Originally published 29 April 2011
Keywords: independent auditors, independent auditing, Decree 16
On 22 February 2011 the Vietnamese Government issued Decree No. 16/2011/ND-CP (Decree 16) amending and supplementing Decree 105/2004/ND-CP on Independent Auditing, dated 30 March 2004 (Decree 105).
Decree 16 amended Decree 105 to clarify the standards for independent auditors.
The changes, brought by Decree 16, relate to two aspects:
- Professional qualifications: An independent auditor must hold a university or higher graduate degree specialising in economics, finance, banking, accounting or auditing. The previous regulations referred only to a Bachelors Degree. The amendment recognises that an independent auditor now may have a higher graduate degree; and
- Work experience: Decree 16 also requires at least five years of work experience in finance and accounting or at least four years working as an assistant auditor at an auditing enterprise. The amendments also make it clear that the experience must be gained after graduation and before the year in which an auditor registers for the examination to be issued with an auditor certificate by the Minister of Finance.
Decree 16 took effect from 20 April 2011.
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