Decision No. 101/2005/QD-BTC of the Ministry of Finance issues four Vietnamese Auditing Standards (Batch 7), applicable to independent audit services for financial statements. These standards shall take effect fifteen days after their publication in the Official Gazette.
适用范围
Auditors and auditing firms operating legally in Vietnam
要点
- Auditors and auditing firms must implement the issued Vietnamese Auditing Standards in their operations, which become effective fifteen days after their publication in the Official Gazette.
🌐 本文件的社会影响
- Positive impact: Improving the quality of audits through the application of new standards, enhancing the reliability of financial statements.
- Negative impact: It may cause difficulties for auditing firms during the transition to implementing the new standards.
❓ 常见问题
What does Batch 7 of the Vietnamese Auditing Standards include?
Batch 7 of the Vietnamese Auditing Standards includes Standard 260 - Communicating Significant Matters Arising from the Audit with Management; Standard 330 - Audit Procedures Based on Assessing Risks; Standard 505 - Information Obtained from External Confirmations; and Standard 545 - Auditing the Determination and Presentation of Fair Value.
To which audit services do these standards apply?
These standards apply to independent audit services for financial statements. Audit services for other financial information and related services of the Auditing Firm are applied according to specific provisions of each standard.
When does this decision come into effect?
This decision shall take effect fifteen days after its publication in the Official Gazette.
What should auditing firms do to comply with this decision?
Auditors and auditing firms operating legally in Vietnam are responsible for implementing the issued Vietnamese Auditing Standards in this decision in their respective operations.
When do the new auditing standards apply?
The new auditing standards shall take effect fifteen days after their publication in the Official Gazette.
全文
DECISION OF THE MINISTER OF FINANCE
Regarding the issuance and publication
of four Vietnamese auditing standards (batch 7)
THE MINISTER OF FINANCE
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 four (04) Vietnamese auditing standards (batch 7) with the following numbers and names:
1. Standard 260 - Communicating Significant Matters Arising During the Audit with Management of the Entity Being Audited;
2. Standard 330 - Audit Procedures Based on Assessments of Risks;
3. Standard 505 - Information from External Confirmations;
4. Standard 545 - Auditing the Determination and Presentation of Fair Value.
Article 2. The Vietnamese auditing standards issued together with this Decision shall apply to independent audit services for financial statements. Audit 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 fifteen days from the date of publication in the Official Gazette.
Article 4. Auditors and accounting firms legally operating in Vietnam are responsible for implementing the Vietnamese auditing standards issued in this Decision in their operations.
The Director of the Accounting and Auditing Department, the Head of the Ministry's Office, and the Heads of relevant units under the Ministry of Finance are responsible for guiding, inspecting, and enforcing this Decision./.
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