Vietnamese Standards on Auditing ("VSA")

Vietnamese Standards on Auditing (“VSA”) is set up in compliance with International Standards on Auditing (“ISA”). So far, seven batches of VSAs have been issued by the

MoF including:

  • Batch 1: Decision 120/1999/QD-BTC, September 27, 1999, issuing 4 VSA Batch 2: Decision 219/2000/QD-BTC, December 29, 2000, issuing 6 VSA
  • Batch 3: Decision 143/2001/QD-BTC, December 21, 2001, issuing 6 VSA Batch 4: Decision 28/2003/QD-BTC, March 14, 2003, issuing 5 VSA
  • Batch 5: Decision 195/2003/QD-BTC, November 28, 2003, issuing 6 VSA
  • Batch 6: Decision 3/2005/QD-BTC, January 18, 2005, issuing 6 VSA
  • Batch 7: Decision 101/2005/ QD-BTC, December 29, 2005, issuing 4 VSA

Thirty-seven VSA fully adopted of ISA have been issued on auditing and related services of which:

  • Thirty-three relate to audits and reviews of historical financial information,
  • Two standards relate to review engagement,
  • One standard relates to related services (i.e. VSA 920 “examination of financial information using agreed-upon procedures”), and
  • One standard in specialized areas (i.e. VSA 1000 “Audit the finalized report of construction contract”).

Below are details of VSA issued by sequential number:

  1. VSA 200: Objective and general principles governing an audit of financial statements
  2. VSA 210: Audit contract 3.VSA 220: Quality control for audit work
  3. VSA 230: Documentation 5. VSA 240: Fraud and error
  4. VSA 250: Consideration of laws and regulations in an audit of financial statements
  5. VSA 260: The Auditor's Communication with Those Charged with Governance
  6. VSA 300: Planning
  7. VSA 310: Knowledge of the business
  8. VSA 320: Audit materiality
  9. VSA 330: The Auditor's Procedures in Response to Assessed Risks
  10. VSA 400: Risk assessments and internal control
  11. VSA 401: Auditing in computer information systems
  12. VSA 402: Audit considerations relating to entities using service organizations
  13. VSA 500: Audit evidence
  14. VSA 501: Audit evidence - additional consideration for specific items
  15. VSA 505: External Confirmations
  16. VSA 510: Initial engagements - opening balances
  17. VSA 520: Analytical review procedures
  18. VSA 530: Audit sampling and other selective testing
  19. VSA 540: Audit of accounting estimates
  20. VSA 545: Auditing Fair Value Measurements and Disclosures
  21. VSA 550: Related parties
  22. VSA 560: Events after balance sheet date
  23. VSA 570: Going concern
  24. VSA 580: Management presentation
  25. VSA 600: Using the work of another auditor
  26. VSA 610: Using the work of an internal auditor
  27. VSA 620: Using the work of an expert
  28. VSA 700: The auditor's report on financial statements Representation
  29. VSA 710: Comparatives
  30. VSA 720: Other information in documents containing audited financial statements
  31. VSA 800: The auditor's report on special purpose audits
  32. VSA 910: Engagements to review financial statements
  33. VSA 920: Examination of financial information using agreed-upon procedures
  34. VSA 930: Engagements to compile financial statements
  35. VSA 1000: Audit the finalized report of construction contract