Decision No. 219/2000/QD-BTC issues six Vietnamese auditing standards (second batch) to enhance the quality of independent auditing activities and ensure financial information in the national economy.
Scope of application
Auditor, Accounting firm operating legally in Vietnam
Key points
- Auditors and accounting firms must comply with the six issued Vietnamese auditing standards (Article 1).
- The standards apply to independent auditing activities of financial statements, other auditing services for financial information, and related services of accounting firms as specified in each standard (Article 2).
- The Decision takes effect fifteen days from the date of signature (Article 3).
- Auditors and accounting firms must implement the standards in their operations (Article 4).
- The Head of the Accounting System Department, the Director of the Ministry's Office, and the Heads of relevant units under and directly affiliated with the Ministry of Finance are responsible for guiding and supervising the implementation of this Decision.
🌐 Social impact of this document
- Enhance the quality of independent auditing activities.
- Reduce risks in corporate financial information.
- Require relevant entities to implement new standards, creating initial burdens in terms of time and resources for transition.
❓ Frequently asked questions
When are Vietnamese auditing standards applied?
The Decision takes effect fifteen days from the date of signature (December 29, 2000).
Which entities must comply with Vietnamese auditing standards?
Auditors and accounting firms operating legally in Vietnam.
Full text
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MINISTRY OF FINANCE |
SOCIALIST REPUBLIC OF VIETNAM |
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Number: 219/2000/QĐ-BTC |
Hanoi, December 29, 2000 |
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Pursuant to …;
Regarding the issuance and promulgation ofsix (06) Vietnamese Auditing Standards (Batch 2)
THE MINISTER OF FINANCE
Pursuant to Decree No. 15/CP dated March 2, 1993 of the Government on the tasks, powers, and responsibilities for state management of Ministries and ministerial-level agencies;
Pursuant to Decree No. 178/CP dated October 28, 1994 of the Government on the Tasks, Authorities, and Organizational Structure of the Ministry of Finance;
Pursuant to Decree No. 07/CP dated January 29, 1994 of the Government promulgating the Independent Audit Regulations in the national economy;
To meet the requirements of reforming the economic and financial management mechanism, improving the quality of independent audit activities in the national economy; inspecting and supervising the quality of independent audit activities, and purifying financial information in the national economy;
At the proposal of the Director of the Accounting System Department, the Head of the Office of the Ministry of Finance,
DECISION:
Article 1. Issuing six (06) Vietnamese Auditing Standards (Batch 2) with the following numbers and names:
1. Standard No. 250 - Considering Compliance with Laws and Regulations in Financial Statement Audits;
2. Standard No. 310 - Understanding the Entity's Environment;
3. Standard No. 500 - Audit Evidence;
4. Standard No. 510 - Initial Audit Engagements - Opening Balances;
5. Standard No. 520 - Analytical Procedures;
6. Standard No. 580 - Management Representations.
Article 2. The Vietnamese Auditing Standards issued together with this Decision shall apply to independent audit activities of financial statements. Services related to auditing other financial information and associated services of accounting firms shall be applied according to specific provisions of each standard.
Article 3. This Decision shall take effect fifteen days from the date of signature.
Article 4. Certified Public Accountants and Accounting Firms operating legally in Vietnam are responsible for implementing Vietnamese Auditing Standards in their respective operations. The Director of the Accounting System Department, the Head of the Ministry of Finance Office, and the Heads of relevant units under and directly affiliated with the Ministry of Finance are responsible for guiding, inspecting, and enforcing this Decision./.
THE MINISTER OF FINANCE
Nguyen Sinh Hung
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