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Regulation on audit Financial Statements
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Auditing Financial Statements are mandatory for some groups of businesses. So, which business are required to have Audited Financials Statements, Where to submit, What is the deadline for submission? Let's find out with INNO!
Main content
Legal grounds
- Law of the independent audit
- Circular 200/2014-TT/BTC
- Circular 96/2020-TT/BTC
What is an audit financial Statements?
Auditing financial statemens is the examination and evaluation of the financial information of an enterprise or organization, thereby determining the validity and accuracy of the financial information recorded and declared by the enterprise’s financial statements.
Who will audit financial Statements?
Auditors are responsible for examining and reviewing accounting books and reports prepared by accountants. An auditor must have a certificate of auditing practice as prescribed by law. Therefore, accountants or accounting services companies do not have the right to audit. Businesses must hire an independent external audit company to perform the audit work.
Which companies are required to have audited Financial Statements?
Companies must audit financial statements including:
- Foreign-invested companies.
- Credit institutions established and operating under the Law on Credit Institutions.
- Financial institutions, insurance business enterprises, and insurance brokerage enterprises.
- Public company (companies listed on the stock exchange).
- Security companies.
- State-owned enterprises (except for enterprises operating in the field of state secrets according to regulations).
- Enterprises, organizations implementing national projects, and projects using state capital (except for projects in state secrets).
- Enterprises and organizations with capital contributed by the State and using other state capital sources prescribed by the Government.
- Auditing firms, branches of foreign auditing firms in Vietnam.
Deadline for submission
For foreign-invested enterprises, credit institutions, financial institutions, insurance, securities, and auditing companies:
This group of businesses must submit audited financial statements every year:
Deadline for submission:
- 30 days from the end of the accounting period for private enterprises and partnerships.
- For other companies, the deadline for payment is 90 days from the end of the accounting period.
For state-owned enterprises:
These enterprises must submit quarterly and annual audited financial statements:
Deadline for submission:
- Quarterly: 20 days from the end of the quarter. For State Corporations, the parent company is 45 days from the end of the quarter.
- Annually: 30 days from the end of the accounting period. And by 90 days from the end of the accounting period for state corporations, parent companies.
For public enterprises:
These enterprises must submit quarterly, semi-annual, and annual audit statements:
Deadline for submission:
- Quarterly: 20 days from the end of the quarter.
- Semi-annually: within 5 days from the date the audit company signs the audited report but not exceeding 45 days from the end of the first six months of the fiscal year.
- Annually: within 10 days from the date the audit company signs the audit report but not later than 90 days from the end of the fiscal year.
Where to submit?
Foreign-invested company | Credit institutions, financial institutions, insurance, securities, and auditing companies | For state-owned enterprises | For public enterprises |
Financial agency | Tax authorities | Financial agency | State Securities Commission |
Tax authorities | Statistical Office | Tax authorities | Stock Exchange |
Statistical Office | Statistical Office |
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