Assurance & Audit
Are financial statements required to be audited?


The Decree 105 on independent auditing requires that annual financial statements of FDI Enterprises must be audited by an independent auditing firm.

Auditing Standards and Practice Guidance in Vietnam
Vietnamese Standards on Auditing (VSAs)

Although the first local auditing firms were established in 1991, the first set of Vietnamese Standards on Auditing (“VSA”) were not issued until 1999. It means that local auditing firms had conducted their audit in a free style approach for nearly 10 years.

Prior to 1999, there were only 2 official regulations on auditing, which were Decree 07 and Circular 60. These regulations just governed the industry at a macro level rather than at a firm's technical level.

VACPA and CPA Program in Vietnam
Roles and Function of VACPA

The Vietnam Association of Accountants and Auditors (VAA) is the only professional accounting body in Vietnam.

The Vietnam Association of Certified Practicing Auditors (VACPA) as a sub-unit of VAA were established on 15 April 2005 in Hanoi, marking an important landmark of Vietnam's auditing sector in the process of integrating into the world economy.