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THE
NATIONAL ASSEMBLY
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SOCIALIST REPUBLIC
OF VIETNAM
Independence - Freedom - Happiness
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Law No.:
67/2011/QH12
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Hanoi, March 29,
2011
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LAW
INDEPENDENT AUDIT
Pursuant to the 1992
Constitution of the Socialist Republic of Vietnam as amended, supplemented a
number of Articles by Resolution 51/2001/QH10;
The National Assembly
promulgates the Law on Independent Audit,
Chapter 1.
GENERAL PROVISIONS
Article 1.
Scope of governing
This Law regulates the principles,
conditions, scope, and form of independent audit activities; the rights and
obligations of practicing auditors, auditing firms, branches of foreign
auditing firms in Vietnam and the units that are audited.
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This law applies to the auditors,
the practicing auditors, auditing firms, branches of foreign auditing firms in
Vietnam, the units that are audited, professional organizations on audit and
other organizations, individuals related to the activities of independent
audit.
Article 3.
Application of the Law on independent audit, international Agreements and
relevant laws
1. Domestic organizations and
individuals and foreign organizations, or individuals engaging in independent audit
on the territory of Vietnam must comply with this Law and other provisions of
concerned law.
2. Where the international
Agreements which the socialist Republic of Vietnam is a party stipulating
different from the provisions of this Law shall apply the provisions of such
international Agreements.
Article 4.
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.
Article 5.
Interpretation of terms
In this Law, the following terms
are construed as follows:
1. Independent audit means
the auditor practicing a profession, auditing firms, branches of foreign
auditing firms in Vietnam inspecting and giving their independent opinions on
the financial statements and other audit works under the audit contract.
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3. Practicing auditors mean
the auditors who have been issued certificates of registration of practicing
audit.
4. Members participating in the
audit include practicing auditors, auditors and other members.
5. Auditing enterprises
mean the enterprises which meet the sufficient conditions for trading audit
services in accordance with this Law and other provisions of the concerned law.
6. Audited units mean the
enterprises, organizations that are implemented the audit under the audit
contract by the auditing firms, branches of foreign auditing firms in Vietnam.
7. Units with the public
interest mean the enterprises, organizations that the nature and scale of
operation which is highly related to the interests of the public.
8. Audit practice means the
operation trading the audit service of practicing auditors, auditing firms and
branches of foreign auditing firms in Vietnam.
9. Financial statement audit
means the one that practicing auditors, auditing firms, branches of foreign
auditing firms in Vietnam inspect, give their opinions on the truthfulness and
rationality in the key respects of the financial statements of the audited
units in accordance with provisions of auditing standards.
10. Compliance audit means
the one that practicing auditors, auditing firms, branches of foreign auditing
firms in Vietnam inspect, give their opinions on the compliance with laws,
regulations, provisions that the audited units shall perform.
11. Operation audit means
the one practicing auditors, auditing firms, branches of foreign auditing firms
in Vietnam inspect, give their opinions on the economy, effectiveness and
operation efficiency of a part or the whole audited unit.
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13. Branches of foreign
auditing firms in Vietnam mean the dependent units of the foreign auditing
firms, having no legal entity status, ensured to take the responsibility for
all obligations and commitments of its branches in Vietnam by the foreign
auditing firms.
Article 6.
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 audit and auditing firms, branches of foreign auditing
firms in Vietnam.
3. Auditing standards and
professional ethical standards of accounting and auditing are the bases to
inspect and evaluate the quality of audit and professional ethical of members
participating in the audit and auditing firms, branches of foreign auditing
firms in Vietnam.
4. Ministry of Finance stipulates
auditing standards and professional ethical standards of accounting and
auditing on the basis of international standards.
Article 7.
Value of audit statement
1. The audit statements on
financial statements assess the honesty and rationality of the financial statements
in conformity with accounting standards, the accounting regime issued by
competent agencies or organizations.
2. Compliance audit statements
assessing the compliance with laws, rules, and regulations in the management
and use of money, property and other resources of the audited units.
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4. Audit statements are used for:
a) Shareholders, investors and
parties participating in the joint venture, association, customers and other
organizations and individuals having direct interests or related to the audited
units to handle relations on rights and obligations of stakeholders;
b) State agencies manage and
administer under functions and assigned tasks;
c) Audited units detect, handle,
and prevent timely errors and weakness in the operation of the units.
Article 8.
Operation principles of independent audit
1. Compliance with the law and
taking responsibility before the law on occupational activity and audit
statements.
2. 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.
3. Independence, honesty,
objectivity.
4. Information confidentiality.
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1. Compulsory audit is the audit
for the annual financial statements, the settlement statements of completed
projects and other financial information of the audited units specified in
clause 1 and clause 2 Article 37 of this Law and other provisions of concerned
law.
