Auditing

1. Internal audit

According to the Institute of Internal Auditors, “the role of internal audit is to provide independent assurance that an organization’s risk management, governance, and internal control processes are operating effectively.”

Vietnam Government issued Decree 05/2019/NĐ-CP prescribes the internal audit carried out by state regulatory authorities, state-owned public service units and enterprises and came into effect on 1st April 2019.

This decree shall apply to the followings:

• Ministries, Ministry-level bodies, Governmental agencies;
• People’s Committees of centrally - affiliated cities and provinces;
• State-owned public service units;
• Enterprises;
• Organizations and individuals involved in internal audit.

2. External audit

Ministry of Finance (“MOF”) has issue 47 auditing standards which based on the international standard of auditing. These standards have been updated in accordance with the latest guidelines of international standards of auditing, therefore, there is almost no difference between domestic and international standards.

The annual financial statements of all foreign-invested entities must be audited by an independent auditing company operating in Viet Nam. Audited annual financial statements must be completed and submitted with CIT finalization in the last day of the 3rd month from the end of the calendar year or the fiscal year. These financial statements should be filed with MOF, local tax authorities, Department of Statistics and other relevant authorities…