THE MINISTRY OF FINANCE

Circular No. 56/2015/TT-BTC dated April 23, 2015 of the Ministry of Finance on amending and supplementing a number of articles of the Circular no. 150/2012/TT-BTC of the Ministry of Finance dated September 12, 2012 on providing guidance on annual knowledge update for auditors applying for the license to practice audit
Pursuant to the Law on Independent Audit No. 67/2011/QH12 dated March 29, 2011;
Pursuant to the Government’s Decree No. 17/2012/ND-CP dated March 13, 2012 on providing specific regulations and guidance on implementation of several articles of the Law on Independent Audit;
Pursuant to the Government's Decree No. 215/2013/ND-CP dated December 23, 2013 on defining the functions, tasks, powers and organizational structure of the Ministry of Finance;
At the request of the Director of the Department of Audit and Accounting Policies;
The Minister of Finance hereby promulgates the Circular on amending, supplementing several articles of the Circular No. 150/2012/TT-BTC of the Ministry of Finance dated September 12, 2012 on providing guidance on annual knowledge update for auditors applying for the license to practice audit..
Article 1. To amend and supplement a number of articles of the Circular No. 150/2012/TT-BTC as follows:
1. To amend and supplement the Article 3 of the Circular No. 150/2012/TT-BTC as follows:
“Article 3. Knowledge-updating entities
Knowledge-updating entities are licensed auditors or auditors who apply for the license to practice audit, except for those making the first application for the license to practice audit within a period from the date of being issued the auditor’s certificate to December 31 of the year following the year of being issued the auditor's certificate." 
2. To amend and supplement Clause 2 Article 5 of the Circular No. 150/2012/TT-BTC as follows:
“2. By the application date, auditors who have not practiced audit for a period of 24 successive months or more must spend a minimum of 80 hours on the knowledge update within the year immediately preceding the year of auditing practice registration of which there are at least 40 hours of updating knowledge about Vietnam’s accounting and auditing legislation, and at least 08 hours of updating knowledge about professional ethics.”
3. To amend and supplement Point b Clause 7 Article 11 and supplement Clause 8 and 9 Article 11 of the Circular No. 150/2012/TT-BTC as follows:
a) . To amend and supplement Point b Clause 7 Article 11 as follows:
“b) One hour of participation of auditors in workshops, examinations or opinion polls on contents of Vietnam's accounting standard, Vietnam’s audit standard or Vietnam’s accounting or audit ethical standard shall be defined as one hour of update of knowledge about Vietnam's accounting and audit legislation.  Duration credited for knowledge update hours shall be restricted to 04 hours per a meeting session and 08 hours per a meeting day.”