Obligations of the audited unitstaodoadmin
- 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 having no exception idea for the contents which are not allowed to except as stipulated in clause 2 and clause 3 of Article 48 of this Law. In case of not conducting the correction of errors upon the opinion of the auditing firms, branches of foreign auditing firms in Vietnam, the audited unit must explain in writing as required by the competent state agency, representatives of the owners of audited units.
- To coordinate, create conditions for the practicing auditors to perform the audits.
- Not to have acts of restriction of the scope of issues need to be audited.
- To consider the proposal of auditing firm, branch of foreign auditing firm in Vietnam on the existing, errors in financial statements and in the compliance with the law to remedy promptly.
- To notify promptly and fully the law violations and breach of audit contract in the audit activity of practicing auditors and auditing firms, branches of foreign auditing firms in Vietnam to the competent state agencies.
- To pay fees for audit services under agreements stated in the contract.
- Where concluding the audit contract with an auditing firm, branch of foreign auditing firm in Vietnam for three consecutive years or more, it shall require auditing firm, branch of foreign auditing firm in Vietnam to change the practicing auditors who sign the audit statement.
- Other obligations in accordance with the law regulations.
- Auditing firms, branches of foreign auditing firms in Vietnam perform the following services:
- a) The audit services, including audit of financial statements and audit of activities, audit of compliance, audit of reports on the settlement of completed projects, audit of financial statements for tax purposes and the other audits;
b) Service of reviewing financial statements, financial information and other assurance services.
- Apart from the services specified in clause 1 of this Article, the auditing firms are entitled to register for the performance of the following services:
- a) Consultancy of economy, finance, taxes;
- b) Consultancy of management, conversion, and restructuring of enterprises;
- c) Consultancy of information technology application in the management of enterprises and organizations;
- d) Accounting services in accordance with provisions of accounting legislation;
đ) Valuation of assets and business risk assessment;
- e) Services of fostering knowledge of finance, accounting, and auditing;
- g) Other related services in finance, accounting, tax as prescribed by law.
- Enterprises that have been granted certificates of sufficient conditions to carry on business of audit services in accordance with this Law shall be performed accounting services in accordance with provisions of accounting legislation without registration.
4. When performing the services specified in clause 1 and clause 2 of this Article, the auditing firm must meet all conditions as prescribed by this Law and other provisions of concerned law.