2. Audit contract of annual
financial statements of the enterprises, organizations that are required to
audit the financial statements must be concluded no later than thirty days
before the date of ending the year accounting period.
3. Enterprises and organizations
that are required to audit as submitting financial statements to the competent
State agencies and as publicizing financial statements audit are required to
attach the audit statements; in case when the State agencies receive financial
statements of the enterprises, organizations which are required to audit
without the attached audit statements, the State agencies are responsible for
sending notice to the competent state agencies for handling in accordance with
the law regulations.
Article 10.
Encouragement of audit
The State encourages enterprises
and organizations hiring the auditing firms, branches of foreign auditing firms
in Vietnam to audit the financial statements, the settlement statements of
completed projects and other audit works before they are submitted to the
competent state agencies or before the public finance.
Article 11.
State administration on the independent audit activities
1. The Government unifies state
administration on the independent audit activities.
2. The Ministry of Finance takes
responsibility before the Government for the implementation of state
administration on independent audit activities, with the duties and powers as
follows:
a) Making, submitting to the
competent State agency for promulgation according to its competence the legal
documents on independent audit;
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c) Stipulating the conditions to
take part in the examination, the organization of examination to grant
certificates of auditors; granting, revoking, and managing certificates of
auditors;
d) Stipulating the standard form
of the certificate of sufficient conditions for trading audit service,
granting, modifying and revoking the certificates of sufficient conditions for
trading audit service;
đ) Suspending the trading of audit
service;
c) Inspecting, examining and
settling complaints and denunciations and handling violations of legislation on
independent audit;
g) Inspecting, examining
activities in the field of independent audit of the professional organizations
on audit;
h) Providing for updating
knowledge to auditors, practicing auditors;
i) Providing for registration and
management of audit practice; publicizing the list of auditing firms, branches
of foreign auditing firms in Vietnam and practicing auditors;
k) Providing for monitoring
quality of audit service;
l) Reviewing and evaluating the
activities of independent audit and implementing the measures to support the
development of independent audit activities;
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3. Ministries,
.
4. People's Committees of
provinces and cities directly under the central Government within its duties
and powers are responsible for the state administration on independent audit
activities at its locality.
Article 12.
Professional organizations on audit
1. 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.
2. 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.
Article 13. The
strictly-banned acts
1. Strictly banning members who
participate in the audits and auditing firms, branches of foreign auditing
firms in Vietnam conduct the following acts:
a) To purchase, receive donation,
hold shares or contributed capital of the audited units regardless of the
number;
b) To buy, sell bonds or other assets
of the audited units affecting the independence in accordance with the
professional ethical standards of accounting and auditing;
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d) To harass, cheat customers and the
units audited;
đ) To disclose information on the
audit records, clients, audited unit, unless the clients, audited units approve
or as prescribed by law;
e) To inform, introduce false
qualifications, experience and ability to provide services of practicing
auditors and auditing firms, branches of foreign auditing firms in Vietnam;
g) To scramble clients in the forms
of hindering, drawing, bribing and colluding with clients and other acts of
unfair competition;
h) To carry out the collection for
the audited units;
i) To be in collusion with the
audited units to falsify accounting records, financial statements, audit
records and to report falsely the results of audit;
k) To forge, falsify records of
audit;
l) To rent, borrow certificate of
auditor and the certificate of registering to practice audit for its
professional activities;
m) To provide audit services without
adequate conditions in accordance with provisions of this Law;
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2. Apart from the provisions in
clause 1 of this Article, strictly banning auditors and practicing auditors
perform the following acts:
a) Practicing audit as an individual;
b) Forging, leasing, lending, or
permitting to use name and certificate of auditors, certificate of registering
audit practice to perform audit activities;
c) Working for two auditing firms,
branches of foreign auditing firms in Vietnam or more at the same time;
d) Other acts under regulations of
law.
3. Strictly banning the audited units
and concerned organizations and individuals to carry out the following acts:
a) To select organizations and
individuals that are not sufficient conditions for practicing audit to conclude
the audit contracts;
b) To refuse to provide necessary
information and documents for the audit as required by practicing auditors or
auditing firms, branches of foreign auditing firms in Vietnam;
c) To obstruct the work of the
participants in the audit;
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đ) To bribe, collude with members
participating in the audits and auditing firms, branches of foreign auditing
firms in Vietnam to falsify accounting records, financial statements, audit
records and audit statements;
e) To conceal violations of law on
finance and accounting;
g) To intimidate, retaliate, force
participants in the audit to falsify the results of the audit;
h) Other acts under regulations of
law.
