What is the List of 43 state audit standards in Vietnam in 2024? How many parties are required for audits according to Decision 08?

What is the List of 43 state audit standards in Vietnam in 2024?

Based on Article 1 of Decision 08/2024/QD-KTNN, specific provisions regarding the List of 43 state audit standards for the year 2025 are as follows:

1. SA-100 - Fundamental principles in the State Audit activities

2. SA-130 - Code of professional ethics

3. SA-140 - Quality control in auditing

4. SA-150 - Competence of state auditors

5. SA-200 - Principles of financial audit

6. SA-300 - Principles of operational audit

7. SA-400 - Principles of compliance audit

8. SA-2200 - Overall objectives and requirements for state auditors conducting financial audits under state audit standards

9. SA-2220 - Quality control for financial audits

10. SA-2230 - Documentation of financial audits

11. SA-2240 - Responsibilities of state auditors regarding fraud in financial audits

12. SA-2250 - Assessment of compliance with laws and regulations in financial audits

13. SA-2260 - Communication of issues with the audited entity in financial audits

14. SA-2300 - Planning the audit of financial audits

15. SA-2315 - Identifying and evaluating risks of material misstatement in financial audits

16. SA-2320 - Identifying and applying audit materiality in financial audits

17. SA-2330 - Measures for state auditors addressing assessed risks in financial audits

18. SA-2402 - Factors to consider when auditing entities utilizing third-party services in financial audits

19. SA-2450 - Evaluation of identified misstatements in the financial audit process

20. SA-2500 - Audit evidence in financial audits

21. SA-2505 - External confirmations for financial audits

22. SA-2510 - Auditing opening balances in financial audits

23. SA-2520 - Analytical procedures in financial audits

24. SA-2530 - Audit sampling in financial audits

25. SA-2540 - Auditing accounting estimates in financial audits

26. SA-2550 - Related parties in financial audits

27. SA-2560 - Subsequent events after the end of the accounting period

28. SA-2570 - Auditing the going concern assumption in financial audits

29. SA-2580 - Written representations in financial audits

30. SA-2600 - Considerations when auditing consolidated and combined financial statements

31. SA-2610 - Use of internal auditors' work in financial audits

32. SA-2620 - Use of expert work in financial audits

33. SA-2700 - Formulating audit opinions and reporting in financial audits

34. SA-2701 - Presentation of key audit matters within the audit report

35. SA-2705 - Audit opinions other than unqualified opinions in financial audit reports

36. SA-2706 - "Emphasis of matter" and "Other matters" paragraphs in financial audit reports

37. SA-2710 - Comparative information - Corresponding figures and comparative financial statements

38. SA-2720 - Responsibilities of state auditors for other information in documents containing audited financial statements

39. SA-2800 - Considerations in auditing financial statements prepared within a special purpose framework

40. SA-2805 - Considerations in auditing single financial statements and specific financial statement elements, accounts, or items

41. SA-2810 - Opinion on summary financial statements

42. SA-3000 - Operational audit standards

43. SA-4000 - Compliance audit standards

What is the List of 43 state audit standards in Vietnam in 2024? How many parties are required for audits according to Decision 08? (Image from the Internet)

When do the List of 43 state audit standards in Vietnam in 2024 come into effect?

Based on Article 2 of Decision 08/2024/QD-KTNN, specific provisions regarding the effective date are as follows:

This Decision comes into effect 45 days from the date of signing and replaces Decision No. 02/2016/QD-KTNN dated July 15, 2016, by the Auditor General promulgating the State Audit Standards system.

Thus, according to the above regulation, the List of 43 state audit standards for the year 2025 is effective 45 days from the date of signing, which is November 15, 2024, hence the Decision is effective from December 30, 2024.

How many parties are required for audits according to Decision 08?

Based on the provision of the terms used in the system of State Audit Standards issued under Decision 08/2024/QD-KTNN, it is defined as follows:

1. Three parties involved: Audits involve at least three different parties: the State Audit, the accountable entity, and the users of the audit report. The relationship between the parties is specifically regulated in the Law on State Audit and related legal documents.

(i) State Audit: An agency established by the National Assembly, operating independently and governed solely by law, carrying out audits of the management and use of public finances and assets. The responsibilities of the State Audit and state auditors are stipulated in the Law on State Audit, related legal documents, and the regulations of the State Audit;

(ii) Accountable entity: Entities being audited; agencies, organizations, individuals responsible for issues related to the audited entity, or responsible for managing the audited entity or implementing audit recommendations. These responsibilities are performed according to law and regulations;

(iii) Users of the audit report: Agencies, organizations, individuals using the audit report according to current legal regulations.

Thus, according to the above regulation, audits under Decision 08 must involve at least three different parties.