VACPA was established in 2005 under Decision 15/2005/QD-BNV by the Ministry of Home Affairs. Originally established as a professional association under the umbrella of VAA, in 2014, VACPA became a second PAO operating in Vietnam. VACPA is recognized as the national PAO for auditors and audit firms and while membership is voluntary, all members must hold a CPA certificate issued by the MOF. There are some members of VACPA that are also members of VAA. Under Article II of VACPA’s charter, the objectives of VACPA are: to develop the quality of accounting and auditing services; to preserve professional ethics; to enhance member value to be recognized by regional and international organizations; and contribute to transparency of economic and financial information in Vietnam in accordance with laws and regulations. VACPA also administers training and development for its members; works with the MOF to draft technical standards for the profession, including the national Code of Ethics; and participates in both quality assurance, and investigative and disciplinary activities, which are overseen by the MOF. In addition to being an IFAC Member, VACPA is a member of the Confederation of Asian and Pacific Accountants.