15/05/2020 0 Comments 0

First-time Adoption of International Financial Reporting Standards – IFRS 1

First-time Adoption of International Financial Reporting Standards – IFRS 1 Objective IFRS 1 First-time Adoption of International Financial Reporting Standards sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements. Note: An entity that conducts rate-regulated activities and has recognised amounts in its previous GAAP financial statements that meet the definition of ‘regulatory deferral account balances’ (sometimes referred to ‘regulatory assets’ and ‘regulatory liabilities’) can [...]

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05/03/2020 0 Comments 0

Contents of the Certificate of eligibility for providing audit services

Contents of the Certificate of eligibility for providing audit services A Certificate of eligibility for providing audit services contains the following information: a) Name of the audit firm in Vietnamese and foreign languages (if any); its abbreviated name (if any); and address of the head office; b) Full names of the legal representative and the Director of the audit firm (if the Director is not the legal representative); c) The number and date of issue of the Certificate of eligibility for providing audit [...]

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05/02/2020 0 Comments 0

Applicable to branches in Vietnam of foreign audit firms

The dossier of application for the Certificate of eligibility for providing audit services The application for the Certificate of eligibility for providing audit services (according to the template in Annex I). The copy of the License to provide audit services of the foreign audit firm (or an equivalent paper) as prescribed by the law of its home country. The copy of the License to open branches in Vietnam of the foreign audit firm. The written commitments to take the full responsibility being sent [...]

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01/01/2020 0 Comments 0

CERTIFICATE OF ELIGIBILITY FOR PROVIDING AUDIT SERVICES

CERTIFICATE OF ELIGIBILITY FOR PROVIDING AUDIT SERVICES The dossier of application for the Certificate of eligibility for providing audit services, applicable to limited liability companies, partnerships, and private enterprises The application for the Certificate of eligibility for providing audit services in Vietnamese (according to the template in Annex I). The copy of the Certificate of Business registration or Certificate of Enterprise registration or Investment certificate. The list of full-time auditors having labor contracts (according to the template in Annex III). The copy of the [...]

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05/11/2019 0 Comments 0

Revoking the Certificate of eligibility for providing audit services

Suspending the provision of audit services An audit firm shall be suspended from providing audit services in one of the cases in Clause 1 Article 27 of the Law on Independent audit. The audit firms suspended from providing audit services shall stop providing audit services from the day on which the decision on suspension is made. The Ministry of Finance shall announce the decision to suspend the provision of audit services on the website of the Ministry of Finance within 07 [...]

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08/06/2018 0 Comments 0

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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