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MINISTRY OF
FINANCE OF VIETNAM
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SOCIALIST
REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
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No: 05/2025/TT-BTC
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Hanoi, October
24, 2025
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CIRCULAR
AMENDMENTS TO SOME
ARTICLES OF THE CIRCULAR NO. 202/2012/TT-BTC DATED NOVEMBER 19, 2014 OF THE
MINISTER OF FINANCE ON INSTRUCTION FOR REGISTRATION, MANAGEMENT AND PUBLICATION
OF LIST OF AUDITORS PRACTICING AUDIT; CIRCULAR NO. 203/2012/TT-BTC DATED NOVEMBER
19, 2014 OF THE MINISTER OF FINANCE ON THE ISSUANCE, MANAGEMENT, AND USE OF
CERTIFICATES OF ELIGIBILITY FOR PROVIDING AUDIT SERVICES; CIRCULAR NO.
157/2014/TT-BTC DATED OCTOBER 23, 2014 OF THE MINISTER OF FINANCE ON AUDIT
SERVICE QUALITY CONTROL
Pursuant to Law on Independent Audit
No.67/2011/QH12 dated March 29, 2011;
Pursuant to Law No. 56/2024/QH15 dated November
29,2024 on amendments to some Articles of the Law on Securities, the Law on
Accounting, the Law on Independent Audit, the Law on State Budget, the Law on
Management and Use of Public Property, the Law on Tax Administration, the Law
on Personal Income Tax, the Law on National Reserves, the Law on Penalties for
Administrative Violations;
Pursuant to Government's Decree No. 17/2012/ND-CP
dated March 13, 2012 elaborating and guiding the implementation of the Law on
Independent audit;
Pursuant to Government’s Decree No.
14/2023/ND-CP dated April 20,2023 defining the functions, tasks, powers and
organizational structure of the Ministry of Finance of Vietnam;
At the request of the Director of the Department
of Accounting and Auditing Regulations;
The Minister of Finance issues a Circular on
amendments to some articles of the Circular No. 202/2012 /TT-BTC dated
November 19, 2014 of the Ministry of Finance on instruction for registration,
management and publication of list of auditors practicing audit; Circular No.
203/2012/TT-BTC dated November 19, 2014 of the Ministry of Finance on the
issuance, management, and use of certificates of eligibility for providing
audit services; Circular No. 157/2014/TT-BTC dated October 23, 2014 of the
Ministry of Finance on audit service quality control.
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1. Point i, Clause 1,
Article 8 is amended as follows:
“i) Practicing auditors shall be banned from
audit practicing under effective court judgments or decisions; prosecuted;
convicted of infringement upon economic management order or position-related
crimes in the fields of finance, accounting or auditing but have not had their
criminal records expunged; subject to community-based correctional education or
forcibly sent to rehabilitation centers or reform schools.”
2. Clause 1, Article 11 is
amended as follows:
1. Ministry of Finance shall update regularly
and publicly on the website of the Ministry of Finance the following
information:
a) List of practicing auditors in each audit
firm;
b) List of practicing auditors banned from audit
practice, including: practicing auditors suspended from audit practice;
practicing auditors whose certificates of registration of audit practice are
revoked; and practicing auditors with expired or invalidated certificates of
registration of audit practice in accordance with regulations.”.