4. Strictly banning organizations and
individuals to intervene and prevent unlawful practice operation of practicing
auditors, auditing firms, branches of foreign auditing firms in Vietnam; taking
advantage of their positions and powers to violate the provisions on granting
certificates of sufficient conditions to carry on business of audit services,
certificates of registration of auditing practice, inspection, quality control
of audit services, discipline and handling of administrative violations in the
independent audit activities.
Chapter 2.
AUDITORS AND PRACTICING AUDITORS
Article 14.
Standards of auditors
1. Auditors must meet the following
standards:
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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.
2. Where person who have foreign
certificates recognized by the Ministry of Finance, passing the examinations in
Vietnamese on Vietnam law and meeting fully the standards specified in point a
and point b clause 1 of this Article shall be recognized as auditors.
Article 15.
Registration of practicing audit
1. Person who meets fully the
following conditions is registered for audit practice:
a) Being auditor;
b) Having actual working time as
auditor for full thirty-six months or more;
c) Participating fully in the
programs of updating knowledge.
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3. Applicant for certificate of
registration of auditing practice must pay the fee as prescribed by law.
4. Certificate of registration of
auditing practice is valid only when granted person having the labor contract
as full-time for an auditing firm, the branch of foreign auditing firm in
Vietnam.
Article 16.
Those who are not registered audit practice
1. Officials and public servants.
2. Those who are banned from
practicing audit upon valid judgments and decisions of the courts; those who
are being prosecuted for penal liability; those who have been convicted one of
the crimes on economy, position relating to finance and accounting but not be
remitted; those who are subject to administrative measures of education at
communes, wards and towns, sending into medical facilities, educational
institutions.
3. Persons who have criminal records
on economic crimes from serious level or more.
4. Those that violate the law on
finance, accounting, auditing and economic management are sanctioned for
administrative violations within one year from the date of the sanction.
5. Those who are suspended to
practice audit.
Article 17.
Rights of practicing auditors
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1. To practice audit in accordance with
regulations of this Law;
2. To be independent on professional
skill;
3. 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 related to economic and financial activities of the
audited unit inside and outside of the unit during the course of audit;
4. To inspect and confirm the
economic, financial information related to the audited unit inside and outside
of the unit during the course of audit.
5. To request the concerned
organizations and individuals to provide necessary documents and information
related to the contents of the audit through the audited unit.
6. Other rights in accordance with
regulations of law.
Article 18.
Obligations of practicing auditors
When practicing in the auditing
firms, branch of foreign auditing firms in Vietnam, practicing auditors are
obliged as follows:
1. To comply with principle of
independent audit operation;
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3. To refuse the audit for clients,
audited units if considering that they does not guarantee the independence,
insufficient qualifications, conditions in accordance with regulations of law;
4. To refuse the audit in cases
clients or audited units request contrary to professional ethical and requirements
for professional skill or contrary to the provisions of law;
5. To participate fully in the
program of updating annual knowledge;
6. Constantly improve professional
knowledge and professional experience;
7. To audit, review the audit records
or to sign audit statements and take responsibility for the audit statement and
its audit activities;
8. Periodically and irregularly
report its audit activities as required by the competent state agency;
9. To comply with the provisions of
this Law and the laws of the home country in case of practicing audit in the
foreign countries;
10. To executive the requirements for
inspection and quality control of audit services in accordance with regulations
of the Ministry of Finance;
11. Other obligations in accordance
with regulations of law.
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Practicing auditors are not allowed
to audit in the following cases:
1. as members, founding shareholders,
or purchasing shares or capital contribution in the audited unit;
2. as those who hold managerial,
administrative positions, members of the inspection committee or chief
accountant of the audited units;
3. as those who hold managerial,
administrative positions, members of the inspection committee or chief accountant
of the audited units for the audited financial year;
4. within two years from the time of
resigning the managerial, administrative positions, members of the inspection
committee or chief accountant of the audited units;
5. as those who are doing or have
done in the preceding year the work of book keeping, making financial
statements or internal audit for the audited units;
6. as those who are doing or have
done in the preceding year the service which is different from the services
specified in clause 5 of this Article affecting the independence of practicing
auditors in accordance with provisions of professional ethical standards of
accounting and auditing;
7. with their parents, spouse, child,
natural brother, sister who have remarkable direct or indirect financial
interests in the audited units in accordance with provisions of professional
ethical standards of accounting, auditing or those who hold managerial,
administrative positions, members of the inspection committee or chief
accountant of the audited units;
8. Other cases in accordance with
regulations of law.
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AUDITING FIRMS
Article 20. The
types of auditing firms and branches of foreign auditing firms in Vietnam
1. The following enterprises are
entitled to carry on business of audit service:
a) Limited liability companies with
two or more members;
b) Partnerships;
c) Private enterprises.
2. Branches of foreign auditing firms
in Vietnam are carried on business of audit services in accordance with the law
regulations.
