Decree No. 90/2025/ND-CP amending and supplementing certain provisions of Decree No. 17/2012/ND-CP detailing and guiding the implementation of certain articles of the Law on Independent Audit
On April 14, 2025, the Government issued Decree No. 90/2025/ND-CP amending and supplementing certain provisions of Decree No. 17/2012/ND-CP dated March 13, 2012, which provides detailed regulations and guidance on the implementation of certain articles of the Law on Independent Audit.
The amendments and supplements are as follows:
Additional criteria for determining large enterprises subject to mandatory audit:
Article 1. Addition of certain points and clauses to Article 15 of Decree No. 17/2012/ND-CP
Other large enterprises as stipulated at point đ, Clause 1, Article 37 of the Law on Independent Audit must satisfy at least 2 out of the following 3 criteria:
- Having an annual average number of employees participating in social insurance of 200 or more;
- Having total annual revenue of VND 300 billion or more;
- Having total assets of VND 100 billion or more.
Principles for determining the annual average number of employees participating in social insurance, annual total revenue, and total assets are as follows:
- Employees participating in social insurance refer to all employees managed, employed, and paid salaries and wages by the enterprise, who participate in social insurance as prescribed by the law on social insurance;
- The annual average number of employees participating in social insurance is calculated by dividing the total number of employees participating in social insurance in all months of the immediately preceding year by 12 months;
- The number of employees participating in social insurance for each month is determined at the end of the month based on social insurance payment documents submitted to social insurance agencies;
- Annual total revenue is determined based on the financial statements of the immediately preceding year prepared by enterprises in accordance with accounting regulations;
- Total assets are determined at the end of the fiscal year based on the financial statements of the immediately preceding year prepared by enterprises in accordance with accounting regulations.
Enterprises that fail to meet the criteria defining large enterprises for two consecutive years will not be subject to mandatory audit until such time as they meet these criteria again.
Amendments to regulations regarding the duration auditors can sign audit reports for an audited entity:
Article 2. Amendments and supplements to Clause 2, Article 16 of Decree No. 17/2012/ND-CP:
Practicing auditors are not allowed to sign audit reports for the same audited entity for more than 5 consecutive years.
Transitional provisions regarding auditor signing periods and mandatory audit for large enterprises:
Article 4. Transitional provisions
Practicing auditors who have signed audit reports for an audited entity before January 1, 2025, may continue to sign audit reports for that audited entity.
Enterprises whose total revenue and total assets, as reported in the financial statements for the fiscal year 2024, and whose annual average number of employees participating in social insurance for 2024 satisfy the conditions stipulated in Clause 1, Article 1 of this Decree shall be subject to mandatory audit of financial statements from the fiscal year 2025 onward.
This Decree takes effect from April 14, 2025.