3. Clause 1, Article 12 is
amended as follows:
“1. A practicing auditor shall be suspended
from practicing audit in the following cases:
a) Having incurred two administrative penalties for
violations against regulations on independent audit activity within 36
consecutive months;
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c) Failing to comply with the provisions of the
competent authority on the examination and inspection related to independent
audit;
d) Using information relevant to audit documents,
clients and/or audited entities to infringe the interests of the State, public
interests, rights and lawful interests of regulatory authorities and/or other
entities;
dd ) Signing the audit reports despite the
fact that he/she is not a practicing auditor (if the violating person is a
practicing auditor at the time of violation detection);
e) Failing to make audit documents on an audit or
other assurance services;
g) Carrying out audits, signing audit reports or
providing review results for public interest entities before obtaining an
authorization from the Ministry of Finance of Vietnam;
h) Carrying out audits, signing audit reports or
provide review results for public interest entities when his/her authorization
is suspended or cancelled;
i) Working as an auditor in the cases where
auditing practice is not allowed as stipulated in Article 19 of the Law on
Independent Audit;
k) Failing to have enough hours to update annually
knowledge as prescribed by the Ministry of Finance;
l) Committing the violation regarding cases where
practicing auditors are not entitled to audit as stipulated in Article 19 of
the Law on Independent Audit;
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n) There are serious professional violations or
serious violations against auditing standards, professional ethic standards in
accounting and auditing.”.
4. Clause 4 below is added
after Clause 3:
4. Audit practice suspension period:
a) A practicing auditor shall be suspended for 6
months in one of the cases in points a, b, c, Clause 1 of this Article;
b) A practicing auditor shall be suspended for 12
months in one of the cases in points d, dd, e, g, h, I, k, l, and m, Clause 1
of this Article;
c) A practicing auditor shall be suspended in one
of the cases in point n, Clause 1 of this Article;
5. Clause 1, Article 13 is
amended as follows:
“1. A practicing auditor shall have his/her
Certificates of registration of audit practice revoked in the following cases:
a) Falsifying or forging documents in order to
obtain the Certificates of registration of audit practice;
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c) Working for two or more audit firms and/or
branches of foreign audit firms in Vietnam at the same time;
d) Contributing capital to two or more audit firms;
dd) Being suspended from the audit practice twice
within 36 consecutive months;
e) Being banned from audit practice under effective
court judgments or decisions; prosecuted; being convicted of infringement upon economic
management order or position-related crimes in the fields of finance,
accounting or auditing but have not had their criminal records expunged; being
subject to community-based correctional education or forcibly sent to
rehabilitation centers or reform schools;
g) Having the auditor certificate revoked.”.
Article 2. Amendments to certain Articles of the
Circular No. 203/2012/TT-BTC dated November 19, 2012 of the Minister of Finance
on the issuance, management, and use of Certificates of eligibility for
providing audit services
1. Point b, Clause 1, Article 8 is amended as follows:
“b) The full name, number, and date of
issuance of the Certificates of registration of audit practice of the legal
representative and the Director (or General Director) of the audit firm (if
he/she is not the legal representative)
2. Article 12 is amended as
follows:
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a) Committing the violations stipulated in points a
and b of Clause 1, Article 27 and Clause 1b, Article 29 of the Law on
Independent Audit;
b) Providing audit services without being issued
with the Certificate of eligibility for providing audit services; resuming the
audit business after a voluntary or involuntary suspension from audit service
provision (if the audit firm has been issued with a Certificate and eligible to
provide audit services at the time of violation detection);
c) Appointing a person who is not a practicing
auditor to sign audit reports;
d) Appointing practicing auditors to carry out
audits and/or sign audit reports for a public interest entity for more than 05
consecutive fiscal years from the second time onwards;
dd) Failing to provide information and documents at
the request of competent authorities;
e) Failing to explain to and cooperate with
competent authorities;
g) An audit firm in Vietnam that establishes a
joint venture with a foreign audit firm to provide transboundary audit services
in Vietnam but fails to retain documents on the audits carried out such joint
venture;
h) Using information relevant to audit documents,
clients and/or audited entities to infringe the interests of the State, public
interests, rights and lawful interests of regulatory authorities and/or other
entities;
i) Failing to make audit documents on an audit;
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l) Providing transboundary audit services without
the Certificate of eligibility for providing transboundary audit services;
resuming the transboundary audit business after voluntary suspension or having
the provision of transboundary audit services suspended (if the audit firm has been
issued with a Certificate and eligible to provide audit services at the time of
violation detection);
m) Committing the violations as stipulated in point
c of Clause 1, Article 27 of the Law on Independent Audit;
2. Suspension
period of the audit business:
a) An audit firm shall have its audit business
suspended for 03 months in one of the cases in points a, b, c, d, dd, and e,
Clause 1 of this Article;
b) An audit firm shall have its audit business
suspended for 06 months in one of the cases in points g, h, i, k, and l, Clause
1 of this Article;
c) An audit firm shall have its audit business
suspended in one of the cases in point m, Clause 1 of this Article;
3. The audit firms that have their audit business
suspended shall stop providing audit services from the issuance date of the
suspension decision.
