05/02/2020 0 Comments 0

Principles to apply the risk management in tax management

Principles to apply the risk management in tax management   1. The tax authorities apply the risk management to encourage and create favorable conditions for the taxpayers to properly comply with regulations of law simultaneously prevent, detect and promptly handle acts of violation of tax law in tax management to the taxpayers. 2. In tax management, the taxpayers whose risk must be assessed to apply the option for tax verification and inspection, classification of tax refund dossier, measures to enforce the administrative [...]

Read more...
26/12/2019 0 Comments 0

Audit statements on other audit works

Audit statements on other audit works The audit statement on the other audit works shall be made on the basis of provisions in Article 46 of this Law and auditing standards consistent with each audit. Audit Opinion Based on the result of the audit, the practicing auditor and auditing firm, branch of foreign auditing firm in Vietnam must express their opinion on the financial statement and other contents which have been audited under the regulations of auditing standards. The Ministry of Finance shall [...]

Read more...
25/11/2019 0 Comments 0

Audit service fees

Audit service fees Fees for audit services agreed by auditing firms, branches of foreign auditing firms in Vietnam and the client in the audit contracts upon the following bases: a) The contents, volume and nature of work; b) Time and working conditions of practicing auditors, auditors used to perform the services; c) Qualifications, experience and reputation of practicing auditors, auditing firms, branches of foreign auditing firms in Vietnam; d) The level of responsibility and time limit that the performance of services requires Audit service fees [...]

Read more...
24/10/2019 0 Comments 0

Receipt of audit services

Receipt of audit services Auditing firms, branches of foreign auditing firms in Vietnam are entitled to receive the audit services only in accordance with their capabilities within the client’s requirements. Upon receipt of audit services, auditing firms, branches of foreign auditing firms in Vietnam must inform clients of the rights, obligations, and their professional responsibilities in the performance of audit services, limitation of financial liability of auditing firms, branches of foreign auditing firms in Vietnam and practicing auditors when occurring audit [...]

Read more...
23/09/2019 0 Comments 0

Obligations of the audited units

Obligations of the audited units To provide fully, accurately, truthfully, timely, objectively the necessary information and documents under the requirements of practicing auditors and auditing firms, branches of foreign auditing firms in Vietnam and take responsibility before the law for the information and documents provided. To implement the requirements of practicing auditors and auditing firms, branches of foreign auditing firms in Vietnam on the collection of audit evidence as required by auditing standards and correction of errors for the audit statement [...]

Read more...
23/08/2019 0 Comments 0

The audited units

The audited units The enterprises and organizations that as prescribed by law, their annual financial statements must be audited by the foreign auditing firms, branches of foreign auditing firms in Vietnam, including: a) Enterprises with foreign investment; b) Credit institutions established and operating under the Law on Credit Institutions; c) Financial institutions, insurance enterprises, insurance brokerage firms. d) Public companies, issuers, and securities trading organizations. Enterprises and organizations that must be audited by the foreign auditing firms, branches of foreign auditing firms in Vietnam, including: a) [...]

Read more...
22/07/2019 0 Comments 0

Termination of carrying on business of audit services

Termination of carrying on business of audit services Auditing firms terminate the business of audit services in the following cases: a) To terminate by themselves; b) To be divided, separated, merged, consolidated, dissolved; c) To be withdrawn business registration certificate, certificate of enterprise registration, investment certificate or certificate of sufficient conditions to carry on business of audit services; d) Director of the private enterprise is deceased; đ) Other cases in accordance with regulations of the law on enterprises. Branches of foreign auditing firms in Vietnam terminate [...]

Read more...
20/06/2019 0 Comments 0

Branches of auditing firms

Branches of auditing firms Conditions for the branches of auditing firms entitled to carry on business of audit services: a) Auditing firms have sufficient conditions to carry on business of audit services as stipulated in Article 21 of this Law; b) A branch has at least two practicing auditors, including the branch director. Two practicing auditors are not at the same time as auditor registering to practice in the head office or other branches of auditing firms. c) Being approved in writing by [...]

Read more...
19/05/2019 0 Comments 0

The cases that auditing firms and branches of foreign auditing firms in Vietnam are not entitled to audit

The cases that auditing firms and branches of foreign auditing firms in Vietnam are not entitled to audit Auditing firms are not entitled to perform audit in the following cases: a) Doing or having done in the preceding year the work of book keeping, making financial statement, or internal audit to the audited unit; b) Doing or having done in the preceding year the services different from the services specified in point a of this clause affecting the independence of practicing auditors [...]

Read more...
18/04/2019 0 Comments 0

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

Rights of auditing firms, branches of foreign auditing firms in Vietnam Auditing firms have the following rights: a) To provide the services stipulated in Article 40 of this Law; b) To receive fee; c) To establish branches carrying on business of audit service; 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; e) To request the audited units to provide sufficiently and timely the necessary information, documents and [...]

Read more...