In these exceptional times of Covid-19 outbreak and technology revolution, society’s values are shifting faster than ever as citizens seek a fairer and more ethical world. The current Covid-19 crisis poses higher misconduct risks, and makes it more difficult for organization to maintain business integrity and long-term success.
Vietnam needs sustainable businesses that deliver financial returns while generating positive value for society and being environmentally responsible for the planet including improvement of business integrity. In this context, professional accountants play an essential role in creating real changes that potentially affect the sustainable development of businesses.
The event shared the Vietnamese version of International Code of Ethics for Accountants, Auditors and Financial Professionals of the International Federation of Accountant produced by VACPA with ACCA support and official launched the Manual on Application of Internal Controls and Codes of Conduct in Business as well as screen the “Recycling Sham” film as part of ACCA Global Ethics Film Festival 2021 on Netflix.
The film Recycling sham is part of ‘Broken’, a new investigative documentary series that identifies and deconstructs the systems that make consumer products vulnerable to fraud, corruption, and negligence - often at the expense of public health and safety. The series uncovers the truth behind the consumer price of the vaping industry, counterfeit cosmetics, plastics and fast furniture.
At the event, Mr Nguyen Quang Vinh, VCCI Secretary General shares: “Professional ethics requires each individual accountant and auditor to have a clear understanding of professional standards and competence standards in which integrity, objectivity, professional competence, consideration and confidentiality perhaps are essential elements in their career path development.”
The current COVID 19 situation has posed higher risks and made it more challenging for business to maintain long-term success. If business leaders want to build back stronger, there is no better way than putting business integrity at the heart of your strategy. I’m proud of the role that the UK can play in partnering with Vietnam in achieving your ambitions. Enhancing integration and connectivity towards inclusivity and sustainability has been identified as a key priority for UK Vietnam collaboration” says Mr. Marcus Winsley, Deputy Head of Mission, British Embassy in Hanoi.
Mr. Pham Sy Danh, VACPA President adds: “From 2019 to 2021, VACPA and ACCA have jointly translated the “International Code of Ethics for Accountants, Auditors and Financial Professionals (including International Independence Standards) 2018 edition” of International Federation of Accountant - IFAC in order to help members, auditors and accountants understand better about the international regulations and practices about the fundamental principles of accounting and auditing profession, apply safeguards, when necessary, to eliminate or reduce the threats that affect the compliance with these fundamental principles.
This handbook has been licensed by the International Federation of Accountant and completed in this October to welcome the Celebration of 2021 Global Ethics Day 2021 - “Towards sustainable business: business integrity and compliance with code of ethics”
Mr. Patrick Haverman, Deputy Resident Representative of UNDP Vietnam, affirms: “Taking this opportunity, I would like to inform you that, with the active support from the Government and business community, Viet Nam Business Integrity Network or VBIN was newly established through UNDP regional project “Promoting a fair business environment in ASEAN”, sponsored by the UK government. The VBIN is the first private sector collective action initiative committed to foster a culture of business integrity and anti-corruption compliance in Viet Nam. Currently, through an active campaign implemented by VCCI, at least 15 organizations, including Government agencies and businesses, and 5 experts have joined the VBIN Advisory Group.”
Mr. Renjith Varma, Porfolio Head of Mainland Southeast Asia concludes: “At ACCA, ethics has always been at the heart of everything we do. As we look to the future, it plays a key role in making sure that we support sustainable businesses. In these exceptional times of the Covid-19 outbreak and the technology revolution, we are seeing society’s values shifting faster than ever as citizens seek a fairer and more ethical world./.