ngo Duc Doan and his colleagues mentioned in the "Code of Conduct" of AASC: "One of the factors contributing to the success of today's market leaders is the ability to inspire each employee through a commitment to a system of standards of professional conduct”. Since then, Mr. Doan said, “The Code of Conduct emphasizes principles that reflect AASC's solid values and standards that govern each individual's behavior"; and “… to help lead and guide the behavior of each individual internally, maintain consistency, and commit to implementing the business philosophy, preserving the core values that generations of AASC's leaders and staff have worked hard to cultivate".
It is a brand with 5 platforms "Transparency - Independence - Understanding - Trust - Sustainability". From there is the "commitment" "Honesty - Prestige - Transparency" and "Full meaning - Integrity" to then "orient" to build people on the basis of that culture.
The corporate culture that AASC has painstakingly built is stronger than any KPI or specific management rules and regulations, so that the whole apparatus automatically complies, smoothly and anyone who does not match that culture finds themselves lost and off the rails. This is also the strength that many partners and modern business administrators in the world appreciate, which will take the business further when all members understand and master the mission of the business, work with the spirit of those who are always clear and goal-oriented.
AASC's journey is not spread with roses, but soaked with sweat and tears, even the bitter taste of the profession. But the road to success without going through hardships, AASC understands that very well and determines that the only right and effective competitive path is to improve professional capacity, professional ethics, and perseverance, innovation and creativity of staff, auditors, thereby drastically improving the quality of audit contracts, consulting services...
When standing in front of ancient trees in the middle of thousands, we often ask what powerful life force is hidden under the giant foliage? “AASC is like an old tree, storms can break branches and deciduous trees, but the trunk is still strong against strong winds thanks to strong roots.” "Strong roots" here are hundreds of people who, with the process of training, capacity, will, and unanimity, have clung to their land, nurturing a strong and tall tree. Chairman Ngo Duc Doan's share partly explained, but also expressed a strong and great aspiration of AASC people: Will continue to conquer new heights, firmly welcome new opportunities and challenges among the greats.
Former Minister of Finance Ho Te commented: “In order to be recognized as one of the leading auditing firms in Vietnam, considered as an example, a role model in the financial industry, AASC has always certified showing the spirit of steadfastness, innovation, creativity and continuous upward development. I'm not saying that the AASC itself has no problems that need to be remedied. But we hope in the beautiful future of AASC, of Vietnam's independent audit industry."

Source: Thuy Nguyen - Securities Investment Newspaper No. 18/2021