Circular No. 214/2012/TT-BTC Issuing the Vietnamese Auditing Standards System

CIRCULAR

Issuing the Vietnamese Auditing Standards

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Pursuant to the Law Kpursuant to the Law on Independent Auditing number 67/2011/QH12 dated March 29, 2011;

BASED ON THE DECREE NO. 17/2012/NĐ-CP dated March 13, 2012 of the Government Article 24detailing and guiding the implementation of certain provisions of the Law Kon Independent Auditing;

Pursuant to Decree No. 118/2008/NĐ-CP dated November 27, 2008 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

Considering the proposal of the Chairman of the Vietnam Association of Certified Public Accountants (VACPA) and the Director of the Accounting and Auditing System Department;

The Minister of Finance issues this Circular issuing the Vietnamese Auditing Standards.

Article 1. This Circular hereby promulgates thirty-seven (37) Vietnamese Auditing Standards with their respective numbers and titles as follows:

1. Quality Control Standard No. 1 - Quality Control for Performing Audits, Reviews of Financial Statements, Assurance Services, and Related Services (VSQC1).

2. Standard No. 200 - Overall Objectives of the Independent Auditor and Management When Performing an Audit in Accordance with Vietnamese Auditing Standards.

3. Standard No. 210 - Audit Engagement Agreements.

4. Standard No. 220 - Quality Control for Audits of Financial Statements.

5. Standard No. 230 - Documentation in an Audit of Financial Statements.

6. Standard No. 240 - The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements.

7. Standard No. 250 - Consideration of Laws and Regulations in an Audit of Financial Statements.

8. Standard No. 260 - Communication with Those Charged with Governance.

9. Standard No. 265 - Communicating Deficiencies in Internal Control to Those Charged with Governance and Management.

10. Standard No. 300 - Planning an Audit of Financial Statements.

11. Standard No. 315 - Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.

12. Standard No. 320 - Materiality in Planning and Performing an Audit.

13. Standard No. 330 - The Auditor's Responses to Assessed Risks.

14. Standard No. 402 - Considerations Related to Auditors' Use of Experts.

15. Standard No. 450 - Evaluation of Identified Misunderstandings in an Audit.

16. Standard No. 500 - Audit Evidence.

17. Standard No. 501 - Audit Evidence Related to Specific Transactions, Account Balances, and Disclosures.

18. Standard No. 505 - Information Obtained from Correspondence.

19. Standard No. 510 - Opening Balance Audit.

20. Standard No. 520 - Analytical Procedures.

21. Standard No. 530 - Audit Sampling.

22. Standard No. 540 - Auditing Accounting Estimates (Including Fair Value Accounting Estimates and Related Disclosures).

23. Standard No. 550 - Related Parties.

24. Standard No. 560 - Subsequent Events.

25. Standard No. 570 - Going Concern.

26. Standard No. 580 - Written Representations.

27. Standard No. 600 - Considerations in Auditing Consolidated Financial Statements (Including the Work of Component Auditors).

28. Standard No. 610 - Using the Work of Internal Auditors.

29. Standard No. 620 - Using the Work of Specialists.

30. Standard No. 700 - Forming an Opinion and Reporting on Financial Statements.

31. Standard No. 705 - Modifications to the Opinion in the Independent Auditor's Report.

32. Standard No. 706 - Emphasis-of-Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report on Financial Statements.

33. Standard No. 710 - Comparative Information - Corresponding Figures and Comparatives.

34. Standard No. 720 - Other Matters in Documents Containing Audited Financial Statements.

35. Standard No. 800 - Considerations in Auditing Financial Statements Prepared in Accordance with Special Purpose Frameworks.

36. Standard No. 805 - Considerations in Auditing Financial Statements of Smaller Entities and in Auditing Financial Statements That Are Not Intended for General Purpose.

37. Standard No. 810 - Services on Summary Financial Statements.

Article 2. Scope and Objects of Application

This Circular promulgates the Vietnamese Auditing Standards applicable to auditing firms, branches of foreign auditing firms in Vietnam, practicing auditors, and other organizations and individuals involved in providing independent auditing services.

1. This Circular shall take effect from October 20, 2025, except as provided in Clause 2 of this Article.

1. This Circular takes effect from January 1, 2014.

2. For audits of financial statements and other auditing engagements performed before January 1, 2014, but where the audit report is issued after January 1, 2014, the Vietnamese Auditing Standards promulgated by this Circular must be applied.

3. The Vietnamese Auditing Standards issued by Decisions No. 120/1999/QĐ-BTC dated September 27, 1999, Decision No. 219/2000/QĐ-BTC dated December 29, 2000, Decision No. 143/2001/QĐ-BTC dated December 21, 2001, Decision No. 28/2003/QĐ-BTC dated March 14, 2003, Decision No. 195/2003/QĐ-BTC dated November 28, 2003, Decision No. 03/2005/QĐ-BTC dated January 18, 2005, and Decision No. 101/2005/QĐ-BTC dated December 29, 2005 of the Minister of Finance shall cease to be effective from January 1, 2014, except for the standards specified in Clause 4 of this Article.

4. The Auditing Standards No. 1000 "Audit of Final Accounts for Completed Investment Projects," Auditing Standard No. 930 "Compilation of Financial Information," issued by Decision No. 03/2005/QĐ-BTC dated January 18, 2005 of the Minister of Finance, Auditing Standard No. 910 "Review of Financial Statements," and Auditing Standard No. 920 "Review of Financial Information Based on Agreed-Upon Procedures" issued by Decision No. 195/2003/QĐ-BTC dated November 28, 2003 of the Minister of Finance shall continue to be effective until new standards replace them.

Article 4. Organization of Implementation

1. The Vietnam Association of Certified Public Accountants is responsible for disseminating, implementing, and guiding the application of the Vietnamese Auditing Standards issued by this Circular.

2. The Director of the Accounting and Auditing System Department, the Director of the Ministry's Office, and the Heads of relevant units are responsible for guiding, inspecting, and enforcing this Circular./.