Rights of practicing auditors

Rights of practicing auditors When practicing in the auditing firms, branch of foreign auditing firms in Vietnam, practicing auditors have the following rights: To practice audit in accordance with regulations of this Law; To be independent on professional skill; To request the audited unit to provide adequate and timely necessary information, documents and explain the issues related to the audit contents; to request inventory of assets, debt comparison of the audited unit related to the audit contents; to inspect all records and documents [...]

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Standards of auditors

Standards of auditors Auditors must meet the following standards: a) Having full civil act capacity; b) Having good morals, sense of responsibility, integrity, honesty, objectivity; c) Having degree of university or higher to be of financial, banking, accounting, auditing disciplines or other disciplines as prescribed by the Ministry of Finance; d) Having certificates of auditors in accordance with regulations the Ministry of Finance. Where person who have foreign certificates recognized by the Ministry of Finance, passing the examinations in Vietnamese on Vietnam law and meeting [...]

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Professional organizations on audit

Professional organizations on audit 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. 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 Strictly banning members who participate in the audits and auditing firms, branches of foreign auditing firms in Vietnam conduct [...]

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Operation principles of independent audit

Operation principles of independent audit Compliance with the law and taking responsibility before the law on occupational activity and audit statements. Compliance with audit standards and professional ethical standards of accounting and auditing of Vietnam; for the audits under the audit contracts that are required to apply the other audit standards shall comply with such audit standards. Independence, honesty, objectivity. Information confidentiality. Compulsory audit Compulsory audit is the audit for the annual financial statements, the settlement statements of completed projects and other financial information of [...]

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Audit standards and professional ethical standards of accounting and auditing

Audit standards and professional ethical standards of accounting and auditing 1. Auditing standards mean the rules and guidelines on the requirements, principles, auditing procedures, and handling of the relationship arising from audit activities that members participating in the audit and the auditing firms, branches of foreign auditing firms in Vietnam must comply with. 2. Professional ethical standards of accounting and auditing mean the rules and guidelines on principles, contents of the application of professional ethical standards for members participating in the [...]

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Transfer Pricing Country Matrix

TRANSFER PRICING COUNTRY MATRIX Abbreviation a Regulation type               b Are there specific transfer pricing regulations?         c Is there a TP documentation requirement?           d Is there an annual submission deadline for the documentation?       e Submission deadline upon request?             f Is there a requirement to update transfer pricing documentation annually ?     g Language requirements               h Do penalties exist for not having adequate tranfer pricing documentation or not submitting in time? TRANSFER PRICING COUNTRY MATRIX Country a b c d e f g h Albania OECD Yes No No 30 days Yes N/A Yes Angola National regulations based on OECD Guidelines Yes Yes Yes N/A Yes Portuguese No Argentina National regulations Yes Yes Yes 15 days Yes Spanish Yes Australia OECD Yes Yes No 21-28 days Yes English Yes Austria OECD Yes No No N/A No German (English accepted) N/A Belgium OECD Yes No No 30 days No Dutch, English, French or German No Brazil National regulations Yes Yes Yes 20 days Yes Portuguese No Bulgaria OECD Yes Yes No 14 days No Bulgarian Yes Canada National regulations Yes Yes Yes 6 months Yes French or English Yes Chile National regulation / [...]

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Law violations on independent audit

Law violations on independent audit Law violations on independent audit include: Carrying on business of audit services without the certificate of sufficient conditions for business of audit services or not complying with the contents of the certificate of sufficient conditions for business of audit services; Individuals who sign audit statements without sufficient conditions as the practicing auditors; Violation of regulations on business registration of audit services, audit-practice registration; Violation of regulations on inspection and quality control of audit services of the Ministry of [...]

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Disclosure of information of the auditing firms

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: Information on practicing auditors, auditing firms, branches of foreign auditing firms in Vietnam; Information [...]

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Quality control of audit services

Quality control of audit services 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. 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. The Ministry of Finance is entitled to mobilize [...]

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Objective of independent audit

Objective of independent audit Independent audit activities aim to contribute to the transparency of economic information, finance of units that are audited and other enterprises, organizations; to strengthen investment environment; practice thrift and prevent and combat waste, prevent and combat corruption; to detect and prevent violations of law; to raise the effectiveness, management efficiency, administration of economy, finance of the State and business operation of enterprises. Interpretation of terms In this Law, the following terms are construed as follows: 1. Independent audit [...]

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