3. Enterprises, enterprises’ branches
that are insufficient conditions to carry on business of audit services are not
entitled to use the term "audit" in their names.
4. Auditing firms are not entitled to
contribute capital to set up another auditing firm, unless the contribution of
capital to foreign auditing firms to set up an auditing firm in Vietnam.
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1. When the Limited liability Company
with two or more members requests for granting certificate of sufficient
conditions to carry on business of audit services, must meet fully the
following conditions:
a) Having certificates of business
registration, certificate of enterprise registration or certificate of
investment in accordance with the law regulations;
b) Having at least five practicing
auditors, in which must have at least two members contributing capital;
c) Legal representative, director, or
general director of the limited liability company must be practicing auditor;
d) Ensuring the legal capital as
stipulated by the Government;
đ) Contributed capital portion of
member as organization shall not exceed the level set by the Government.
Representative of member as organization must be practicing auditor.
2. When Partnerships request for
granting certificates of sufficient conditions to carry on business of audit
services, must meet fully the following conditions:
a) Having certificates of business
registration, certificate of enterprise registration or certificate of
investment in accordance with the law regulations;
b) Having at least five practicing
auditors, in which must have at least two partners;
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3. When private enterprises request
for granting certificates of sufficient conditions to carry on business of
audit services, must meet fully the following conditions:
a) Having certificates of business
registration, certificate of enterprise registration or certificate of
investment in accordance with the law regulations;
b) Having at least five practicing
auditors, including private enterprise owner;
c) Private enterprise owner is
director as well.
4. When the branches of foreign
auditing firms in Vietnam request for granting certificates of sufficient
conditions to carry on business of audit services, must meet fully the
following conditions:
a) Foreign auditing firms are allowed
to provide independent audit services in accordance with the law regulations of
the country where foreign auditing firms locate its head offices;
b) Having at least two practicing
auditors, including the director or general director of the branch;
c) Directors or general directors of
branches of foreign auditing firms are not entitled to hold the managerial,
administrative positions of other enterprises in Vietnam;
d) Foreign auditing firms must send
documents to the Ministry of Finance ensuring responsibility for all
obligations and commitments of branches of foreign auditing firms in Vietnam;
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5. Within six months from the date of
business registration of audit services which auditing firms, branches of
foreign auditing firms in Vietnam are not granted certificates of sufficient
conditions to carry on business of audit services must conduct the procedures
to reject the business line of audit services.
Article 22. Dossiers
of application for certificate of sufficient conditions to carry on business of
audit services
Dossiers of application for
certificate of sufficient conditions to carry on business of audit services
include:
1. A written application for
certificate of sufficient conditions to carry on business of audit services;
2. A copy of business registration
certificate, certificate of enterprise registration certificates or investment
certificate;
3. A copy of certificate of
registration of practicing audit of the practicing auditors;
4. Full-time labor contracts of
practicing auditors;
5. Documents proving the contributed
capital for limited liability companies;
6. Other documents provided by the
Ministry of Finance.
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1. Within thirty days from the date
of receiving valid dossiers, the Ministry of Finance issues certificates of
sufficient conditions to carry on business of audit services to the auditing
firms, branches of foreign auditing firms in Vietnam; in case of refusal, the
Ministry of Finance must reply in writing and state clearly the reasons.
2. Where it needs to clarify the
issues related to dossier requesting for granting certificates of sufficient
conditions to carry on business of audit services, the Ministry of Finance
requires auditing firms, branches of foreign auditing firms in Vietnam that
request for certificates of sufficient conditions to carry on business of audit
services to explain.
Article 24.
Re-granting, modification of Certificates of sufficient conditions to carry on
business of audit services
1. Certificates of sufficient
conditions to carry on business of audit services shall be re-granted or
modified in the following cases:
a) Having the change of contents of
certificate of sufficient conditions to carry on business of audit services;
b) Certificate of sufficient
conditions to carry on business of audit services is lost or damaged;
c) Division, separation, merger, consolidation,
or transformation of ownership form.
2. Dossier of application for
re-granting, modifying the certificate of sufficient conditions to carry on
business of audit services includes:
a) Written request for re-granting,
modifying the certificate of sufficient conditions to carry on business of
audit services;
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c) Other documents related to the
re-granting, modification of certificate of sufficient conditions to carry on
business of audit services.
3. Within twenty days from the date
of receiving valid dossiers, the Ministry of Finance re-grants, modifies the
certificate of sufficient conditions to carry on business of audit services; in
case of refusal, the Ministry of Finance must reply in writing, and states
clearly the reason.
Article 25. 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.
Article 26. 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;
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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.
