Professional organizations on audit

1. 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.
2. 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

1. Strictly banning members who participate in the audits and auditing firms, branches of foreign auditing firms in Vietnam conduct the following acts:
2. a) To purchase, receive donation, hold shares or contributed capital of the audited units regardless of the number;
3. b) To buy, sell bonds or other assets of the audited units affecting the independence in accordance with the professional ethical standards of accounting and auditing;
4. c) To receive or require any money or benefits from the audited units other than the service fees and costs agreed in the contract concluded;
5. d) To harass, cheat customers and the units audited;

đ) To disclose information on the audit records, clients, audited unit, unless the clients, audited units approve or as prescribed by law;

1. e) To inform, introduce false qualifications, experience and ability to provide services of practicing auditors and auditing firms, branches of foreign auditing firms in Vietnam;
2. g) To scramble clients in the forms of hindering, drawing, bribing and colluding with clients and other acts of unfair competition;
3. h) To carry out the collection for the audited units;
4. i) To be in collusion with the audited units to falsify accounting records, financial statements, audit records and to report falsely the results of audit;
5. k) To forge, falsify records of audit;
6. l) To rent, borrow certificate of auditor and the certificate of registering to practice audit for its professional activities;
7. m) To provide audit services without adequate conditions in accordance with provisions of this Law;
8. n) Other acts under regulations of law;
9. Apart from the provisions in clause 1 of this Article, strictly banning auditors and practicing auditors perform the following acts:
10. a) Practicing audit as an individual;
11. b) Forging, leasing, lending, or permitting to use name and certificate of auditors, certificate of registering audit practice to perform audit activities;
12. c) Working for two auditing firms, branches of foreign auditing firms in Vietnam or more at the same time;
13. d) Other acts under regulations of law.
14. Strictly banning the audited units and concerned organizations and individuals to carry out the following acts:
15. a) To select organizations and individuals that are not sufficient conditions for practicing audit to conclude the audit contracts;
16. b) To refuse to provide necessary information and documents for the audit as required by practicing auditors or auditing firms, branches of foreign auditing firms in Vietnam;
17. c) To obstruct the work of the participants in the audit;
18. d) To provide false, untruthful, incomplete, untimely information, documents relating to the audit;

đ) To bribe, collude with members participating in the audits and auditing firms, branches of foreign auditing firms in Vietnam to falsify accounting records, financial statements, audit records and audit statements;

1. e) To conceal violations of law on finance and accounting;
2. g) To intimidate, retaliate, force participants in the audit to falsify the results of the audit;
3. h) Other acts under regulations of law.
4. Strictly banning organizations and individuals to intervene and prevent unlawful practice operation of practicing auditors, auditing firms, branches of foreign auditing firms in Vietnam; taking advantage of their positions and powers to violate the provisions on granting certificates of sufficient conditions to carry on business of audit services, certificates of registration of auditing practice, inspection, quality control of audit services, discipline and handling of administrative violations in the independent audit activities.