Vietnam: Periodic reporting regulations for provision of cross-border audit services in 2020

According to Circular No. 40/2020/TT-BTC of the Ministry of Finance of Vietnam, periodic reporting regulations for provision of cross-border audit services are specified as follows:

First, the contents of periodic review and assessment reports on performance of contracts on provision of cross-border audit services of foreign audit service providers include:

- Report title: Review and assessment of performance of contract on provision of cross-border auditing services.

- Report’s required contents:

+ Information about partners;

+ List of chartered auditors of foreign auditing service providers;

+ List of chartered auditors charged with performing tasks assigned to each contracting party;

+ List of contracts on provision of cross-border auditing services concluded within the 6-month period;

+ Evaluation of compliance with Vietnam’s domestic laws.

- Report maker: Foreign auditing companies that provide cross-border audit services in Vietnam.

- Report recipient: Ministry of Finance (c/o Department of Accounting and Auditing Regulations).

- Methods of sending and receiving reports: Periodical reports are presented in either documentary or electronic form, and sent by employing one of the following methods:

+ Directly;

+ Postal services;

+ Emails;

+ Others provided by law.

- Submission deadline: The 31st of July at the latest in the current reporting year with respect to first half-year reports; the 31st of January at the latest in the subsequent reporting year with respect to second half-year reports.

- Reporting frequency: Reports are made periodically every six months.

- Data closing duration: The closing duration for data collected within the first half of the reporting year ranges from January 1 to June 30 in the reporting year; the closing duration for data collected within the second half of the reporting year ranges from July 1 to December 31 in the reporting year.

- Sample report layout: According to the Appendix No. 03/BC hereto.

- Sample reporting data: According to the Appendix No. 03/BC hereto.

- Instructions about reporting procedures: Annually, foreign auditing service providers shall collect information using survey forms and send such information to the Ministry of Finance within the prescribed time limit.

Second, the contents of periodic reports on the implementation of joint ventures with foreign auditing service providers include:

- Report title: Review and assessment of joint ventures with foreign auditing service providers in providing cross-border auditing services.

- Report’s required contents:

+ Information about partners;

+ List of chartered auditors charged with performing tasks assigned to each contracting party;

+ List of contracts on provision of cross-border auditing services concluded within the 6-month period.

- Report maker: Auditing companies in Vietnam that enter into joint ventures with foreign auditing companies to provide cross-border auditing services in Vietnam.

- Report recipient: Ministry of Finance (c/o Department of Accounting and Auditing Regulations).

- Methods of sending and receiving reports: Periodical reports are presented in either documentary or electronic form, and sent by employing one of the following methods:

+ Directly;

+ Postal services;

+ Emails;

+ Others provided by law.

- Submission deadline: The 31st of July at the latest in the current reporting year with respect to first half-year reports; the 31st of January at the latest in the subsequent reporting year with respect to second half-year reports.

- Reporting frequency: Reports are made periodically every six months.

- Data closing duration: The closing duration for data collected within the first half of the reporting year ranges from January 1 to June 30 in the reporting year; the closing duration for data collected within the second half of the reporting year ranges from July 1 to December 31 in the reporting year.

- Sample report layout: According to the Appendix No. 04/BC hereto.

- Sample reporting data: According to the Appendix No. 04/BC hereto.

- Instructions about reporting procedures: Annually, auditing service providers in Vietnam shall collect information using survey forms and send such information to the Ministry of Finance within the prescribed time limit.

View more details at the Circular No. 40/2020/TT-BTC of the Ministry of Finance of Vietnam, effective from July 01, 2020.

Thu Ba

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