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 [...]

Read more...

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 [...]

Read more...

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 [...]

Read more...

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 [...]

Read more...

Conditions for granting certificate of sufficient conditions to carry on business of audit service

Conditions for granting certificate of sufficient conditions to carry on business of audit service When the Limited liability Company with two or more members requests for granting certificate of sufficient conditions to carry on business of audit services, must meet fully the following conditions: a) Having certificates of business registration, certificate of enterprise registration or certificate of investment in accordance with the law regulations; b) Having at least five practicing auditors, in which must have at least two members contributing capital; c) Legal [...]

Read more...

The cases that practicing auditors are not allowed to audit

The cases that practicing auditors are not allowed to audit Practicing auditors are not allowed to audit in the following cases: as members, founding shareholders, or purchasing shares or capital contribution in the audited unit; as those who hold managerial, administrative positions, members of the inspection committee or chief accountant of the audited units; as those who hold managerial, administrative positions, members of the inspection committee or chief accountant of the audited units for the audited financial year; within two years from the time [...]

Read more...

Rights of practicing auditors

Rights of practicing auditors When practicing in the auditing firms, branch of foreign auditing firms in Vietnam, practicing auditors have the following rights: To practice audit in accordance with regulations of this Law; To be independent on professional skill; To request the audited unit to provide adequate and timely necessary information, documents and explain the issues related to the audit contents; to request inventory of assets, debt comparison of the audited unit related to the audit contents; to inspect all records and documents [...]

Read more...

Standards of auditors

Standards of auditors Auditors must meet the following standards: a) Having full civil act capacity; b) Having good morals, sense of responsibility, integrity, honesty, objectivity; c) Having degree of university or higher to be of financial, banking, accounting, auditing disciplines or other disciplines as prescribed by the Ministry of Finance; d) Having certificates of auditors in accordance with regulations the Ministry of Finance. Where person who have foreign certificates recognized by the Ministry of Finance, passing the examinations in Vietnamese on Vietnam law and meeting [...]

Read more...

Professional organizations on audit

Professional organizations on audit Professional organizations on audit are established and operate under the provisions of the law on associations and are responsible for complying with the provisions of the law on independent audit. Professional organizations on audit are fostered knowledge for auditors, the auditors practice and perform a number of tasks related to independent audit activity prescribed by the Government. The strictly-banned acts Strictly banning members who participate in the audits and auditing firms, branches of foreign auditing firms in Vietnam conduct [...]

Read more...

Operation principles of independent audit

Operation principles of independent audit Compliance with the law and taking responsibility before the law on occupational activity and audit statements. Compliance with audit standards and professional ethical standards of accounting and auditing of Vietnam; for the audits under the audit contracts that are required to apply the other audit standards shall comply with such audit standards. Independence, honesty, objectivity. Information confidentiality. Compulsory audit Compulsory audit is the audit for the annual financial statements, the settlement statements of completed projects and other financial information of [...]

Read more...