Related regulations on independent audit
Crowe Vietnam compiles key regulations related to independent audit, helping you stay updated on the latest information and changes, while ensuring strict compliance with both Vietnamese and International Auditing Standards.
Law on Independent Auditing (Law No. 67/2011/QH12): This law stipulates the principles, conditions, scope, and forms of independent auditing activities; the rights and obligations of practicing auditors, audit firms, branches of foreign audit firms in Vietnam, and audited entities. (See details here)
Decree on Independent Auditing (Decree No. 17/2012/NĐ-CP): This decree details and guides the implementation of certain articles of the Law on Independent Auditing concerning professional auditing organizations; audit firms; cross-border auditing service provision; audited entities; audit reports; and the retention, utilization, and disposal of audit documentation. (See details here)
Decree on Violations in the Fields of Accounting and Independent Auditing (Decree No. 41/2018/NĐ-CP): This decree prescribes administrative violations, statute of limitations for penalties, forms and levels of penalties, remedial measures, and the authority to make records and impose penalties for administrative violations in the fields of accounting and independent auditing. (See details here)
Circular on Quality Control of Audit Services (Circular No. 43/VBHN-BTC): This circular regulates the organization and implementation of quality control for audit services, financial statement review services, financial information, and other assurance services provided by practicing auditors, audit firms, and branches of foreign audit firms in Vietnam, as stipulated in Clause 1, Article 40 of the Law on Independent Auditing. (See details here)
Circular on Professional Ethics Standards (Circular No. 70/2015/TT-BTC): This circular promulgates the professional ethics standards applicable to accounting and auditing practices. (See details here)
The Vietnamese Standards on Auditing (VSA) system stipulates and provides guidance on the application of objectives and fundamental principles governing financial statement audits. This system applies to independent audits of financial statements and is also employed for audits of other financial information and related services provided by audit firms.
- VSA 200 – Overall objectives of the independent auditor and the conduct of an audit in accordance with Vietnamese Standards on Auditing
- VSA 210 – Agreeing the terms of audit engagements
- VSA 220 – Quality control for an audit of financial statements
- VSA 230 – Audit documentation
- VSA 240 – The auditor’s responsibilities relating to fraud in an audit of financial statements
- VSA 250 – Consideration of laws and regulations in an audit of financial statements
- VSA 260 – Communication with those charged with governance
- VSA 265 – Communicating deficiencies in internal control to those charged with governance and management
- VSA 300 – Planning an audit of financial statements
- VSA 315 – Identifying and assessing the risks of material misstatement through understanding the entity and its environment
- VSA 320 – Materiality in planning and performing an audit
- VSA 330 – The auditor’s responses to assessed risks
- VSA 402 – Audit considerations relating to an entity using a service organization
- VSA 450 – Evaluation of misstatements identified during the audit
- VSA 500 – Audit evidence
- VSA 501 – Audit evidence specific considerations for selected items and events
- VSA 505 – External confirmations
- VSA 510 – Initial audit engagements opening balances
- VSA 520 – Analytical procedures
- VSA 530 – Audit sampling
- VSA 540 – Auditing accounting estimates (including fair value accounting estimates and related disclosures)
- VSA 550 – Related parties
- VSA 560 – Subsequent events
- VSA 570 – Going concern
- VSA 580 – Written representations
- VSA 600 – Special considerations audits of group financial statements (including the work of component auditors)
- VSA 610 – Using the work of internal auditors
- VSA 620 – Using the work of an auditor’s expert
- VSA 700 – Forming an opinion and reporting on financial statements
- VSA 705 – Modifications to the opinion in the independent auditor’s report
- VSA 706 – Emphasis of matter paragraphs and other matter paragraphs in the independent auditor’s report
- VSA 710 – Comparative information corresponding figures and comparative financial statements
- VSA 720 – The auditor’s responsibilities relating to other information in documents containing audited financial statements
- VSA 800 – Special considerations audits of financial statements prepared in accordance with special purpose frameworks
- VSA 805 – Special considerations audits of single financial statements and specific elements, accounts or items of a financial statement
- VSA 810 – Engagements to report on summary financial statements
- VSA 1000 – Audits of final accounts of completed projects
- International Standards on Auditing (ISA): These standards provide specific regulations and guidelines for all aspects related to independent audits performed by auditors, including audit strategies, audit procedures, risk assessment, types of audit opinions, etc.
- International Code of Ethics for Professional Accountants
View the above documents here