Heat at least 3 inches of oil in a large Dutch oven or deep, heavy bottom pan over medium heat to 350° F. Top a baking sheet with a wire cooling rack and set aside. This will serve as a place to lay your fresh-out-of-the-fryer doughnuts.
While the oil is heating, cut out the center of each biscuit using a small cookie cutter. Stretch the biscuit just a bit to make the hole and biscuit donut slightly larger.
Fry each doughnut, just a few at a time (do not overcrowd), until lightly golden brown and cooked through--around 60-90 seconds per side.
Set each fried donut on the cooling rack to allow the excess oil to drip off. Once all donuts have been fried, turn off the heat for the oil.
For the glaze
Sift the powdered sugar and cocoa powder into a large bowl. Whisk together.
Whisk in the milk, vanilla extract, and salt.
Dip the doughnuts into the glaze one at a time. Place on a cooling rack to set for a few minutes, then enjoy.
Notes
*The actual amount of frying oil you will need will depend on the size of your pan or dutch oven.