Vietnamese Standards on Auditing (“VSA”) is set up in compliance with International Standards on Auditing (“ISA”). So far, 47 (forty-seven) VSAs have been issued by the Ministry of Finance (MoF) (Circular 214, 2012, Circular 65, 2015, Circular 66, 2015, Circular 67, 2015, Circular 68, 2015, Circular 69, 2915, Circular 70, 2015). These standards were fully adopted ISA, yet some not be updated upon the ISA’s revision.

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

• One (1) standard on audit quality control
• Thirty-six (36) standards on audits of historical financial information
• Two (2) standards for audits and reviews of historical financial information
• Three (3) standards for assurance engagements other than audits or reviews of historical financial information
• Two (2) standards for related services
• One (1) standard in specialized areas (i.e. VSA 1000 “Audit the final accounts of completed construction contract”)
• One (1) standard on assurance service contract framework
• One (1) standard of the code of ethics

Below are details of VSA issued by sequential number:

1. VSQC 1: Quality control
2. VSA 200: Overall objective of the independent auditor and the conduct of an audit in accordance with Vietnam Standards on Auditing
3. VSA 210: Agreeing the terms of audit engagements
4. VSA 220: Quality control for an audit of financial statements
5. VSA 230: Audit documentation
6. VSA 240: The auditor’s responsibilities relating to fraud in an audit of financial statements
7. VSA 250: Consideration of laws and regulations in an audit of financial statements
8. VSA 260: Communication with those charged with governance
9. VSA 265: Communicating deficiencies in internal control to those charged with governance and management
10. VSA 300: Planning an audit of financial statements
11. VSA 315: Identifying and assessing the risks of material misstatement through understanding the entity and its environment
12. VSA 320: Materiality in planning and performing an audit
13. VSA 330: The Auditor’s responses to assessed risks
14. VSA 402: Audit considerations relating to an entity using service organizations
15. VSA 450: Evaluation of misstatements identified during the audit
16. VSA 500: Audit evidence
17. VSA 501: Audit evidence – specific considerations for selected items
18. VSA 505: External confirmations
19. VSA 510: Initial audit engagements – opening balances
20. VSA 520: Analytical procedures
21. VSA 530: Audit sampling
22. VSA 540: Audit of accounting estimates
23. VSA 550: Related parties
24. VSA 560: Subsequent events
25. VSA 570: Going concern
26. VSA 580: Written presentations
27. VSA 600: Using the work of another auditor
28. VSA 610: Using the work of an internal auditor
29. VSA 620: Using the work of an expert
30. VSA 700: Forming an opinion and reporting on financial statements
31. VSA 705: Modifications to the opinion in the independent auditor’s report
32. VSA 706: Emphasis of matter paragraphs and other matter paragraphs in the independent auditor’s report
33. VSA 710: Comparative information
34. VSA 720: The auditors’ responsibilities relating to other information
35. VSA 800: Special considerations – audits of financial statements prepared in accordance with special-purpose framework
36. VSA 805: Special considerations – audits of single financial statements and specific elements, accounts, or items of a financial statement
37. VSA 810: Engagements to report on summary financial statements
38. VSA 1000: Audit the finalized report of the construction contract
39. VSRE 2400: Engagements to review historical financial statements
40. VSRE 2410: Review of interim financial information
41. VSAE 3000: Assurance engagements other than audits or reviews of historical financial information
42. VSAE 3400: The examination of prospective financial information
43. VSAE 3420: Assurance engagements to report on the compilation of pro forma financial information included in a prospectus
44. VSRS 4400: Engagements to perform agreed-upon procedures regarding financial information (previously VSA 920)
45. VSRS 4410: Compilation engagements
46. The framework of assurance service contracts
47. Code of ethics for professional accountants

Law and regulations references

Circular 214, 2012 – Circular 214/2012/TT-BTC dated 6 December 2012 regulating Vietnam standards on auditing

Circular 65, 2015 – Circular 65/2015/TT-BTC dated 8 May 2015 regulating audits and reviews of historical financial information

Circular 65, 2015 – Circular 65/2015/TT-BTC dated 8 May 2015 regulating audits and reviews of historical financial information

Circular 66, 2015 – Circular 66/2015/TT-BTC dated 8 May 2015 regulating other assurance engagements

Circular 67, 2015 – Circular 67/2015/TT-BTC dated 8 May 2015 regulating audits of final accounts of completed projects

Circular 68, 2015 – Circular 68/2015/TT-BTC dated 8 May 2015 regulating standards for related services

Circular 69, 2015 – Circular 69/2015/TT-BTC dated 8 May 2015 regulating framework of assurance service contracts

Circular 70, 2015 – Circular 70/2015/TT-BTC dated 8 May 2015 regulating code of ethics for professional accountants