Audit Services

Overview

Our mission is to help businesses enhance financial transparency, strengthen management efficiency, and ensure compliance with Singapore Financial Reporting Standards (SFRS) and local regulatory requirements. Our audit services cover all types of company structures—from SMEs to multinational groups—delivering forward-looking and compliant professional support.

We have extensive experience serving clients in:
Trading, Shipping & Logistics, Investment Holding, Real Estate Development, Variable Capital Companies (VCCs), Fund Management, and Family Offices.

Mandatory full audit requirements

Vietnamese law explicitly stipulates that all foreign-invested enterprises (FIEs), regardless of their registered capital or revenue level, must engage a qualified independent auditing firm registered in Vietnam (on a list approved by the Ministry of Finance, MOF) to conduct a statutory annual financial audit. Enterprises that evade this legal audit obligation will face administrative fines of 10 to 20 million Vietnamese dong.

Audit standards and report content

The audit of financial statements of foreign-invested enterprises must be prepared and reviewed in strict accordance with Vietnamese Accounting Standards (VAS). A complete set of statutory audit documentation should include: a balance sheet, an income statement, a cash flow statement, and notes to the financial statements.

Application deadline and submitting organization

Standard Deadline: In Vietnam, the fiscal year typically coincides with the calendar year. Businesses must complete their audit and tax settlement within 90 days of the end of each fiscal year (usually by March 31st of the following year).
First-Year Exception: If a business operates for less than three months from its incorporation to the end of its first fiscal year, it may apply to the tax authorities for a deferral, incorporating the audit into the next complete accounting period.
Submission Targets: The final annual audit report must be submitted simultaneously to the Department of Planning and Investment (DPI)/issuing authority, the competent tax department, and the local statistics department.

Key Practical Role of Auditing and Records Management

Prerequisites for Profit Remittance: An independently audited annual financial statement is a mandatory and necessary supporting document for foreign-invested enterprises to legally remit net profits (dividends) to their overseas parent company.
Document Retention Period: According to Vietnam’s Accounting Law and related document management regulations, the company’s accounting books and the final audit report issued by the independent auditing firm must be properly retained for 10 years.

Why Choose MSMC ASIA

Deep understanding of Southeast Asia’s regulatory environment
ACRA-registered professional accountants
Comprehensive knowledge of Companies Act amendments and SFRS
One-stop professional services: Audit, Tax, Accounting, Legal
Dedicated to compliance and growth for Chinese and regional enterprises
Proven expertise across Trading, Shipping, Investment, Real Estate Development, and VCC structures

Kindly contact us to explore tax planning solutions designed to support your business goals.

MSMC ASIA

#19-06 160 Robinson Rd, SBF Center, Singapore 068914