Financial Audit


All of the corporations including foreign companies must receive the financial audit for yearly financial statements in Vietnam. The auditors will detect whether the financial statements have been made properly and whether the information is appreciate. Also after the audit, auditors should give a report to the corporations with the opinion of audit.


The audit report should be made in Vietnam and your own language. Then audit report and financial report should be submitted to related government within 90 days. The related government includes Tax Office, Statistics Office and Investment Office.


However, if the corporation is set up in 90 days before closing day, the closing work and audit can be delayed to conduct in the next year.


In addition, the statutory audit should be done one time in a year. But it is possible to conduct the medium audit and four quarters audit according to the strategies of corporations.


In Vietnam, more than three certified accountants are necessary to register in order to set up audit corporations.


The followings are some parts of Vietnamese Audit Standards.


Article 1.- To promulgate six (6) Vietnamese audit standards (second phase) with the following codes and appellations:


1. Standard No.250 – Considering the observance of laws and regulations in the audit of financial reports;

2. Standard No.310 – Understanding of business situation;

3. Standard No.500 – Auditing evidence;

4. Standard No.510 – First- year audit- Fiscal year-starts balance;

5. Standard No.520 – Analytical process;

6. Standard No.580 – Directors exposition.


Article 2.- The Vietnamese audit standards promulgated together with this Decision shall apply to the independent audit of financial reports. The services of independent audit of other financial information and the relevant services of the auditing companies shall comply with the specific regulations of each standard.


Article 3.- This Decision takes effect 15 days after its signing.


Article 4.- Auditors and auditing companies operating lawfully in Vietnam shall have to deploy the implementation of the Vietnamese audit standards in their activities.


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