Subjects required to audit in accordance with Vietnamese law according to Article 37 of the Law on Independent Audit dated March 29, 2011 and Article 15 of Decree No. 17/2012 / ND-CP dated February 13, 2012 guiding the Law on Independent Auditing, the following subjects are required to audit:
- Annual financial statements of foreign-invested enterprises.
- Annual financial statements of credit institutions established and operating under the Law on Credit Institutions, including foreign bank branches in Vietnam.
- Annual financial statements of financial institutions, insurance enterprises, reinsurance enterprises, insurance brokerage enterprises and branches of foreign non-life insurance enterprises
- Annual financial statements of public companies, issuers and securities trading organizations
- Annual financial statements of state-owned enterprises, except for state-owned enterprises operating in the field of state secrets as prescribed.
- Settlement reports on completed projects of enterprises, organizations implementing important national projects, Group A projects using state capital, except for projects in the field of state secrets as prescribed.
- Annual financial statements of enterprises and organizations in which the State holds 20% or more of voting rights at the end of the fiscal year.
- Annual financial statements of the enterprises that the listed organizations, issuing organizations and securities trading organizations hold 20% or more of voting rights at the end of the fiscal year.
- Annual financial statements of auditing firms, branches of foreign auditing firms in Vietnam.
- Annual financial statements of ODA-funded and concessional loan projects must be audited by the State Audit or an independent audit under the agreement with the donors (according to Article 26, Circular No. 218/2013 / TT-BTC dated 31/12/2013 of the Ministry of Finance).
Administrative penalties for failing to conduct audits according to Clause 3, Article 53 of the Government’s Decree No. 41/2018 / ND-CP dated March 12, 2018, sanctioning administrative violations in the field of independent accounting and auditing sanctions against violations of regulations on financial statements, settlement reports, and publication of financial statements:
“A fine of from VND 40,000,000 to VND 50,000,000 shall be imposed on the audited entity that fails to perform mandatory audits on financial statements, settlement reports on completed projects, consolidated financial statements, general financial statements, and other auditing jobs in accordance with the law on independent audit and other relevant laws”.