Article 27. 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:
a) Operating not in compliance with
the scope of operation of auditing firms specified in clause 1 Article 40 of
this Law;
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;
c) Having serious violations on
professional skill or violations on auditing standards, professional ethical
standards of accounting and auditing.
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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;
b) Failing to carry on business of
audit service within 12 consecutive months;
c) Failing to overcome the violations
specified in clause 1 of this Article within sixty days from the date of
suspension;
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;
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.
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.
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1. 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 explain
issues related to the contents of audit; To request inventory of assets, debt
comparison of audited unit related the contents of audit; to inspect all
records and documents related to economic and financial operation of the
audited unit inside and outside of the unit during the course of audit;
g) To inspect, confirm the economic
and financial information related to the audited unit inside and outside of the
unit during the course of audit;
h) To request the concerned
organizations and individuals to provide necessary documents and information
related to the contents of the audit through the audited unit;
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2. Branches of foreign auditing firms
in Vietnam have the rights stipulated in point a, b, e, g, h and i clause 1 of
this Article.
Article 29. The
obligations of auditing firms, branches of foreign auditing firms in Vietnam
1. To operate under the contents
stated in the certificate of sufficient conditions to carry on business of
audit services.
2. To allocate staffs with
appropriate qualifications to ensure the quality of audit services; to manage
professional activities of practicing auditors.
3. Annually report the list of
practicing auditors to the competent state agency;
4. To pay compensation for damage to
the clients, the audited units on the basis of the audit contracts and under
the provisions of law.
5. To purchase professional liability
insurance for practicing auditors or to set up professional risk reserve fund
in accordance with provisions of the Ministry of Finance.
6. To notify the audited unit when
seeing that the audited unit has signs of law violation on economy, finance,
accounting.
7. To provide information on the
practicing auditors and auditing firms, branches of foreign auditing firms in
Vietnam to the competent state agencies.
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9. To report periodically or
irregularly the independent audit activities.
10. To provide timely, completely,
accurately information and documents as requested by the competent agencies in
the process of examination, inspection, and take responsibility for the
accuracy and truthfulness of the information and documents which were supplied;
to comply with provisions of competent state agencies for the examination,
inspection.
11. To take responsibility before the
law, clients for the audit results under audit contracts signed.
12. To take responsibility with the
person who uses the audit results when such person:
a) Has benefit directly related to
the audit results of the audited unit at the date of signing the audit
statement;
b) Has a reasonable understanding on
the financial statements and the basis for making the financial statements to
be the accounting standards, the accounting regime and other provisions of
concerned law;
c) Has used carefully the information
in the financial statements audited.
13. To refuse to conduct audit when
deemed not guaranteeing the independence, inadequate qualifications, insufficient
conditions for conducting audit.
14. To refuse to conduct audit when
clients, audited units request contrary to professional ethical, professional
skill requirements or contrary to provisions of law.
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16. Other obligations in accordance
with the law regulations.
Article 30. The
cases that auditing firms and branches of foreign auditing firms in Vietnam are
not entitled to audit
1. 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 and auditing
firms in accordance with provisions of the professional ethical standard of
accounting, auditing.
c) Members participating in the
audit, managers, administrators of the auditing firms being founding members,
shareholders or purchasing shares or contributing capital into the audited
units or having other economic, financial relations with the audited units in
accordance with provisions of professional ethical standards of accounting and
auditing;
d) Persons who are responsible for
managing, administering the auditing firms have parents, spouse, child, natural
brother, sister being founding members, shareholders or purchasing shares or
contributing capital into the audited units and having significant influence on
the audited units or persons who are responsible for management, administration,
members of the inspection committee or the chief accountants of the audited
units;
đ) Persons who are responsible for
management, administration, members of the inspection committee or the chief
accountants of the audited units and are the persons who contribute capital as
well and have significant influence on the audited units;
e) Auditing firms and audited units
established or participated in the establishment by the same individual or
enterprise or organization;
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h) Other cases in accordance with law
regulations.
2. Branches of foreign auditing firms
in Vietnam are not entitled to conduct 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 and the branches
in accordance with provisions of the professional ethical standard of
accounting, auditing;
c) Members participating in the
audit, managers, administrators of the branches being founding members,
shareholders or purchasing shares or contributing capital into the audited
units or having other economic, financial relations with the audited units in
accordance with provisions of professional ethical standards of accounting and
auditing;
d) Persons who are responsible for
managing, administering the branches have parents, spouse, child, natural
brother, sister being founding members, shareholders or purchasing shares or
contributing capital and having significant influence on the audited units or
persons who are responsible for management, administration, members of the
inspection committee or the chief accountants of the audited units;
đ) Persons who are responsible for
management, administration, members of the inspection committee or the chief
accountants of the audited units and are the persons who have significant
influence on the branches as well in accordance with provisions of professional
ethical standards of accounting and auditing;
e) Audited unit has made in the
preceding year or ongoing the audit of financial statements for its own
branches;
g) Other cases in accordance with law
regulations.
