Quality control of audit services

1. Auditing firms, branches of foreign auditing firms in Vietnam must develop and implement control systems of service quality specified in clause 1 Article 40 of this Law, the policies and procedures for quality control for each audit.
2. Auditing firms, branches of foreign auditing firms in Vietnam are subject to the control of the competent bodies on the quality of services specified in clause 1 Article 40 of this Law.
3. The Ministry of Finance is entitled to mobilize auditors and practicing auditors and other experts in the implementation of quality control of audit services. The mobilization and allocation of participants in the quality control must ensure the principle of independence and objectivity.
4. If necessary, the Minister of Finance sets up a professional council to advise the handling of the proposals on audit statements and audit quality.
5. The Ministry of Finance shall prescribe the regulations to control quality of services specified in clause 1 Article 40 of this Law.

Units with the public interest

1. Credit institutions established and operating under the Law on Credit Institutions.
2. Financial institutions, insurance enterprises, insurance brokerage enterprises.
3. Public companies, issuers, securities trading organizations in accordance with provisions of legislation on securities.
4. Other enterprises and organizations related to the interests of the public due to the nature and scale of operation of such unit in accordance with the law regulations

Approval of the enterprises entitled to audit the financial statements of the units with public interest

1. Auditing firms, branches of foreign auditing firms in Vietnam audit the financial statements of the units with the public interest must be approved by the competent agencies.
2. Ministry of Finance stipulates the standards, selection conditions, procedures for reviewing, approving, and the cases of suspension or revocation as status of auditing firms, branches of foreign auditing firms in Vietnam and the practicing auditors who are audited the financial statements of the units with the public interest, unless otherwise provided for by law.