Disclosure of information of the auditing firms, branches of foreign auditing firms in Vietnam, the practicing auditors who are approved for the audits of financial statements of the units with the public interest

Information on auditing firms and branches of foreign auditing firms in Vietnam, the practicing auditors who are approved for the audits of financial statements of the units with the public interest must be disclosed including:

1. Information on practicing auditors, auditing firms, branches of foreign auditing firms in Vietnam;
2. Information related to quality assurance;
3. Information relating to the inspection, discipline, handling of violations and settlement of disputes and monitoring of the disclosure.

Transparency Report

1. Auditing firms, branches of foreign auditing firms in Vietnam that are qualified, sufficient conditions for approval of the audit of financial statements of the units with the public interest must disclose information on their websites on annual transparency reports within ninety days from the date of ending the fiscal year.
2. The transparency reports must be signed by the legal representatives of the auditing firms, branches of foreign auditing firms in Vietnam.
3. The Ministry of Finance shall specify the contents of the transparency report provided in clause 1 of this Article.

Responsibilities of the units with the public interest

1. To construct and operate the internal control systems appropriately and effectively.
2. To organize the internal audit in accordance with the law regulations to protect the safety of assets; to assess the quality and the reliability of the information of economy, finance, the observance of laws, regime and policies of the State and provisions of the units.

The independence and objectivity

1. Auditing firms, branches of foreign auditing firms in Vietnam are not entitled to arrange practicing auditors to audit for a unit with the public interest in the five consecutive fiscal years.
2. Practicing auditors who were conducted the audit for the units with the public interest are only held managerial, administrative positions, inspection committee members, and chief accountants of the units with the public interest twelve months after the date of ending the audit.