Decision No. 87/2005/QD-BTC On Issuing and Announcing the Vietnamese Accounting and Auditing Professional Ethics Standards

DECISION OF THE MINISTER OF FINANCE

Regarding the issuance and promulgation of Accounting and Auditing Professional Ethics Standards

of Vietnam

THE MINISTER OF FINANCE

Pursuant to the Accounting Law No. 03/2003/QH11 dated June 17, 2003;

Pursuant to the Government Decree No. 128/2004/ND-CP dated May 31, 2004 detailing and guiding the implementation of the Accounting Law in the field of state accounting, the Government Decree No. 129/2004/ND-CP dated May 31, 2004 detailing and guiding the implementation of the Accounting Law in business activities, and the Government Decree No. 185/2004/ND-CP dated November 8, 2004 on administrative penalties in the field of accounting;

Pursuant to the Government Decree No. 105/2004/ND-CP dated March 30, 2004 on Independent Auditing and the Government Decree No. 133/2005/ND-CP dated October 31, 2005 amending and supplementing certain articles of the Government Decree No. 105/2004/ND-CP dated March 30, 2004 on independent auditing;

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;

To enhance public trust in the accounting and auditing information system; establish recognition of the professionalism of accountants and auditors and ensure the quality of accounting and auditing services;

At the proposal of the Director of the Accounting and Auditing Regulations Department and the Head of the Ministry's Office,

DECISION:

Article 1. Attached to this Decision are the "Vietnamese Accounting and Auditing Professional Ethics Standards" applicable to all accountants, auditors, and accounting and auditing firms. The application for each subject is specified in the content of the Standards.

Article 2. This Decision takes effect fifteen days from the date of publication in the Official Gazette.

Article 3. All accounting and auditing firms, practicing auditors, practicing accountants, and accounting units nationwide are responsible for implementing the Accounting and Auditing Professional Ethics Standards in their respective operations.

The Vietnam Association of Accountants and Auditors (VAA) is assigned to guide and inspect the implementation of accounting and auditing professional ethics standards for accountants and practicing accountants. The Vietnam Association of Certified Public Accountants (VACPA) is assigned to guide and inspect the implementation of accounting and auditing professional ethics standards for auditors and practicing auditors. The Director of the Accounting and Auditing Regulations 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.

The Director of the Accounting and Auditing Regulations 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./.