Decision No. 03/2005/QD-BTC of the Ministry of Finance issues and announces six Vietnamese Auditing Standards (Batch 6), applicable to independent audit of financial statements and audit of final settlement reports of completed investment capital.
Scope of application
Auditors and Accounting Firms operating legally in Vietnam
Key points
- Auditors and Accounting Firms must implement six Vietnamese Auditing Standards (Batch 6) in their operations.
- The auditing standards apply to independent audit of financial statements and audit of final settlement reports of completed investment capital.
🌐 Social impact of this document
- Positive impact: Standardizing the auditing process helps improve the quality of financial information, increase transparency and reliability.
- Negative impact: It may impose a cost burden on enterprises when they have to comply with new standards.
❓ Frequently asked questions
To which companies do the Vietnamese Auditing Standards (Batch 6) apply?
They apply to Auditors and Accounting Firms operating legally in Vietnam.
In which cases are the auditing standards applied?
The auditing standards apply to independent audit of financial statements and audit of final settlement reports of completed investment capital.
When does this decision come into effect?
This decision takes effect fifteen days from the date of publication in the Official Gazette.
What must accounting firms do to comply with this decision?
Auditors and Accounting Firms must implement Vietnamese Auditing Standards in their operations.
Full text
DECISION OF THE MINISTER OF FINANCE
Regarding the issuance and publication six Vietnamese auditing standards (batch 6)
THE MINISTER OF FINANCE
Pursuant to Decree No. 86/2002/NĐ-CP dated November 5, 2002 of the Government stipulating functions, tasks, powers, and organizational structure of Ministries and Ministerial-Level Agencies;
Pursuant to Decree No. 77/2003/NĐ-CP dated July 1, 2003 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;
Pursuant to Decree No. 105/2004/NĐ-CP dated March 30, 2004 of the Government on Independent Auditing;
At the proposal of the Director of the Accounting and Auditing Department, the Head of the Ministry's Office,
DECISION:
Article 1. Issuing six (06) Vietnamese auditing standards (batch 6) with the following numbers and names:
1. Standard 402 - Factors to Consider When Auditing Entities That Use External Services
2. Standard 620 - Using Information from Experts
3. Standard 710 - Comparative Information
4. Standard 720 - Other Information in Documents Containing Audited Financial Statements
5. Standard 930 - Compilation of Financial Information
6. Standard 1000 - Audit of Final Accounts for Completed Investment Projects
Article 2. The Vietnamese auditing standards issued pursuant to this Decision shall apply to independent audits of financial statements and audits of final accounts for completed investment projects. Auditing services for other financial information and related services of accounting firms shall be applied according to the specific provisions of each standard.
Article 3. This Decision takes effect 15 days from the date of publication in the Official Gazette.
Article 4. Auditors and accounting firms operating legally in Vietnam are responsible for implementing Vietnamese auditing standards in their activities.
The Director of the Accounting System and Auditing Department, the Head of the Ministry's Office, and the Heads of relevant units under and directly subordinate to the Ministry of Finance are responsible for guiding, inspecting, and enforcing this Decision./.
DEPUTY MINISTER
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