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1. 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 the
Ministry of Finance.
2. Branch of the auditing firm not
ensuring conditions specified in clause 1 of this Article after three
consecutive months shall be suspended from trading the audit services.
3. Where the auditing firm is
suspended from trading the audit services, the branches of such auditing firm
also suspended from trading the audit services.
Article 32.
Establishments of foreign auditing firms
1. Auditing firms are established its
establishments of trading audit services in foreign countries in accordance
with provisions of the investment laws of Vietnam and the laws of the home
countries.
2. Within thirty days from the date
of establishment or termination of operations of the business establishment of
overseas audit services, the auditing firm must notify in writing together with
copies of documents on the establishment or termination of the operation of the
establishment to the Ministry of Finance.
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1. Auditing firms, branches of
foreign auditing firms in Vietnam are entitled to suspend temporarily the audit
services business; however the time limit for temporary suspension does not
exceed twelve consecutive months.
2. Auditing firms suspend temporarily
to carry on business its audit services, its branches must also suspend
temporarily to carry on business its audit services.
3. Auditing firms, branches of
foreign auditing firms in Vietnam suspend temporarily to carry on business its
audit services but have not completed yet the audit contracts signed with
clients; they must deal with clients on the performance of such contracts.
4. When re-operating, auditing firms,
branches of foreign auditing firms in Vietnam must ensure the conditions in
accordance with provisions of the law and must notify in writing to the
Ministry of Finance no later than ten days prior to the re-operating date.
Article 34.
Termination of carrying on business of audit services
1. 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;
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đ) Other cases in accordance with
regulations of the law on enterprises.
2. Branches of foreign auditing firms
in Vietnam terminate the business of audit services in the following cases:
a) As decided by the foreign auditing
firm that has established its branch;
b) According to provisions in point c
and point đ clause 1 of this Article.
3. In case of termination of the
business of audit services as stipulated in point a clause 1 of this Article,
the auditing firm must notify in writing to the Ministry of Finance no later
than thirty days prior to the termination date.
4. The Ministry of Finance shall
specify the procedures for termination of the business of audit services.
Article 35.
Termination of operation of branches of auditing firms
1. Branches of auditing firms
terminate its operation in the following cases:
a) As decided by the auditing firm
that has established its branch;
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c) Other cases in accordance with
regulations of law on enterprises.
2. Auditing firms have the rights and
perform the obligations of its branches and resolve the issues related to the
termination of operation of its branch.
Article 36.
Foreign auditing firms
Foreign auditing firms perform the
audits in Vietnam in the following forms:
1. Contributing capital to the
auditing firm that has been established and operating in Vietnam to establish
an auditing firm;
2. Establishing branches of foreign
auditing firms;
3. Providing audit services across
the border in accordance with the Government’s provisions.
Chapter 4.
THE AUDITED UNITS
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1. Enterprises and organizations
whose annual financial statements have to be audited by auditing firms or
branches of foreign auditing firms in Vietnam include:
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.
2. Enterprises and organizations that
have to be audited by auditing firms or branches of foreign auditing firms in
Vietnam include:
a) State-owned enterprises, except
for the state-owned enterprises operating in the field of state secrets as
prescribed by law, must be audited for the annual financial statements;
b) Enterprises, organizations
implementing the national important projects, group-A projects using state
funds, except for the projects in the field of state secrets as prescribed by
law, must be audited for the settlement report of completed projects;
c) Enterprises and organizations with
state contributed capital and the projects funded by other State capital
prescribed by the Government, must be audited for the annual financial
statements or the settlement report of completed projects;
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3. The audit for financial statements
and reports on the settlement of completed projects for enterprises and
organizations specified in points a, b and c clause 2 of this Article does not
substitute for the audit of the State Auditor.
4. Enterprises and organizations
voluntarily audited.
Article 38.
Rights of the audited units
1. To select the auditing firm,
branch of foreign auditing firms in Vietnam and practicing auditor having
enough conditions to practice under provisions of law to conclude the audit
contracts, except for otherwise provided for by law.
2. To require the auditing firms,
branches of foreign auditing firms in Vietnam to provide information in the
registration documents for audit practice and information on practicing
auditors and auditing firms, branch of foreign auditing firm in Vietnam to
conducting the audits.
3. To refuse to provide information
and documents which are not related to the content of the audit.
4. To request replacement of members
participating in the audit when having evidence that such member violates the
principle of independent audit activity during the audit.
5. To discuss, explain in writing on
the issues raised in the draft of audit statement if inappropriate.
