Revoking the Certificate of eligibility for providing audit services

Suspending the provision of audit services An audit firm shall be suspended from providing audit services in one of the cases in Clause 1 Article 27 of the Law on Independent audit. The audit firms suspended from providing audit services shall stop providing audit services from the day on which the decision on suspension is made. The Ministry of Finance shall announce the decision to suspend the provision of audit services on the website of the Ministry of Finance within 07 [...]

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Receipt of audit services

Receipt of audit services Auditing firms, branches of foreign auditing firms in Vietnam are entitled to receive the audit services only in accordance with their capabilities within the client’s requirements. Upon receipt of audit services, auditing firms, branches of foreign auditing firms in Vietnam must inform clients of the rights, obligations, and their professional responsibilities in the performance of audit services, limitation of financial liability of auditing firms, branches of foreign auditing firms in Vietnam and practicing auditors when occurring audit [...]

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Obligations of the audited units

Obligations of the audited units To provide fully, accurately, truthfully, timely, objectively the necessary information and documents under the requirements of practicing auditors and auditing firms, branches of foreign auditing firms in Vietnam and take responsibility before the law for the information and documents provided. To implement the requirements of practicing auditors and auditing firms, branches of foreign auditing firms in Vietnam on the collection of audit evidence as required by auditing standards and correction of errors for the audit statement [...]

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The audited units

The audited units The enterprises and organizations that as prescribed by law, their annual financial statements must be audited by the foreign auditing firms, branches of foreign auditing firms in Vietnam, including: a) Enterprises with foreign investment; b) Credit institutions established and operating under the Law on Credit Institutions; c) Financial institutions, insurance enterprises, insurance brokerage firms. d) Public companies, issuers, and securities trading organizations. Enterprises and organizations that must be audited by the foreign auditing firms, branches of foreign auditing firms in Vietnam, including: a) [...]

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Termination of carrying on business of audit services

Termination of carrying on business of audit services Auditing firms terminate the business of audit services in the following cases: a) To terminate by themselves; b) To be divided, separated, merged, consolidated, dissolved; c) To be withdrawn business registration certificate, certificate of enterprise registration, investment certificate or certificate of sufficient conditions to carry on business of audit services; d) Director of the private enterprise is deceased; đ) Other cases in accordance with regulations of the law on enterprises. Branches of foreign auditing firms in Vietnam terminate [...]

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Branches of auditing firms

Branches of auditing firms Conditions for the branches of auditing firms entitled to carry on business of audit services: a) Auditing firms have sufficient conditions to carry on business of audit services as stipulated in Article 21 of this Law; b) A branch has at least two practicing auditors, including the branch director. Two practicing auditors are not at the same time as auditor registering to practice in the head office or other branches of auditing firms. c) Being approved in writing by [...]

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The cases that auditing firms and branches of foreign auditing firms in Vietnam are not entitled to audit

The cases that auditing firms and branches of foreign auditing firms in Vietnam are not entitled to audit Auditing firms are not entitled to perform audit in the following cases: a) Doing or having done in the preceding year the work of book keeping, making financial statement, or internal audit to the audited unit; b) Doing or having done in the preceding year the services different from the services specified in point a of this clause affecting the independence of practicing auditors [...]

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Rights of auditing firms, branches of foreign auditing firms in Vietnam

Rights of auditing firms, branches of foreign auditing firms in Vietnam Auditing firms have the following rights: a) To provide the services stipulated in Article 40 of this Law; b) To receive fee; c) To establish branches carrying on business of audit service; d) To locate its establishment to carry on business of audit service in foreign countries; đ) To participate in the international audit organizations, professional organizations on audit; e) To request the audited units to provide sufficiently and timely the necessary information, documents and [...]

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The fees for granting, modifying Certificate of sufficient conditions to carry on business of audit services

The fees for granting, modifying Certificate of sufficient conditions to carry on business of audit services   Auditing firms, branches of foreign auditing firms in Vietnam request for granting, re-granting, modifying Certificate of sufficient conditions to carry on business of audit services must pay fees. Minister of Finance shall prescribe the fees for granting, re-granting, modifying the Certificate of sufficient conditions to carry on business of audit services. The changes must be notified to the Ministry of Finance Within ten days from the date [...]

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Dossiers of application for certificate of sufficient conditions to carry on business of audit services

Dossiers of application for certificate of sufficient conditions to carry on business of audit services Dossiers of application for certificate of sufficient conditions to carry on business of audit services include: A written application for certificate of sufficient conditions to carry on business of audit services; A copy of business registration certificate, certificate of enterprise registration certificates or investment certificate; A copy of certificate of registration of practicing audit of the practicing auditors; Full-time labor contracts of practicing auditors; Documents proving the contributed capital for [...]

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