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 dated March 13, 2012, detailing and guiding the implementation of a number of articles of the Law on Independent Audit

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

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

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

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 dated March 13, 2012, detailing and guiding the implementation of a number of articles of the Law on Independent Audit.  

Article 1. Supplementing a number of points and clauses of Article 15 of Decree No. 17/2012/ND-CP, as follows:  

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

“dd. Other large-scale enterprises as prescribed at Point dd, Clause 1, Article 37 of the Law on Independent Audit satisfying at least 2 of the following 3 criteria: Having an average annual number of employees participating in social insurance of over 200 persons or more, having total revenue of the year of over VND 300 billion or more, having total assets of over VND 100 billion or more.”.  

2. To add Clause 7 as follows:

“7. Principles for determination of the average annual number of employees participating in social insurance, total revenue of the year, total assets of the units prescribed 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 managed, employed, and paid salaries or wages by the unit, participating in social insurance in accordance with the law on social insurance;  

b) The average annual number of employees participating in social insurance is calculated by the total number of employees participating in social insurance of all months in the immediately preceding year divided by 12 months;  

c) The number of employees participating in social insurance of a month is determined at the end of the month and based on the social insurance payment documents of that month submitted by the enterprise to the social insurance agency;  

d) Total revenue of the year is determined on the annual financial statements of the immediately preceding year prepared by the unit in accordance with the law on accounting;  

dd) Total assets are determined at the end of the fiscal year on the annual financial statements of the immediately preceding year prepared by the unit in accordance with the law on accounting.”.

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

“8. Enterprises falling under the subjects prescribed at Point dd, Clause 1 of this Article, if for 2 consecutive years they do not satisfy the criteria for determining large-scale enterprises, shall not be required to conduct compulsory audit until they continue to satisfy the criteria as prescribed.”.  

Article 2. Amending and supplementing Clause 2, Article 16 of Decree No. 17/2012/ND-CP, as follows:

“2. A certified public accountant shall not sign an auditor’s report for an auditee for more than 05 consecutive years.”.  

Article 3. Effect

This Decree takes effect from the date of signing.  

Article 4. Transitional provisions  

1. Certified public accountants who have signed auditor’s reports for an auditee before January 01, 2025, may continue to sign auditor’s reports for that auditee in accordance with the provisions of Article 2 of this Decree.  

2. Enterprises whose total revenue and total assets on the financial statements for the fiscal year 2024, and average number of employees participating in social insurance for the year 2024, satisfy the provisions in Clause 1, Article 1 of this Decree shall conduct compulsory audit of financial statements for the fiscal year 2025 onwards.  

Article 5. Implementation responsibility

Ministers, Heads of ministerial-level agencies, Heads of government-attached agencies, Chairpersons of People's Committees of provinces and centrally run cities shall be responsible for the implementation of this Decree./.

On behalf of the Government

For the Prime Minister

The Deputy Minister

HO DUC PHOC