Receipt of audit services

1. 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.
2. 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 risk.
3. Auditing firms, branches of foreign auditing firms in Vietnam are not entitled to transfer the audit services that they have concluded contract to the other auditing firms, branches of foreign auditing firms in Vietnam, except for the case the client agrees.
4. Auditing firms, branches of foreign auditing firms in Vietnam must appoint a person who is in charge of each audit. Person who is in charge of the audit must be the practicing auditor. The audit statement must be signed by the person who is in charge of the audit.

Audit contracts

1. Auditing firms, branches of foreign auditing firms in Vietnam implement the audit services under the audit contract.
2. Audit contract is an agreement between auditing firms and branches of foreign auditing firms in Vietnam with clients on the performance of audit services. The contract audit shall be made in writing and contains the following main contents:
3. a) Names and addresses of clients or clients’ representatives, representatives of the auditing firms, branches of foreign auditing firms in Vietnam;
4. b) The purpose, scope and contents of audit services, term of the audit contract;
5. c) The rights, obligations and responsibilities of the parties;
6. d) The form of audit statement and other forms expressing the audit results such as the management letter and other reports;

đ) Audit service fees and other expenses agreed by the parties

Obligations of confidentiality

1. Practicing auditors, auditing firms, branches of foreign auditing firms in Vietnam are not entitled to disclose information of audit records, clients, the audited units, unless the clients, audited units approve or as prescribed by law.
2. Practicing auditors, auditing firms, branches of foreign auditing firms in Vietnam are not entitled to use information of audit records, clients, audited units to infringe the interests of the State, public interests, rights and lawful interests of agencies, organizations and individuals.
3. Auditing firms, branches of foreign auditing firms in Vietnam must set up and operate the internal control systems to ensure the implementation of confidentiality obligations.
4. The State agencies, professional organizations on audit and concerned individuals are obliged to keep confidential information provided on the audit records, clients, audited units in accordance with the law regulations.