[Draft] Law Amending the Accounting Law and the Law on Independent Audit
RegHub explainer by New MarketerLast updated:
Based on:National Assembly - Draft laws
This explanation was generated by AI and checked by an automated AI review, not by a human expert. It is not legal, tax or accounting advice and may contain errors. Check the official document before you rely on it.
Vietnam's Ministry of Finance is leading the drafting of a law that would amend and supplement provisions of both the Accounting Law and the Law on Independent Audit. The draft will be reviewed by the National Assembly's Economic and Financial Committee before being submitted to the 16th National Assembly term. At this stage, the only public information available is the title of the draft law and the responsible agencies; no detailed article-by-article content has been released yet.
Overview
This is an early-stage legislative notice for a draft law that would amend and supplement certain provisions of two foundational laws governing the accounting and audit profession in Vietnam:
- The Accounting Law (Luat Ke toan)
- The Law on Independent Audit (Luat Kiem toan doc lap)
Status
| Item | Detail |
|---|---|
| Drafting agency | Ministry of Finance |
| Reviewing body | National Assembly Economic and Financial Committee |
| Expected submission | 16th National Assembly term - schedule pending |
| Expected passage | 16th National Assembly term - schedule pending |
No draft article text, explanatory report, or proposed amendment content has been published yet at this stage of the process.
Why this matters
Because the Accounting Law and the Law on Independent Audit set the baseline rules for bookkeeping standards, financial statement preparation, and mandatory independent audit requirements, any amendment carries broad implications for:
- Businesses required to maintain statutory accounting records
- In-house accountants and chief accountants
- Independent audit firms and licensed auditors
- Enterprises subject to mandatory audit (state-owned enterprises, listed companies, credit institutions, and others)
What to watch for
As the draft develops, SMEs and accounting professionals should monitor for:
- Proposed changes to accounting standards or bookkeeping obligations
- Changes to which entities must undergo independent audit
- New requirements or liabilities for auditors and audit firms
- Any transition or effective-date provisions once a full draft is released
RegHub will publish an updated summary once the National Assembly releases the detailed draft text or an official passage timeline.