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THE MINISTRY OF
FINANCE
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THE SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 56/2015/TT-BTC
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Hanoi, April 23,
2015
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CIRCULAR
AMENDING, SUPPLEMENTING
SEVERAL ARTICLES OF THE CIRCULAR No. 150/2012/TT-BTC OF THE MINISTRY OF FINANCE
DATED SEPTEMBER 12, 2012 ON PROVIDING GUIDANCE ON ANNUAL KNOWLEDGE UPDATE FOR
AUDITORS APPLYING FOR THE LICENSE TO PRACTICE AUDIT
Pursuant to the Law on Independent Audit No.
67/2011/QH12 dated March 29, 2011;
Pursuant to the Government’s Decree No.
17/2012/NĐ-CP dated March 13, 2012 on providing specific regulations and
guidance on implementation of several articles of the Law on Independent Audit;
Pursuant to the Government's Decree No.
215/2013/NĐ-CP dated December 23, 2013 on defining the functions, tasks, powers
and organizational structure of the Ministry of Finance;
At the request of the Director of the Department
of Audit and Accounting Policies;
The Minister of Finance hereby promulgates the
Circular on amending, supplementing several articles of the Circular No.
150/2012/TT-BTC of the Ministry of Finance dated September 12, 2012 on
providing guidance on annual knowledge update for auditors applying for the
license to practise audit..
Article 1. Amendment and supplementation to
several articles of the Circular No. 150/2012/TT-BTC as follows:
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“Article 3. Knowledge-updating entities
Knowledge-updating entities are licensed auditors
or auditors who apply for the license to practice audit, except for those
making the first application for the licence to practice audit within a period from
the date of being issued the auditor’s certificate to December 31 of the year
following the year of being issued the auditor's certificate."
2. Clause 2 Article 5 of the Circular No.
150/2012/TT-BTC shall be amended and supplemented as follows:
“2. By the application date, auditors who have not
practiced audit for a period of 24 successive months or more must spend a
minimum of 80 hours on the knowledge update within the year immediately
preceding the year of auditing practice registration of which there are at
least 40 hours of updating knowledge about Vietnam’s accounting and auditing
legislation, and at least 08 hours of updating knowledge about professional
ethics.”
3. Amendment or supplementation to Point b Clause 7
Article 11 and supplementation to Clause 8 and 9 Article 11 of the Circular No.
150/2012/TT-BTC shall be carried out as follows:
a) Point b Clause 7 Article 11 shall be amended and
supplemented as follows:
“b) One hour of participation of auditors in
workshops, examinations or opinion polls on contents of Vietnam's accounting
standard, Vietnam’s audit standard or Vietnam’s accounting or audit ethical
standard shall be defined as one hour of update of knowledge about Vietnam's
accounting and audit legislation. Duration credited for knowledge update
hours shall be restricted to 04 hours per a meeting session and 08 hours per a
meeting day.”
b) Clause 8 and 9 of Article 11 shall be
supplemented as follows:
“8. Calculation of knowledge update hours of
licensed auditors who are members of the audit quality control team:
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b) One on-site inspection of licensed auditors
being members of the audit quality control team shall be credited for 08 hours
of update of knowledge about Vietnam’s accounting and audit legislation, and
one day of on-site inspection shall be credited for 16 hours of update of
knowledge about Vietnam’s accounting and audit legislation;
c) One hour of participation of licensed auditors
being members of the audit quality control team in training in inspection
process, procedure and professional conduct organized by the Ministry of
Finance (or State Securities Commission) shall be credited for one hour of
update of knowledge about Vietnam's accounting and audit legislation.
Duration defined as knowledge update hours shall be restricted to 04
hours per a training session and 08 hours per a training day.
9. Calculation of knowledge update hours of
licensed auditors who are lecturers of the training in inspection process,
procedure and professional conduct:
One hour of lecture delivered by licensed auditors
being the lecturers of the training in inspection process, procedure and
professional conduct organized by the Ministry of Finance (or State Securities
Commission) shall be equal to one hour of update of knowledge about Vietnam's
accounting and audit legislation. Duration credited for knowledge update
hours shall be restricted to 04 hours per a lecture and 08 hours per a lecture
day. If licensed auditors who work as both lecturers of the training in
inspection process, procedure and professional conduct and members of the audit
quality control team participate in the training in inspection process,
procedure and professional conduct, only a number of hours spent on their
lecture shall be defined as knowledge update hours.”