6. To complaint the acts of
participants in the audit during the audit when having evidence that such act
is unlawful.
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8. Other rights in accordance with
the law regulations.
Article 39.
Obligations of the audited units
1. 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.
2. 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 having no exception idea for
the contents which are not allowed to except as stipulated in clause 2 and
clause 3 of Article 48 of this Law. In case of not conducting the correction of
errors upon the opinion of the auditing firms, branches of foreign auditing
firms in Vietnam, the audited unit must explain in writing as required by the
competent state agency, representatives of the owners of audited units.
3. To coordinate, create conditions
for the practicing auditors to perform the audits.
4. Not to have acts of restriction of
the scope of issues need to be audited.
5. To consider the proposal of
auditing firm, branch of foreign auditing firm in Vietnam on the existing,
errors in financial statements and in the compliance with the law to remedy
promptly.
6. To notify promptly and fully the
law violations and breach of audit contract in the audit activity of practicing
auditors and auditing firms, branches of foreign auditing firms in Vietnam to
the competent state agencies.
7. To pay fees for audit services
under agreements stated in the contract.
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9. Other obligations in accordance
with the law regulations.
Chapter 5.
ACTIVITIES OF INDEPENDENT AUDIT
ITEM 1. ACTIVITIES
OF AUDITING FIRMS
Article 40.
Scope of activities of auditing firms, branches of foreign auditing firms in
Vietnam
1. Auditing firms, branches of
foreign auditing firms in Vietnam perform the following services:
a) The audit services, including
audit of financial statements and audit of activities, audit of compliance,
audit of reports on the settlement of completed projects, audit of financial
statements for tax purposes and the other audits;
b) Service of reviewing financial statements, financial information and other
assurance services.
2. Apart from the services specified
in clause 1 of this Article, the auditing firms are entitled to register for
the performance of the following services:
a) Consultancy of economy, finance,
taxes;
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c) Consultancy of information
technology application in the management of enterprises and organizations;
d) Accounting services in accordance
with provisions of accounting legislation;
đ) Valuation of assets and business
risk assessment;
e) Services of fostering knowledge of
finance, accounting, and auditing;
g) Other related services in finance,
accounting, tax as prescribed by law.
3. Enterprises that have been granted
certificates of sufficient conditions to carry on business of audit services in
accordance with this Law shall be performed accounting services in accordance
with provisions of accounting legislation without registration.
4. When performing the services
specified in clause 1 and clause 2 of this Article, the auditing firm must meet
all conditions as prescribed by this Law and other provisions of concerned law.
Article 41.
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.
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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
Article 42.
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:
a) Names and addresses of clients or
clients’ representatives, representatives of the auditing firms, branches of
foreign auditing firms in Vietnam;
b) The purpose, scope and contents of
audit services, term of the audit contract;
c) The rights, obligations and
responsibilities of the parties;
d) The form of audit statement and
other forms expressing the audit results such as the management letter and other
reports;
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Article 43.
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.
Article 44.
Audit service fees
1. 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;
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d) The level of responsibility and
time limit that the performance of services requires
2. Audit service fees are calculated
by the following methods:
a) Working hours of practicing
auditors, auditors;
b) Each audit service with a fee
package;
c) The audit contract of many terms
with a fixed fee for each term
Article 45.
Process of audit
1. Audit process includes the
following steps:
a) To accept, keep clients and make
audit planning;
b) To perform audits;
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2. Practicing auditors, auditing
firms, branches of foreign auditing firms in Vietnam perform the steps of the
audit process upon the audit standards.
ITEM 2. AUDIT
STATEMENT
Article 46.
Audit statement on financial statement
The audit statement on financial
statements is made in accordance with provisions of the auditing standards and
contains the following contents:
a) The objects of the audit;
b) Responsibilities of the audited
unit and the auditing firms, branches of foreign auditing firms in Vietnam;
c) The scope and basis for the audit;
d) Location and time for making the
audit statement;
đ) Audit opinion on financial
statements which have been audited;
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2. The date of signing the audit
statement is not before the date of signing the financial statement.
3. The audit statement must be signed
by the practicing auditor who is assigned to perform the audit by auditing
firm, branch of foreign auditing firm in Vietnam and the legal representative
of the auditing firm or person who is authorized in writing by the legal
representative. Person who is authorized in writing by the legal representative
must be a practicing auditor.
4. The audit statement on
consolidated financial statements of the groups, corporations in the model of
parent - subsidiary company is done in accordance with provisions of auditing
standards.
Article 47.
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.
Article 48.
Audit Opinion
1. 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.
2. The Ministry of Finance shall
prescribe the contents which are not entitled to except in the audit statement
in accordance with auditing standards.
