The fees for granting, modifying Certificate of sufficient conditions to carry on business of audit services

1. Auditing firms, branches of foreign auditing firms in Vietnam request for granting, re-granting, modifying Certificate of sufficient conditions to carry on business of audit services must pay fees.
2. Minister of Finance shall prescribe the fees for granting, re-granting, modifying the Certificate of sufficient conditions to carry on business of audit services.

The changes must be notified to the Ministry of Finance

Within ten days from the date of change in the following contents, the auditing firms, branches of foreign auditing firms in Vietnam must notify in writing to the Ministry of Finance:

1. List of practicing auditors;
2. Failing to ensure one of the conditions prescribed in Article 21 and Article 31 of this Law;
3. Name, location where places enterprise’s head office;
4. Director or general director and legal representative, the rate of contributions of members;
5. Suspension of carrying on business of audit service;
6. Establishment and termination of operations or change of the name and location where locates head office of the branch of carrying on business of audit services;
7. Performance of the splitting, merger, consolidation, transformation, and dissolution.

Suspension of business of audit services and withdrawal of certificates of sufficient conditions to carry on business of audit services

1. Auditing firms, branches of foreign auditing firms in Vietnam are suspended the business of audit services as to be of one of the following cases:
2. a) Operating not in compliance with the scope of operation of auditing firms specified in clause 1 Article 40 of this Law;
3. b) Failing to ensure one of the conditions specified in the clauses 1, 2, 3 and 4 Article 21 of this Law for three consecutive months;
4. c) Having serious violations on professional skill or violations on auditing standards, professional ethical standards of accounting and auditing.
5. Auditing firms, branches of foreign auditing firms in Vietnam are withdrawn the Certificate of sufficient conditions to carry on business of audit services as to be of one of the following cases:
6. a) Declaring not complying with the reality or cheating, forging documents requesting for issuance of certificate of sufficient conditions to carry on business of audit services;
7. b) Failing to carry on business of audit service within 12 consecutive months;
8. c) Failing to overcome the violations specified in clause 1 of this Article within sixty days from the date of suspension;
9. d) Being dissolved, bankrupted or terminating the business of audit services by themselves;

đ) Being revoked the certificate of business registration, certificate of enterprise registration or certificate of investment;

1. e) Foreign auditing firm having auditing branches in Vietnam to be dissolved, bankrupted or license which was withdrawn or its operation suspended by the competent authorities of the countries where such auditing firm locates its head office.
2. g) Having violations provided in clause 11 and clause 15 Article 59 of this Law.
3. Auditing firm, branches of foreign auditing firm in Vietnam is withdrawn certificate of sufficient conditions to carry on business of audit services must terminate its business of audit services, since the effective date of decision to withdraw.

4. Ministry of Finance shall specify the suspension of business of audit services and withdrawal of certificates of sufficient conditions to carry on business of audit services and announce the decision to suspend the business of audit services, withdraw the certificate of sufficient conditions to carry on business of audit services within seven days on the website of the Ministry of Finance.