4. Article 12 of the Circular No. 150/2012/TT-BTC
shall be amended and supplemented as follows:
“Article 12. Deficiency of knowledge update
hours
1. In the event of a deficiency of knowledge update
hours as stipulated in Clause 1, 2 Article 5 hereof for particular reasons
(such as pregnancy or illness which lasts for more than 02 months; or sudden
illness which occurs at the time of participation in the last class in a year
which can help make up a deficiency of knowledge update hours), auditors shall
be allowed to complete their knowledge update hours later in a year provided
that they can meet the following requirements:
a) Manage to complete a minimum of 20 hours of
knowledge update;
b) Prepare their application for postponement of
completion of knowledge update hours (according to the Appendix 07/CNKT) which
enables them to practice audit in the upcoming year and submit it to the
Ministry of Finance before August 31 every year;
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2. Within a maximum period of 07 working days from
the receipt of such application and relevant documents stipulated in Clause 1
of this Article, the Ministry of Finance shall send a written notification of
permission for postponement or refusal of postponement of completion of
knowledge update hours.
Auditors who are allowed to complete their
knowledge update hours later in this year shall be permitted to practise audit in
the following year on condition that they make up a deficiency of knowledge
update hours ahead of December 15 of this year and submit a written report on
such completion before December 25 of that year.
If, by the end of December 15 of this year, auditors
fail to complete the required knowledge update hours or, by the end of December
25 of this year, the Ministry of Finance has not received any written report on
completion of knowledge update hour, these auditors shall be subjected to
suspension of audit practice from January 1 to December 31 of the subsequent
year.”
5. Clause 4 Article 13 of the Circular No.
150/2012/TT-BTC shall be supplemented as follows:
“4. As for licensed auditors being members of the
audit quality control team directly carrying out on-site inspection at audit
enterprises, or licensed auditors being lecturers of the training in inspection
process, procedure and professional conduct, or licensed auditors being members
of the audit quality control team participating in the training in inspection
process, procedure and professional conduct, written documents confirming
knowledge update hours shall be the written verification granted by the
regulatory agency making a decision on such inspection in which full name and
number of auditor’s certificate of licensed auditors must be clearly
specified.”
6. Section 3 Appendix No. 06/CNKT of the Circular
No. 150/2012/TT-BTC shall be amended and supplemented as follows:
“3. Aggregation of auditor’s knowledge update hours
No.
(1)
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(2)
Auditor’s
certificate
Number of hours of
KU by specific classes
Aggregate KU hours
Number
Issue date
Class 1
(date….)
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Class 2
(date….)
(time…)
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Accounting, audit
Professional
ethics
Others
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Total
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Note:
(1) Arrange audit enterprises by the number of
auditor’s certificates in ascending order;
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7. Application form for postponement of completion
of knowledge update hours (the Appendix No. 07/CNKT) shall be supplemented.
Article 2. Transitional provisions
1. The application for the license to practice
audit submitted by an auditor who have been issued the auditor’s certificate
since 2014 shall conform to regulations laid down in Clause 1 Article 1 hereof.
2. Licensed auditors who have obtained the written
consent to postponement of completion of knowledge update hours from the
Ministry of Finance as stipulated in Article 12 of the Circular No.
150/2012/TT-BTC shall comply with such consent.
Article 3. Effect
1. This Circular shall come into force from June 8,
2015.
2. In the course of implementation, if there is any
difficulty that may arise, the Ministry of Finance must be informed for further
study and solution./.
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Appendix No.
07/CNKT
(Issued together with
the Circular No. 56/2015/TT-BTC of the Minister of Finance dated April 23,
2015)
THE SOCIALIST
REPUBLIC OF VIETNAM
Independence -
Freedom - Happiness
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APPLICATION FOR
POSTPONEMENT OF COMPLETION OF KNOWLEDGE UPDATE HOURS IN (YEAR)........
Dear The
Ministry of Finance,
(Department of Audit
and Accounting Policies)
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Year of birth:…………………………………………………………………………………
Auditor’s certificate
No.:………………………………………………..issued on……………..
Audit license No.:…………………issued on……………..valid from
..................... to....................for audit practicing at the
Company............................
In (year)………(1), I have completed
........hour(s) of knowledge update (recorded from August 16 of the preceding year
to August 15 of the following year) of which there is/are .......hour(s) of
update of knowledge about Vietnam’s accounting and audit legislation,
.......hour(s) of update of knowledge about professional ethics.
With reference to regulations on the required number of knowledge update
hours, I currently have a deficiency of .......hour(s), including
.......hour(s) of update of knowledge about Vietnam's accounting and audit
legislation, ........hour(s) of update of knowledge about professional ethics.
I am writing to apply for postponement of
completion of knowledge update hours in (year)........ (1) so that I
will be licensed to practise audit in (year)........(2)
* Reasons for postponement:
-………………………
- …………………….
* Supporting written evidence including:
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- …………………….
I undertake to bear legal responsibility for the
accuracy and authenticity of documents enclosed herewith.
Note:
(1) Specify the year in which there is a
deficiency of knowledge update hours
(2) Specify the year following the year in which
there is a deficiency of knowledge update hours
…,date……..
APPLICANT
(Signature and full name)