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Enterprises and organizations that are required to audit

Thanh Nam Tax
Tax Management Law

Based on 1339 letters, enterprises and organizations that are required to audit




Independence - Freedom - Happiness

No. 1339/BTC-CĐKT
Re: Enterprises and organizations that are required to audit
Ha Noi, January 24,  2014


Respectfully to:
-          The Ministry of Planning and Investment,
-          Departments of Planning and Investment of provinces and centrally affiliated cities;
-          Services of Finance of provinces and centrally affiliated cities;
-          The General Department of Taxation, Departments of Taxation of provinces and centrally affiliated cities;
-          The General Department of Statistics, Departments of Statistics of provinces and centrally affiliated cities;


On March 29, 2011, the Law on Independent Audit No. 67/2011/QH12 was passed at 9th session by the XIIth National Assembly and takes effect on the date of January 1, 2012.
In Clause 3, Article 9 of the Law Independent Audit defining: " Enterprises and organizations that are required to audit as submitting financial statements to the competent State agencies and as publicizing financial statements audit are required to attach the audit statements; in case when the State agencies receive financial statements of the enterprises, organizations which are required to audit without the attached audit statements, the State agencies are responsible for sending notice to the competent state agencies for handling in accordance with the law regulations".
Article 34 of the Law on Accounting also defines:
"1. The accounting units' annual financial statements which are, as prescribed by law, subject to audit must be audited before they are submitted to competent State bodies and before they are publicized.
2. When audited, the accounting units must observe all the law provisions on audit.
3. The audited financial statements, when being submitted to competent State bodies specified in Article 34 of this Law, must be enclosed with the audit reports".
In addition, according to the provisions of Clause 1, Clause 2 and Clause 3, Article 15 of the Government's Decree No. 17/2012/NÐ-CP dated March 13, 2012 detailing and guiding the implementation of a number of articles of the Law on Independent Audit, the following subjects are compulsory auditing annual financial statements: Enterprises with foreign owned capital; Credit institutions which are established and operating under the Law on credit institutions, including branches of foreign banks in Vietnam; Financial organizations, insurance companies, reinsurance companies, insurance brokerage companies, branches of foreign non life insurance companies; Public companies, securities issuing organizations and securities trading organizations; Other enterprises and organizations are subjects of compulsory auditing under relevant provisions of law and enterprises, organizations whose annual financial statements, as prescribed by law, must be audited by the audit firm, branches of the foreign audit firm in Vietnam.
Point h, Clause 2, Article 10 of the Government's Decree No. 105/2013/NÐ-CP dated September 16, 2013 on sanctioning of administrative violations in domains of accounting and independent audit defining the sanction of violations in financial statements, settlement reports and in disclosing financial statements: "A fine of between VND 20,000,000 and VND 30,000,000 for the act of submitting financial statements to competent state agencies without enclosed audit reports for cases where audit is required in accordance with law".
The Ministry of Finance suggests the agencies and units rejecting financial statements without enclosed audit reports of subjects those are compulsory auditing financial statements under the provisions of the law on accounting and audit concurrently requiring enterprises and organizations to audit financial statements and promptly report to competent state agencies, the Ministry of Finance ( the Auditing & Accounting Regimes Department) so that such agencies and department perform their state managing functions regarding the accounting and independent audit activities and sanction violations according to law.
The Ministry of Finance is waiting the cooperation of the agencies and units.

Nguyen Cong Nghiep


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