Auditing large-scale businesses is becoming a focal point of attention in the financial community following the government's issuance of regulations. Decree 90/2025/ND-CPThis marks a turning point in enhancing financial transparency. Mandatory auditing for these entities is not only a legal obligation but also a crucial tool for protecting the rights of investors and shareholders in the digital economy.
According to experts at MAN – Master Accountant Network, conducting large-scale corporate audits helps organizations review their internal control systems, promptly detect material errors and tax risks. This is especially important as the total assets and revenue of businesses in Vietnam are growing rapidly, requiring an independent and professional oversight mechanism.
The legal framework governing the auditing of large-scale enterprises.
The highest legal basis governing this activity includes: Law on Independent Auditing No. 67/2011/QH12 and Decree 90/2025/ND-CP on determining enterprise size. The combination of these documents creates a strict legal framework, forcing enterprises reaching a certain size threshold to publicly disclose audited financial statements.
Decree 90/2025/ND-CP and new points regarding scale
Decree 90/2025/ND-CP ra đời nhằm cụ thể hóa tiêu chí phân loại doanh nghiệp, thay thế hoặc bổ sung các quy định cũ về doanh nghiệp siêu nhỏ, nhỏ và vừa. Điểm nổi bật là việc bổ sung nhóm “doanh nghiệp có quy mô lớn” vào danh sách bắt buộc phải được kiểm toán báo cáo tài chính hàng năm, tương tự như các công ty đại chúng hay foreign direct investment (FDI) enterprises.
The Role of Independent Auditing Law
The Law on Independent Auditing clearly stipulates the types of reports that must be audited and the responsibilities of the audited entity. For large-scale corporate audits, compliance not only helps avoid administrative penalties under Decree 41/2018/ND-CP but also serves as a "passport" for businesses to access bank loans or raise capital on the stock market.
Criteria for determining whether a business must undergo a large-scale corporate audit.
To determine whether an entity is subject to a large-scale corporate audit, accountants need to refer to the data from the immediately preceding fiscal year. According to the latest regulations, a business will be required to undergo an audit if it meets at least two of the three core criteria below.
| Criteria | Defining threshold | Legal notes |
| Number of workers | Over 200 people | Calculated based on the average number of employees participating in social insurance each year. |
| Total revenue | Over 300 billion VND | Total revenue from sales and services provided during the year. |
| Total assets | Over 100 billion VND | Based on the Balance Sheet as of the end of the year |
Analysis of the number of employees criterion
The average number of employees per year is an important indicator reflecting workforce size and social responsibility. In auditing large-scale enterprises, accurately determining the number of employees participating in social insurance helps tax authorities and auditors assess labor costs and the entity's compliance with labor laws.
Revenue and total asset thresholds
Revenue exceeding VND 300 billion or assets exceeding VND 100 billion are often associated with complex economic transactions. Therefore, auditing large-scale enterprises focuses on verifying the existence and completeness of these items, ensuring that profits are not inflated and assets are not misvalued.
Why should businesses prioritize large-scale corporate audits?
Besides being a mandatory requirement, auditing large-scale businesses provides added value that conventional management methods cannot offer. It's like a regular financial "health check-up," giving management an objective view of operational efficiency.
Enhance your reputation with partners and banks.
Most credit institutions now require audited financial statements for large loans. Conducting audits on large-scale businesses helps shorten loan application processing times, increase credit approval rates, and potentially offer more favorable interest rates due to increased transparency.
Tax and accounting risk management
During large-scale corporate audits, auditors review how expenses, revenues, and provisions are accounted for. This helps businesses detect potential risks early, which could lead to tax arrears or heavy penalties when regulatory authorities conduct inspections.
Standard procedures for conducting audits of large-scale enterprises.
A professional large-scale corporate audit process typically takes 2 to 4 weeks, depending on the workload and the readiness of the documentation. Below are the basic steps that MAN – Master Accountant Network usually advises its clients on.
Preparation and planning phase
The audit firm will conduct a survey of the internal control system and an initial risk assessment. At this stage, identifying material areas such as inventory, accounts receivable, and related-party transactions is extremely important for large-scale corporate audits.
Conduct on-site audits.
