Revoking the Certificate of eligibility for providing audit services

Suspending the provision of audit services

  1. 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.
  2. The audit firms suspended from providing audit services shall stop providing audit services from the day on which the decision on suspension is made.
  3. 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 days from the day on which the decision is made

Revoking the Certificate of eligibility for providing audit services

  1. An audit firm shall have its Certificate of eligibility for providing audit services revoked in one of the cases in Clause 2 Article 27 of the Law on Independent audit.
  2. The audit firm that has its Certificate of eligibility for providing audit services revoked must stop providing audit services from the day on which the decision on the revocation is made.
  3. The Ministry of Finance shall announce the decision to revoke the Certificate of eligibility for providing audit services on the website of the Ministry of Finance within 07 days from the day on which the decision is made.
  4. The audit firm must return the Certificate of eligibility for providing audit services to the Ministry of Finance within 10 days from the day on which the decision is made.

Voluntary suspension of audit service provision

  1. An audit firm wishing to suspend the provision of audit services must send a notification of the suspension (according to the template in Annex XI) to the Ministry of Finance at least 15 days before the suspension date.
  2. The list of suspended audit firms shall be posted on the website of the Ministry of Finance.
  3. When resuming the operation, the audit firm must ensure that all conditions are satisfied, and send a written notification to the Ministry of Finance within 10 days from the resuming day.

Voluntary termination of audit service provision

  1. An audit firm wishing to stop the provision of audit services must send a dossier of application for the terminating the provision of audit services to the Ministry of Finance.
  2. The dossier of application for terminating the provision of audit services includes:
  3. a) The application for terminating the provision of audit services;
  4. b) The reports on the unfinished audit contracts and other service contracts as prescribed in Point b Clause 1 Article 40 of the Law on Independent audit;
  5. c) The measures and commitment to ensure the lawful rights and interests of clients and involved parties;
  6. d) The solutions for settling unfinished audit contracts and other service contracts (if any).
  7. The audit firm shall notify the termination of audit service provision to its clients (audited units) and involved parties, and on the mass media at least 30 days before officially terminating the provision of audit services.
  8. The notification of the termination of audit service provision prescribed in Clause 1 of this Article must specify:
  9. a) The time of termination and the reasons for the termination of audit service provision;

b) The measures and commitment to ensure the lawful rights and interests of clients and involved parties.

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