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

  1. Auditing firms are not entitled to perform audit in the following cases:
  2. a) Doing or having done in the preceding year the work of book keeping, making financial statement, or internal audit to the audited unit;
  3. 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 and auditing firms in accordance with provisions of the professional ethical standard of accounting, auditing.
  4. c) Members participating in the audit, managers, administrators of the auditing firms being founding members, shareholders or purchasing shares or contributing capital into the audited units or having other economic, financial relations with the audited units in accordance with provisions of professional ethical standards of accounting and auditing;
  5. d) Persons who are responsible for managing, administering the auditing firms have parents, spouse, child, natural brother, sister being founding members, shareholders or purchasing shares or contributing capital into the audited units and having significant influence on the audited units or persons who are responsible for management, administration, members of the inspection committee or the chief accountants of the audited units;

đ) Persons who are responsible for management, administration, members of the inspection committee or the chief accountants of the audited units and are the persons who contribute capital as well and have significant influence on the audited units;

  1. e) Auditing firms and audited units established or participated in the establishment by the same individual or enterprise or organization;
  2. g) Audited unit has made in the preceding year or ongoing the audit of financial statements for its own;
  3. h) Other cases in accordance with law regulations.
  4. Branches of foreign auditing firms in Vietnam are not entitled to conduct audit in the following cases:
  5. a) Doing or having done in the preceding year the work of book keeping, making financial statement, or internal audit to the audited unit;
  6. 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 and the branches in accordance with provisions of the professional ethical standard of accounting, auditing;
  7. c) Members participating in the audit, managers, administrators of the branches being founding members, shareholders or purchasing shares or contributing capital into the audited units or having other economic, financial relations with the audited units in accordance with provisions of professional ethical standards of accounting and auditing;
  8. d) Persons who are responsible for managing, administering the branches have parents, spouse, child, natural brother, sister being founding members, shareholders or purchasing shares or contributing capital and having significant influence on the audited units or persons who are responsible for management, administration, members of the inspection committee or the chief accountants of the audited units;

đ) Persons who are responsible for management, administration, members of the inspection committee or the chief accountants of the audited units and are the persons who have significant influence on the branches as well in accordance with provisions of professional ethical standards of accounting and auditing;

  1. e) Audited unit has made in the preceding year or ongoing the audit of financial statements for its own branches;
  2. g) Other cases in accordance with law regulations.

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