Decree 90/2025/ND-CP amend Decree 17/2012/ND-CP detailing the Law on Independent Audit

DECREE

Amending and supplementing a number of articles of the Government’s Decree No. 17/2012/ND-CP of March 13, 2012, detailing and guiding the implementation of a number of articles of the Law on Independent Audit^[1]

Pursuant to the February 18, 2025 Law on Organization of the Government;

Pursuant to the March 29, 2011 Law on Independent Audit;

Pursuant to the November 29, 2024 Law Amending and Supplementing a Number of Articles of the Law on Securities, the Accounting Law, the Law on Independent Audit, the Law on the State Budget, the Law on Management and Use of State Property, the Law on Tax Administration, the Law on Personal Income Tax, the Law on National Reverses, and the Law on Handling of Administrative Violations;

At the proposal of the Minister of Finance;

The Government promulgates the Decree amending and supplementing a number of articles of the Government’s Decree No. 17/2012/ND-CP of March 13, 2012, detailing and guiding the implementation of a number of articles of the Law on Independent Audit (below referred to as Decree No. 17/2012/ND-CP).

Article 1. To supplement a number of points and clauses of Article 15 of Decree No. 17/2012/ND-CP as follow:         

1. To add Point dd below Point d, Clause 1 as follows:       

“dd. Other large-scale enterprises as specified at Point dd, Clause 1, Article 37 of the Law on Independent Audit that satisfy at least 2 of the following 3 criteria: having the average number of employees participating in social insurance in a year of more than 200, having the annual total revenue of more than VND 300 billion, and having total assets valued at more than VND 100 billion.”.

2. To add Clause 7 as follows:

“7. The principles for determining the annual average number of employees participating in social insurance, the total revenue in a year, and the total assets of a unit as specified at Point dd, Clause 1 of this Article are as follows:

a/ The number of employees participating in social insurance is the total number of employees who participate in social insurance and are managed, employed, and have their salaries and wages paid by the unit in accordance with the law on social insurance;

b/ The annual average number of employees participating in social insurance shall be calculated by dividing the total number of employees participating in social insurance in all months of the previous year by 12 months;

c/ The number of employees participating in social insurance in a month shall be determined at the end of the month and based on the social insurance premium payment documents of the month that are submitted by the unit to the social insurance agency;

d/ The total revenue in the year is that shown in  the financial statement of the preceding year that is prepared by the unit in accordance with the accounting law;

dd/ Total assets are determined at the end of the fiscal year as shown in the financial statements of the preceding year that is prepared by the unit in accordance with the accounting law.”.

3. To add Clause 8 below Clause 7 as follows:

“8. Enterprises specified at Point dd, Clause 1 of this Article which fail to satisfy the criteria for being treated as large-scale enterprises for 2 consecutive years are not subject to statutory audit until they satisfy the law-specified criteria.”.

Article 2. To amend and supplement Clause 2, Article 16 of Decree No. 17/2012/ND-CP as follows:

“2. Practicing auditors may not sign audit reports for an audited unit for more than 5 consecutive years.”.

Article 3. Effect

This Decree takes effect on the date of its signing.

Article 4. Transitional provisions

1. Practicing auditors who signed the audit reports for an audited unit before January 1, 2025, may continue to sign the audit reports for that audited unit in accordance with Article 2 of this Decree.

2. Enterprises with the total revenue and total assets shown in the financial statements for the 2024 fiscal year, and employing the average number of employees participating in social insurance in 2024 that comply with Clause 1, Article 1 of this Decree are subject to statutory audit of their financial statements for the 2025 fiscal year onward.

Article 4. Implementation responsibility

Ministers, heads of ministerial-level agencies, heads of government-attached agencies, and chairpersons of provincial-level People’s Committees shall implement this Decree.-

On behalf of the Government
For the Prime Minister
Deputy Prime Minister
HO DUC PHOC