Decision No. 195/2003/QĐ-BTC of the Minister of Finance issues six Vietnamese auditing standards (Batch 5), applicable to independent auditing companies reporting financial statements. The Decision takes effect from January 1, 2004.
Scope of application
Independent auditing companies operating in Vietnam
Key points
- Independent auditing companies reporting financial statements must apply the six Vietnamese auditing standards (Batch 5) issued under this Decision.
- The Decision takes effect from January 1, 2004.
- Auditing companies of other financial information and related services shall apply according to the specific provisions of each standard.
- Auditors and independent auditing companies operating legally in Vietnam are responsible for implementing Vietnamese auditing standards in their respective company operations.
- This Decision does not apply to entities other than independent auditing companies.
🌐 Social impact of this document
- Positive impact: Enhance the quality of audits and financial information, helping to improve economic and financial management.
- Negative impact: May cause difficulties for auditing companies in implementing new standards.
❓ Frequently asked questions
Which auditing standards must auditing companies apply?
Independent auditing companies reporting financial statements must apply the six Vietnamese auditing standards (Batch 5) issued under this Decision.
When does the Decision take effect?
The Decision takes effect from January 1, 2004.
How do auditing companies of other financial information apply the standards?
Auditing companies of other financial information and related services shall apply according to the specific provisions of each standard.
Who is responsible for implementing Vietnamese auditing standards?
Auditors and independent auditing companies operating legally in Vietnam are responsible for implementing Vietnamese auditing standards in their respective company operations.
To which entities does this Decision apply?
This Decision applies only to independent auditing companies operating in Vietnam and does not apply to other groups of entities.
Full text
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MINISTRY OF FINANCE |
SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ------------------------------ |
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Number: 195/2003/QĐ-BTC |
Hanoi, November 28, 2003 |
DECISION OF THE MINISTER OF FINANCE
Regarding the issuance and publication of six Vietnamese Auditing Standards (Batch 5)
THE MINISTER OF FINANCE
- Based on Decree No. 86/2002/NĐ-CP dated November 5, 2002 of the Government stipulating the 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;
- Based on Decree No. 07/CP dated January 29, 1994 of the Government promulgating the Independent Audit Regulations in the national economy;
To meet the requirements for reforming economic and financial management mechanisms, improving the quality of independent auditing in the national economy; to inspect and control the quality of independent auditing activities, and to promote the healthiness of financial information in the national economy;
At the proposal of the Director of the Accounting System and Auditing Department, the Head of the Ministry of Finance's Office,
DECISION:
Article 1: Issuing six (06) Vietnamese Auditing Standards (Batch 5) with the following numbers and names:
1. Standard No. 401 - Performing Audits in an Information Technology Environment;
2. Standard No. 550 - Related Parties;
3. Standard No. 570 - Going Concern;
4. Standard No. 800 - Reporting on Special Considerations in Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks;
5. Standard No. 910 - Engagements to Review Financial Statements;
6. Standard No. 920 - Agreed-Upon Procedures Engagements Relating to Financial Information.
Article 2: The Vietnamese Auditing Standards issued together with this Decision shall apply to independent audits of financial statements. Services related to auditing other financial information and related services provided by accounting firms shall be applied according to the specific provisions of each standard.
Article 3: This Decision shall take effect from January 1, 2004.
Article 4: Certified Public Accountants and accounting firms operating legally in Vietnam are responsible for implementing Vietnamese Auditing Standards in their operations.
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./.
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Place of Receipt: - Prime Minister, Deputy Prime Minister Government (for reporting) - Central Party Committee Office - Office of the President - National Assembly Office - Office of the Government - Supreme People's Court - Supreme People's Procuracy - Provincial Departments of Finance, Taxation Bureaus of provinces and cities - Accounting firms - Universities of Economics and Business Administration, Ho Chi Minh City Units under and directly under the Ministry ANNEXED TO THIS CIRCULAR (Circular No. 209/2016/TT-BTC dated October 10, 2016 of the Minister of Finance) - To be filed at the Office, Accounting System and Auditing Department, Taxation Bureau and State Treasury Control. |
MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT DEPUTY MINISTER (Signed) TRAN VAN TA |
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