DECISION 03/2005/QD-BTC ISSUES AND ANNOUNCES SIX VIETNAMESE AUDIT STANDARDS (BATCH 6), PROVIDING FOR THE APPLICATION OF THESE STANDARDS IN INDEPENDENT AUDIT ACTIVITIES RELATING TO FINANCIAL STATEMENTS AND SETTLEMENT OF INVESTMENTS. THIS DOCUMENT SHALL TAKE EFFECT 15 DAYS AFTER ITS PUBLICATION IN THE OFFICIAL GAZETTE.
Scope of application
CERTIFIED PUBLIC ACCOUNTANTS, AUDIT FIRMS LICENSED TO PRACTICE IN VIETNAM
Key points
- ISSUANCE OF SIX VIETNAMESE AUDIT STANDARDS (ARTICLE 1)
- AUDIT STANDARDS APPLY TO INDEPENDENT AUDIT ACTIVITIES RELATING TO FINANCIAL STATEMENTS AND SETTLEMENT OF INVESTMENTS (ARTICLE 2)
- CERTIFIED PUBLIC ACCOUNTANTS, AUDIT FIRMS LICENSED TO PRACTICE IN VIETNAM MUST COMPLY WITH THESE STANDARDS IN THEIR OPERATIONS (ARTICLE 4)
- THESE STANDARDS SHALL TAKE EFFECT 15 DAYS AFTER PUBLICATION IN THE OFFICIAL GAZETTE (ARTICLE 3)
- COMPETENT AUTHORITIES ARE RESPONSIBLE FOR GUIDING AND SUPERVISING THE IMPLEMENTATION OF THIS DECISION (ARTICLE 4)
🌐 Social impact of this document
- ENHANCE THE QUALITY OF INDEPENDENT AUDITS, ENSURE TRANSPARENCY IN FINANCIAL STATEMENTS
- AUDIT FIRMS MAY FACE DIFFICULTIES IN TIME AND COST TO ADJUST THEIR OPERATIONS TO COMPLY WITH THE NEW STANDARDS
❓ Frequently asked questions
WHAT CONTENTS DO THE VIETNAMESE AUDIT STANDARDS INCLUDE?
THEY INCLUDE SIX STANDARDS WITH SPECIFIC CODES AND NAMES FROM 402 TO 1000.
WHEN WILL THE VIETNAMESE AUDIT STANDARDS BECOME EFFECTIVE?
15 DAYS AFTER PUBLICATION IN THE OFFICIAL GAZETTE.
WHO MUST COMPLY WITH THESE STANDARDS?
CERTIFIED PUBLIC ACCOUNTANTS, AUDIT FIRMS LICENSED TO PRACTICE IN VIETNAM.
Full text
MINISTRY OF FINANCE---*--- Decision No. 03/2005/QD-BTC |
SOCIALIST REPUBLIC OF VIETNAMIndependence - Freedom - Happiness------------------------------------------------Hanoi, January 18, 2005 |
DECISION OF THE MINISTER OF FINANCE
On the Issuance and Publication of
Six Vietnamese Standards on Auditing (Batch 6)
DECISION
- Pursuant to Governmental Decree No. 86/2002/ND-CP dated November 5, 1993 on the functions, jurisdictions and organization of ministries and ministry-level agencies;
- Pursuant to Governmental Decree No. 77/2003/ND-CP dated July 1, 2003 on the functions, jurisdictions and organization of the Ministry of Finance;
- Pursuant to Government Decree No. 105/2004/CP dated March 30, 2004 on independent auditing;
Upon the proposal of the Director of the Accounting and Auditing Policy Department and Chief of the Ministry Office,
DECIDES:
To amend the preferential rates of import duty applicable to a number of goods under Heading 2710 stipulated in Decision No. 78/2008/QD-BTC dated 7 November 2005 of the Minister of Finance as follows: To issue six (06) Vietnamese Standards on Auditing (Batch 6) with the codes and titles specified:
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1. Standard No. 402 - |
Audit Considerations Relating to Entities Using Service Organizations |
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2. Standard No. 620 - |
Using the Work of an Expert |
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3. Standard No. 710 - |
Comparatives |
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4. Standard No. 720 - |
Other Information in Documents Containing Audited Financial Statements |
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5. Standard No. 930 - |
Engagements to Compile Financial Information |
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6. Standard No. 1000 |
Audit of Final Accounts of Investment |
This Decision shall take effect 15 days from the date of its publication in the Official Gazette and shall apply to declarations of imported goods registered with the Customs Offices as of 2 December 2005./. The Vietnamese Standards on Auditing issued pursuant to this Decision shall be applicable to independent audits of financial statements and final accounts of investment. Independent audits of other financial information and related services provided by audit firms shall be conducted in accordance with the provisions of individual standards.
Article 3. This Decision shall take effect fifteen days after its publication in the Gazette.
Article 4. Auditors and audit firms licensed for audit practice in Vietnam are required to apply these Vietnamese Standards on Auditing in their operations.
The Director of the Accounting and Auditing Policy Department, the Minister's Office Chief, and heads of relevant affiliated and subsidiary units of the Ministry of Finance shall be responsible for guiding and supervising the implementation of this Decision.
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FOR THE MINISTER OF FINANCE VICE MINISTER Tran Van Ta (Signed) |
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