In the case where an audit firm has its audit
business suspended or is under voluntary suspension and is further suspended
for the violations specified in this Clause, the additional suspension period
shall be separated from the current suspension period of auditing business.
4. Ministry of Finance shall announce the audit
business suspension decision on its website within 07 days from the issuance
date of the suspension decision.”.
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4. The branches of an audit firm that fail to
satisfy the conditions in Article 31 of the Law on Independent audit for 03
consecutive months shall be suspended from providing audit services for 03
months.
5. Where an audit firm is suspended from providing
audit services, its branches are also suspended from providing audit
services.”.
4. Clauses 9 and 10 below
are added Article 17 are amended as follows:
“i) Notify in writing to the Ministry of
Finance within 10 days from the date the practicing auditors are banned from
audit practicing under effective court judgments or decisions; prosecuted;
convicted of infringement upon economic management order or position-related
crimes in the fields of finance, accounting or auditing but have not had their
criminal records expunged; subject to community-based correctional education or
forcibly sent to rehabilitation centers or reform schools.”
10. Keep logbooks of issued audit contracts and
audit reports, signature registration of practicing auditors at the audit firm;
establish procedures for issuance of audit contracts and control of signatures
of practicing auditors on audit reports for signature review and reference;
promptly detect and report counterfeit seals and signatures, persons
unqualified to register audit practice, and persons signing audit reports
without actually participating in the audit to the competent authority.”.
Article 3. Amendments to certain Articles
of the Circular No. 157/2014/TT-BTC dated October 23/2014 of the Minister of
Finance on audit service quality control
1. Point c, Clause 1,
Article 11 is amended as follows:
c) Audit documents with audit reports issued within
a certain period from the establishment of the audit firm (for the fist-time
inspection) or from the previous inspection to the time of inspection shall be
selected for inspection; at the same time, these documents may be used to
assess quality of audit services provided by audit firms and practicing
auditors. Where necessary, the audit documents related to audit reports issued
within a certain period from the establishment of the audit firm may also be
inspect;”.
2. Article 26 is amended as
follows:
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a) Audit service quality is graded as Category 3
“Unsatisfactory service quality” after two consecutive inspections
b) Audit service quality is graded as Category 4
“Poor service quality with serious mistakes”
2. An audit firm shall have the audit business
suspended for 06 months if audit service quality is graded as Category 4 “Poor
service quality with serious mistakes” from the second time onwards
3. A practicing auditor shall be suspended the from
audit practice for 6 months in the case where the competent authority concludes
that the practicing auditor signed from 1 to 2 audit reports graded as Category
4 “Poor service quality with serious mistakes”
4. A practicing auditor shall be suspended the from
audit practice for 12 months in the case where the competent authority
concludes that the practicing auditor signed more than 02 audit reports graded
as Category 4 “Poor service quality with serious mistakes”
5. Any audit firm or practicing auditor committing
the same violations specified in clauses 1, 2, 3, 4 while carrying out audits
for public interest entities shall have the suspension period doubled.".
Article 4. Effect
This Circular comes into force from the date of
signing.
Article 5. Responsibility for implementation
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PP. MINISTER
DEPUTY MINISTER
Cao Anh Tuan