Corporate auditing today is no longer simply about checking the numbers on financial statements, but has become a strategic risk management tool for businesses. In the context of increasingly stringent tax and accounting regulations in Vietnam, as outlined in the updated circulars for the 2026-2027 period, mastering these regulations is crucial. audit process This helps businesses proactively provide transparent information to shareholders and regulatory authorities.
Company audits help CFOs and Chief Accountants identify potential errors in internal control systems early on, allowing for timely adjustments before tax authorities conduct inspections. Statistics from periodic reviews show that companies undergoing annual independent audits have a lower rate of tax violations compared to those that do not, and also save significant time when dealing with stakeholders.
Summary of key aspects of corporate auditing
Corporate auditing is the process by which independent auditors gather and evaluate evidence about a company's financial information to confirm the extent to which that information conforms to current accounting standards.
This activity is used to verify the accuracy and fairness of financial reports, serving investors, banks, and government regulatory agencies. The main entities applying this are joint-stock companies, foreign-invested enterprises (FDI), public interest entities, or at the voluntary request of business owners when data transparency is needed.
What is a company audit and why do businesses need to have one?
The legal nature of auditing in Vietnam is clearly defined in the Law on Independent Auditing and the Vietnamese Auditing Standards (VSA). It is an objective, independent examination process aimed at providing an opinion on whether financial statements are prepared in all material respects and in accordance with the framework for preparing and presenting financial statements.
In Vietnam, many types of businesses are required to conduct annual audits. Violations can result in significant administrative penalties. Decree 41/2018/ND-CP and the amendments and supplements in 2025. Beyond the legal aspects, auditing helps businesses increase their credibility in the market, making it easier to access bank loans or attract international investment.
Entities required to undergo audits according to the latest regulations.
Based on Law on Independent Auditing No. 67/2011/QH12 And according to updated guidelines for the 2026 accounting period, the following entities cannot do without audit reports:
- Foreign direct investment (FDI) enterprises operating in Vietnam.
- Credit institutions, financial institutions, insurance companies, reinsurance companies.
- Public companies, securities issuers, and securities trading organizations.
- State-owned enterprises or projects that utilize state budget funds as prescribed.
Risks and penalties for not conducting audits on time.
Delays or failure to submit audit reports on time can lead to serious consequences. In addition to administrative fines ranging from 40 to 50 million VND for failure to submit reports, businesses may also be placed on a special monitoring list by the tax authorities. This increases the likelihood of a comprehensive tax audit, impacting business operations and the reputation of the management.
What is the process for auditing a company to achieve high efficiency?
A professional process goes beyond simply checking documents; it must be designed to minimize disruption to the company's daily operations. At MAN, we implement a standardized four-stage process, enabling seamless collaboration between the CFO and accounting department, optimizing execution time.
Phase 1: Initial planning and risk assessment
Auditors will learn about the business characteristics, internal control environment, and material risks of the enterprise. During this phase, we focus on determining materiality levels, and then design audit procedures that concentrate on areas prone to errors such as inventory, accounts receivable, or revenue.
Phase 2: Perform system checks and detailed testing.
This is when auditors examine original documents, contracts, accounts receivable reconciliation statements, and conduct physical inventory of assets. The application of these auditing software Advanced technology helps MAN shorten the time required to process large amounts of data, minimizing the need for corporate accountants to repeatedly provide manual documentation.
Phase 3: Summarize results and discuss with the management team.
Before releasing the official report, we always hold detailed meetings with the CFO and Chief Accountant to clarify the adjusting entries. This ensures that all parties agree on the accounting perspective and that the findings during the audit are supported by authentic and objective evidence.
Phase 4: Issuance of the audit report and management letter
The final product is the audit report along with a management letter. The management letter is an extremely important document for managers, as it identifies weaknesses in the internal control system and proposes specific corrective solutions to optimize financial management in the future.
Audit costs and current methods of calculating audit fees.
Many businesses often have questions about the calculation method. audit costs And why is there such a large difference between service providers? In reality, audit fees are determined based on many technical factors and the scale of the client's business operations.
Factors that directly affect audit fees
- Total assets and revenue size: Large businesses with multiple branches often require longer audit periods.
- Complexity of operations: Specialized industries such as construction, real estate, or banking have more complex inspection processes than pure commerce.
- Quality of the internal control system: If a company's accounting system is well-organized and risk-free, auditors can reduce detailed testing, thereby optimizing costs.
- Completion time: Urgent audit requests or those during peak seasons typically incur higher fees compared to contracts signed earlier.
Reference price list for audit services
To help your business proactively plan its budget, MAN offers: Audit service price list This fee structure is based on the scale and common types of operations. It is designed based on the expected working hours of the professional and the specific risks of each business sector.
| Business type | Revenue size (Billion VND) | Reference price (Million VND) |
| Small and medium-sized enterprises | Under 50 | 15 – 25 |
| FDI enterprises | 50 – 200 | 25 – 45 |
| Manufacturing/Construction Company | 200 – 500 | 45 – 80 |
| Public Corporation/Company | Over 500 | Agreement by scope |
Note: The above price list is for reference only. To provide an accurate quote for audit services, MAN needs to conduct a preliminary review of your company's records.