Auditors will gather evidence through methods such as observation, interviews, recalculation, and confirmation letters. For large-scale corporate audits, witnessing inventory checks of goods and fixed assets at multiple business locations is often the most time-consuming task.
Compile the results and issue a report.
After discussing the adjusting entries, the auditing firm will issue an Independent Audit Report. This report is the final outcome of a large-scale corporate audit, presenting the auditor's opinion on the fairness and reasonableness of the financial statements in all material respects.
Reputable firms that conduct large-scale corporate audits in Vietnam.
The Vietnamese auditing market is currently highly segmented, with the "Big 4" and leading professional firms consistently being the preferred choices for large corporations. Alongside these multinational names, the established position of firms such as... MAN – Master Accountant Network This has provided flexible, specialized, and cost-effective options for large-scale businesses in Vietnam.
- Deloitte Vietnam: This firm has the longest history and specializes in management consulting and auditing for multinational corporations.
- PwC Vietnam: Known for its rigorous quality control processes and in-depth tax consulting services.
- EY Vietnam: Strengths in the banking and finance sector and high-quality assurance services.
- KPMG Vietnam: Experts in solving complex business problems and conducting operational audits.
- MAN – Master Accountant Network: A professional consulting and service provider, specializing in handling complex financial documents, optimizing accounting and tax processes, and assisting businesses in strictly complying with large-scale audit standards at competitive costs.
- AASC & A&C: Leading domestic auditing firms with in-depth understanding of the specific characteristics of the Vietnamese business and accounting environment.
The selection of an auditing firm for large-scale businesses should be based on the actual size, industry specifics, and long-term goals of the company, such as listing on the stock exchange, raising international capital, or simply increasing transparency in internal governance.
The risks of failing to comply with large-scale corporate audits.
If a business is required to undergo a large-scale business audit but intentionally or unintentionally ignores it, the legal and economic consequences can be severe.
- Administrative penalties: According to Decree 41/2018/ND-CP, the penalty for failing to conduct an audit can be up to 50 million VND.
- Restrictions on rights: Businesses may be denied the right to bid on public projects or be placed on a priority inspection list by the tax authorities.
- Loss of trust: For strategic partners, the lack of large-scale corporate audit reports is a sign of a lack of transparency in governance.
Conclude
Auditing large-scale businesses is not simply an administrative procedure to comply with regulations, but a smart governance strategy in the era of transparency. Early compliance and the selection of reputable and competent audit partners will help businesses build a solid financial foundation, preparing them for further advancements in the international market.
At MAN – Master Accountant Network, we provide comprehensive solutions ranging from accounting consulting and tax optimization to connecting large-scale corporate audit services. With a team of experienced professionals with in-depth knowledge of current legal regulations, MAN is committed to partnering with businesses to standardize financial reporting, minimize risks, and maximize business value.
Service contact information at MAN – Master Accountant Network
- Address: No. 19A, Street 43, Tan Thuan Ward, Ho Chi Minh City
- Mobile/Zalo: 0903 963 163 – 0903 428 622
- Email: man@man.net.vn
Content production by: Mr. Le Hoang Tuyen – Founder & CEO MAN – Master Accountant Network, Vietnamese CPA Auditor with over 30 years of experience in Accounting, Auditing and Financial Consulting.
Frequently Asked Questions about Auditing Large Businesses
Do newly established businesses need to be audited?
If, in the first year, a business meets the criteria for registered capital (equivalent to total assets) or a large workforce size as stipulated by other specialized laws, the entity may still be required to conduct a large-scale business audit. However, the criteria are usually assessed based on data from the immediately preceding year.
What happens if a business fails to meet the criteria for two consecutive years?
According to Decree 90/2025/ND-CP, if a business fails to meet the criteria regarding labor, revenue, or assets for two consecutive years, it will be temporarily exempted from the obligation to conduct large-scale business audits until it meets those criteria again.
What factors determine the cost of an audit?
Audit fees for large-scale businesses typically depend on total assets, revenue, number of invoices, number of business locations, and the complexity of financial transactions.
Is it mandatory to submit an audit report to a government agency?
For businesses subject to mandatory auditing, the audit report must be submitted along with the financial statements to the tax authorities, statistical agencies, and specialized management agencies as prescribed; it also serves as an important basis when the business works with banks, investors, or conducts M&A transactions.
