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.

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