Rights of auditing firms, branches of foreign auditing firms in Vietnam

1. Auditing firms have the following rights:
2. a) To provide the services stipulated in Article 40 of this Law;
3. b) To receive fee;
4. c) To establish branches carrying on business of audit service;
5. 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;

1. e) To request the audited units to provide sufficiently and timely the necessary information, documents and explain issues related to the contents of audit; To request inventory of assets, debt comparison of audited unit related the contents of audit; to inspect all records and documents related to economic and financial operation of the audited unit inside and outside of the unit during the course of audit;
2. g) To inspect, confirm the economic and financial information related to the audited unit inside and outside of the unit during the course of audit;
3. h) To request the concerned organizations and individuals to provide necessary documents and information related to the contents of the audit through the audited unit;
4. i) Other rights in accordance with the law regulations.
5. Branches of foreign auditing firms in Vietnam have the rights stipulated in point a, b, e, g, h and i clause 1 of this Article.

The obligations of auditing firms, branches of foreign auditing firms in Vietnam

1. To operate under the contents stated in the certificate of sufficient conditions to carry on business of audit services.
2. To allocate staffs with appropriate qualifications to ensure the quality of audit services; to manage professional activities of practicing auditors.
3. Annually report the list of practicing auditors to the competent state agency;
4. To pay compensation for damage to the clients, the audited units on the basis of the audit contracts and under the provisions of law.
5. To purchase professional liability insurance for practicing auditors or to set up professional risk reserve fund in accordance with provisions of the Ministry of Finance.
6. To notify the audited unit when seeing that the audited unit has signs of law violation on economy, finance, accounting.
7. To provide information on the practicing auditors and auditing firms, branches of foreign auditing firms in Vietnam to the competent state agencies.
8. To provide audit records, documents as requested in writing by the state the competent state agencies.
9. To report periodically or irregularly the independent audit activities.
10. To provide timely, completely, accurately information and documents as requested by the competent agencies in the process of examination, inspection, and take responsibility for the accuracy and truthfulness of the information and documents which were supplied; to comply with provisions of competent state agencies for the examination, inspection.
11. To take responsibility before the law, clients for the audit results under audit contracts signed.
12. To take responsibility with the person who uses the audit results when such person:
13. a) Has benefit directly related to the audit results of the audited unit at the date of signing the audit statement;
14. b) Has a reasonable understanding on the financial statements and the basis for making the financial statements to be the accounting standards, the accounting regime and other provisions of concerned law;
15. c) Has used carefully the information in the financial statements audited.
16. To refuse to conduct audit when deemed not guaranteeing the independence, inadequate qualifications, insufficient conditions for conducting audit.
17. To refuse to conduct audit when clients, audited units request contrary to professional ethical, professional skill requirements or contrary to provisions of law.
18. To organize operation quality audit and to be subject to quality audit of audit services in accordance with provisions of the Ministry of Finance.
19. Other obligations in accordance with the law regulations.