Lao auditors upgrade their knowledge and skills
Lao auditors upgrade their knowledge and skills
The accounting systems in Laos will be gradually improved towards international standards of transparency and confidentiality after Lao auditors boost their understanding about account auditing.
A seminar on how to audit and compile audit reports was held yesterday at the Lao Securities Exchange (LSX) in Vientiane by the LSX in cooperation with Pricewaterhouse Coopers ABAS (PWC) Ltd and Lao Securities Commission.
The seminar was attended by auditors and accountants from different companies and the government sector.
The objective of the seminar was to boost knowledge on how to audit and how to report after auditing, said PWC Partner/ Thailand Assurance leader, Mr Somchai Jinnovart.
Account auditing in Laos currently is still done to a local standard as there is no enforcement of the law on account auditing or standard auditing and the knowledge of some auditors and accountants is limited, he said.
Through this seminar, participants will increase their understanding about account system auditing according to international standards.
It will feature different important topics such as how to audit account auditors, the various types of audit reports and the new reports on account auditors that will be used next year, he said.
International standard auditing will help the companies operating in Laos or listed on the Lao Securities Exchange to create more confidence among foreign investors and attract more investment, said Mr Somchai.
Laos needs to improve its account systems auditing up to international standards too reduce unwanted impacts on the economy and the private sector, he stressed.
The sustainable growth of the country's economy and financial system stability is a major factor to manage the economy for development and integrate with the region and the world.
The aim of PWC is to provide policy to support the government and private sector in order to continue expanding growth, Mr Somchai explained.
“To follow that we have to report correctly on our financial accounts as the reports in this sector always seem to change,” he said.
PWC is also seeking to uphold standard financial and account systems in favour around the world and measure the improvements in Laos.
The changes will impact auditors or investors as well as the companies in the market, so PWC is investing in this sector to follow the impacts and help the government and private sector to operate their businesses according to standard practices.
This is a good opportunity for Lao auditors and accountants to exchange experience with each other and gain knowledge from the PWC experts, said LSX Chairman and CEO, Mr Vankham Voravong.
He believed that the discussion and exchange of experience in this seminar will create better knowledge for the participants and contribute to financial system developments in their respective organisations.
