Vietnam Laws & Regulations on Audit
DCPA would like to provide you with a comprehesnive overview of prevailing laws and regulations on independent audit and other assurance services in Vietnam
Prevailing laws and regulations on independent audit and other assurance services in Vietnam include:
- Law on Independent Audit (Law No.67/2011/QH12 enacted on 29 March 2011) regulates the principles, conditions, scopes, and forms of independent audit activities; the rights and obligations of practicing auditors, auditing firms, branches of foreign auditing firms in Vietnam and the audited entities. The Law consists of 64 articles and comes into force from 1 January 2012.
- Decree on Independent Audit (Decree No.17/2012/ND-CP passed on 13 March 2012) elaborates and guides the implementation of a number of articles of the Law on Independent Audit concerning audit professional organizations; audit firms; rendering audit services across the border; audited entities; audit reports and archiving, usage and destruction of audit documents. The Decree comprises 24 articles and takes effect from 1 May 2012.
- Decree on Penalties for administrative violations in the areas of accounting and independent audit (Decree No. 41/2018/ND-CP approved on 12 March 2018) provides for administrative violations, statute of limitations for penalty impositions, penalties, fines, remedial measures, authority to record and impose penalties for administrative violations in the areas of accounting and independent audit. The Decree consists of 73 articles and comes into force from 1 May 2018.
- Circular on Audit service quality control (Circular No.43/VBHN-BTC dated 7 October 2020) defines the organization and implementation of quality control of audit, financial statement review, financial information review, and other assurance services as stipulated in Clause 1, Article 40 of the Law on Independent Audit. The Circular comprises 29 articles and takes effect from the date of enacting.
- Code of ethics for professional certified accountants (accompanying Circular No. 70/2015/TT-BTC dated 8 May 2015, being effective from 1 January 2016) provides for the code of ethics for professional accountants and auditors. The Code of Ethics is extended in 3 Sections (A, B, and C) with Chapters 100 through 350.
Should you need a full English version of any of the above laws and regulations or need an interpretation any part thereof, please do not hesitate to contact us.
Various industries in Vietnam have been taking sustainability initiatives and measures with a view to realializing COP26 goals and in line with the global trends and requirements.
Vietnam is rapidly emerging as a new global manufacturing hub as per “China plus one” or switch-from-China strategy adopted by many leading multinationals notably electronics giants.
Digitalization is greatly reshaping the Vietnamese economy and its key industry sectors, typically banking, retail, logistics and manufacturing which affect hundreds of businesses and millions of people.
A multi-billion dollar market of Vietnam, yet still growing fast, mostly driven by the beer and the retail cofee and snacks shop sub-sectors, which tend to thrive despite economic slowdown. .
Endowed with diverse and beautiful landscape, now with storng deternination by the Government and industry players, Vietnam tourism is poised for strong bounceback and impressive growth.
Driven by fast aging population, rising disposible income, and increasing awareness of health protection (prevention rather than treatment) and beauty care, health supplements sector has ample growth potential.
DCPA would like to provide you with a comprehesnive overview of prevailing laws and regulations on accounting and financial reporting in Vietnam. Should you need specific advice, do contact us.
ICT is among fastest-growing sectors in Vietnam, spurred by diigital transformation at both government and business levels. Demand for IT infrastructure and services has soared.
Maintaining strong growth momentum, with added dynamics from e-commerce. Foreign players outperform in both physical and electronic formats.
Agribusiness is the new key driver of Vietnam’s economic growth, with rice, vegetables and fruits in the spotlight Value-add has been greatly enhanced and export prices improved substantially.
Vietanam has solidly maintained a top 5 rice producer and second largest rice exporter while recently emerging as the highest-valued rice marker, outperforming Thailand. ST24 and ST25 have emerged as top brands.
Send Us an Inquiry or RFP
B17-16, Sunrise City View, 33 Nguyen Huu Tho St., Dist. 7, Ho Chi Minh City, Vietnam
2/F Helios Tower A, 75 Tam Trinh St., Hoang Mai Dist., Hanoi, Vietnam
+84 965 964 896