Why are MAN's audit services the trusted choice of CFOs?
With over 30 years of experience, MAN – Master Accountant Network offers more than just a stamped audit report. We provide complete peace of mind to management through our dedicated and in-depth service approach.
A team of experts with extensive practical experience.
We have a team of certified public accountants (CPAs) and tax consultants who have held numerous senior financial management positions in Vietnam. Their deep understanding of tax risk management practices allows MAN to provide insightful advice, helping businesses not only comply with the law but also optimize their cash flow.
Commitment to the highest level of confidentiality and legal responsibility.
In the auditing industry, trust is paramount. MAN is committed to the absolute confidentiality of client information through rigorous legal agreements. All reports we issue are based on the highest level of honesty and professional responsibility, and we are ready to explain and defend the data before tax authorities or other stakeholders.
A comprehensive solution to address outstanding issues.
Beyond just auditing, MAN also helps businesses "clean up" their accounting systems. Many clients turn to us when their accounting data is disorganized or there are significant discrepancies between the books and reality. Using expert methods, we help restructure data and re-establish standardized processes to ensure smoother business operations after the audit.
Expert opinions on audit risks in Vietnamese businesses.
From the perspective of someone with over three decades of experience in the field, I've observed that many Vietnamese businesses still frequently make regrettable systemic errors. The most common mistake isn't in accounting techniques, but rather in the lack of connection between production departments and the accounting department.
Blind spots in tax and financial risk management.
A major risk that CFOs often overlook is the legitimacy of expenses related to related-party transactions. During 2026-2027, tax authorities will place particular emphasis on transfer pricing and expenses that lack economic substance. If auditors lack the experience to provide early warnings, businesses are highly susceptible to having these expenses disallowed during tax settlements.
Tips for optimizing the audit process for the accounting department.
For the job audit Since the process is fast-paced, the Chief Accountant should proactively conduct accounts payable reconciliation and fixed asset inventory before the auditors arrive. Organizing documents by function and creating a clear index will save on-site time. Furthermore, maintaining a smart electronic archiving system is key to processing all data retrieval requests in an instant.
Case Study: Managing Inventory Risk of VND 50 Billion for a Manufacturing Company in Binh Duong
Last year, MAN handled a case involving a manufacturing company in Binh Duong with a significant discrepancy between its accounting records and actual inventory, amounting to nearly 50 billion VND. Without careful handling, this could be considered as selling goods without issuing invoices and result in substantial tax arrears.
MAN's team of experts went directly to the factory, conducting a sample inventory process and analyzing fluctuations in material consumption norms for three consecutive years. We helped the business demonstrate that this discrepancy largely stemmed from errors in data entry and natural losses during production that had not been updated in a timely manner. As a result, the business only had to adjust its accounting records according to the auditor's instructions without incurring tax penalties, saving billions of dong in taxes and fines.
Conclude
Corporate auditing is a crucial stepping stone for businesses to achieve professionalism and demonstrate transparency in the marketplace. Choosing a reputable and competent auditing partner not only helps you fulfill your legal obligations but also delivers superior added value in terms of financial management and sustainable tax risk prevention.
MAN – Master Accountant Network is proud to be a trusted partner of hundreds of businesses in Vietnam. With extensive experience and a scientific work process, we are committed to delivering results. auditing services High quality, fast, and cost-effective. Contact MAN today for advice on the best audit solution for your business.
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 Company Audits
How long does it take to complete a company audit?
Typically, fieldwork takes 1 to 2 weeks, depending on the scale. After that, it takes another week to finalize the report and discuss feedback before official release.
Are audit fees deductible expenses when calculating corporate income tax?
Yes, audit service fees are reasonable and legitimate expenses for business operations and are fully deductible when determining corporate income tax, provided there is a complete invoice and contract.
Can a company change its auditing firm annually?
The law does not prohibit changing auditing firms. However, maintaining a reputable auditing firm for several consecutive years can give them a deeper understanding of the business, leading to more accurate advice.
How long is an audit report valid?
An audit report is valid for the financial period in which it confirms the results. Typically, banks and partners will request an audit report for the most recent financial year.
Does MAN provide services in provinces outside of Ho Chi Minh City?
Yes, MAN serves customers nationwide, with a particularly strong presence in key areas such as District 1 and District 7 (Ho Chi Minh City), and industrial zones in Binh Duong, Dong Nai, and Long An.
What is the difference between internal auditing and independent corporate auditing?
Internal auditing is a department within a business, serving the purpose of internal governance. Independent auditing is an objective third party, serving the purpose of transparency of data for external stakeholders.
