43 standards for state audit issued by the Auditor General in Vietnam from December 30, 2024
What is the State Audit Standard?
Pursuant to Article 6 of the 2015 State Audit Law, the state audit standards are regulated as follows:
Article 6: State Audit Standards
- The state audit standards are regulations and guidelines on requirements, principles, audit procedures, and handling of relationships arising in auditing activities that state auditors must adhere to when conducting audits. They serve as a basis for checking, evaluating audit quality, and professional ethics of state auditors.
- The State Auditor General develops and issues the system of state audit standards in accordance with the Law on Promulgation of Legal Documents.
Thus, state audit standards are regulations and guidelines regarding the requirements, principles, and procedures of auditing and handling of relationships arising in auditing activities that state auditors must adhere to when conducting audit activities.
The state audit standards serve as a basis for checking, evaluating audit quality, and the professional ethics of state auditors.
43 standards for state audit issued by the Auditor General in Vietnam from December 30, 2024 (Image from Internet)
43 standards for state audit issued by the Auditor General in Vietnam from December 30, 2024
On November 15, 2024, the State Auditor General in Vietnam issued Decision 08/2024/QD-KTNN regarding the system of state audit standards effective from December 30, 2024.
In Article 1 of Decision 08/2024/QD-KTNN, the terms and list of 43 state audit standards are specified with specific numbers and names as follows:
[1] CMKTNN 100 - Fundamental principles of State Audit activities
[2] CMKTNN 130 - Codes of professional ethics
[3] CMKTNN 140 - Audit quality control
[4] CMKTNN 150 - Competence of state auditors
[5] CMKTNN 200 - Principles of financial auditing
[6] CMKTNN 300 - Principles of performance auditing
[7] CMKTNN 400 - Principles of compliance auditing
[8] CMKTNN 2200 - Overall objectives and requirements for state auditors conducting financial audits according to state audit standards
[9] CMKTNN 2220 - Quality control for financial audits
[10] CMKTNN 2230 - Audit documentation for financial audits
[11] CMKTNN 2240 - Responsibilities of state auditors related to fraud in financial audits
[12] CMKTNN 2250 - Evaluation of compliance with laws and regulations in financial audits
[13] CMKTNN 2260 - Communication of issues with the audited entity in financial audits
[14] CMKTNN 2300 - Audit planning for financial audits
[15] CMKTNN 2315 - Identifying and assessing risks of material misstatement in financial audits
[16] CMKTNN 2320 - Determining and applying materiality in financial audits
[17] CMKTNN 2330 - State auditor's responses to assessed risks in financial audits
[18] CMKTNN 2402 - Factors to consider when auditing entities using external services in financial audits
[19] CMKTNN 2450 - Evaluation of detected misstatements during the financial audit process
[20] CMKTNN 2500 - Audit evidence in financial audits
[21] CMKTNN 2505 - External confirmation for financial audits
[22] CMKTNN 2510 - Auditing beginning balances in financial audits
[23] CMKTNN 2520 - Analytical procedures in financial audits
[24] CMKTNN 2530 - Audit sampling in financial audits
[25] CMKTNN 2540 - Auditing accounting estimates in financial audits
[26] CMKTNN 2550 - Related parties in financial audits
[27] CMKTNN 2560 - Subsequent events after the end of the accounting period
[28] CMKTNN 2570 - Auditing the going concern of an entity in financial audits
[29] CMKTNN 2580 - Written representations in financial audits
[30] CMKTNN 2600 - Considerations when auditing consolidated financial statements
[31] CMKTNN 2610 - Using the work of internal auditors in financial audits
[32] CMKTNN 2620 - Using the work of experts in financial audits
[33] CMKTNN 2700 - Forming an audit opinion and audit reporting in financial audits
[34] CMKTNN 2701 - Presentation of key audit matters in the audit report
[35] CMKTNN 2705 - Audit opinions other than unmodified opinions in the financial audit report
[36] CMKTNN 2706 - "Emphasis of Matter" and "Other Matter" paragraphs in the financial audit report
[37] CMKTNN 2710 - Comparative information - Corresponding figures and comparative financial statements
[38] CMKTNN 2720 - Responsibilities of state auditors regarding other information in documents containing audited financial statements
[39] CMKTNN 2800 - Considerations when auditing financial statements prepared under special purpose frameworks
[40] CMKTNN 2805 - Considerations when auditing separate financial statements and auditing specific elements, accounts, or items of financial statements
[41] CMKTNN 2810 - Providing opinions on summarized financial statements
[42] CMKTNN 3000 - Performance audit standards
[43] CMKTNN 4000 - Compliance audit standards
What are the general standards for state auditors in Vietnam?
Pursuant to Article 21 of the 2015 State Audit Law, the general standards for state auditors in Vietnam are stipulated as follows:
- Possess good ethical qualities, have a sense of responsibility, integrity, honesty, objectivity
- Hold a university degree or higher in auditing, accounting, finance, banking, economics, law, or other majors directly related to auditing activities
- Have at least 5 continuous years of work experience in the trained major or at least 3 years of auditing experience at the State Audit Office, excluding internship
- Possess a State Auditor certificate