3. The competent State administration
agencies, representative for the owner of the audited unit may request the
auditing firms, branches of foreign auditing firms in Vietnam and the audited
unit to explain on the contents excepted in the audit statement.
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Article 49.
Audit dossier
1. Practicing auditors, auditing
firms, branches of foreign auditing firms in Vietnam must collect and record
sufficient necessary documents and information in the audit profile relating to
each audit to make the basis for forming their audit opinion and demonstrate
that the audit was conducted in accordance with the law regulations and
auditing standards.
2. Practicing auditors, auditing
firms, branches of foreign auditing firms in Vietnam must be documented audit
profile in accordance with provisions of auditing standards.
Article 50.
Preservation and archiving of audit records
1. Audit records must be kept fully
and safely during the course of use.
2. Audit records must be archived for
a period of twelve months from the date of issuance of audit statement of the
audit. The time limit for archiving audit records is at least ten years.
3. The legal representatives of the
auditing firms, branches of foreign auditing firms in Vietnam must be
responsible for preservation, archiving of audit records safely, adequately,
legally and securely.
4. Audit records to be archived must
be completed, systematic, classified, and arranged into each private record
according to the chronological order of appearance and each audit contract,
each audit.
5. The Government provides for in
detail on the archiving, use and destruction of the audit records.
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The preservation, archiving, use, and
destruction of records, documents, and related services specified in point b
clause 1 Article 40 of this Law shall comply with the provisions of Article 49
and Article 50 of this Law.
Item 4. QUALITY
CONTROL OF AUDIT SERVICES
Article 52.
Quality control of audit services
1. 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.
2. 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.
3. The Ministry of Finance is
entitled to mobilize auditors and practicing auditors and other experts in the
implementation of quality control of audit services. The mobilization and
allocation of participants in the quality control must ensure the principle of
independence and objectivity.
4. If necessary, the Minister
of Finance sets up a professional council to advise the handling of the
proposals on audit statements and audit quality.
5. The Ministry of Finance shall
prescribe the regulations to control quality of services specified in clause 1
Article 40 of this Law.
Chapter 6.
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Article 53.
Units with the public interest
1. Credit institutions established
and operating under the Law on Credit Institutions.
2. Financial institutions, insurance
enterprises, insurance brokerage enterprises.
3. Public companies, issuers,
securities trading organizations in accordance with provisions of legislation
on securities.
4. Other enterprises and
organizations related to the interests of the public due to the nature and
scale of operation of such unit in accordance with the law regulations
Article 54.
Approval of the enterprises entitled to audit the financial statements of the
units with public interest
1. Auditing firms, branches of
foreign auditing firms in Vietnam audit the financial statements of the units
with the public interest must be approved by the competent agencies.
2. Ministry of Finance stipulates the
standards, selection conditions, procedures for reviewing, approving, and the
cases of suspension or revocation as status of auditing firms, branches of
foreign auditing firms in Vietnam and the practicing auditors who are audited
the financial statements of the units with the public interest, unless
otherwise provided for by law.
Article 55.
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
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1. Information on practicing
auditors, auditing firms, branches of foreign auditing firms in Vietnam;
2. Information related to quality
assurance;
3. Information relating to the
inspection, discipline, handling of violations and settlement of disputes and
monitoring of the disclosure.
Article 56.
Transparency Report
1. Auditing firms, branches of
foreign auditing firms in Vietnam that are qualified, sufficient conditions for
approval of the audit of financial statements of the units with the public
interest must disclose information on their websites on annual transparency
reports within ninety days from the date of ending the fiscal year.
2. The transparency reports must be
signed by the legal representatives of the auditing firms, branches of foreign
auditing firms in Vietnam.
3. The Ministry of Finance shall
specify the contents of the transparency report provided in clause 1 of this
Article.
Article 57.
Responsibilities of the units with the public interest
1. To construct and operate the
internal control systems appropriately and effectively.
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Article 58. The
independence and objectivity
1. Auditing firms, branches of
foreign auditing firms in Vietnam are not entitled to arrange practicing
auditors to audit for a unit with the public interest in the five consecutive
fiscal years.
2. Practicing auditors who were
conducted the audit for the units with the public interest are only held
managerial, administrative positions, inspection committee members, and chief
accountants of the units with the public interest twelve months after the date
of ending the audit.
Chapter 7.
HANDLING OF VIOLATIONS AND SETTLEMENT OF DISPUTES
Article 59. Law
violations on independent audit
Law violations on independent audit
include:
1. 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;
2. Individuals who sign audit
statements without sufficient conditions as the practicing auditors;
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4. Violation of regulations on
inspection and quality control of audit services of the Ministry of Finance;
5. Violation of regulations for
auditing the financial statements of the units with the public interest;
6. Violation of the information
confidentiality rules related to audit records, clients and audited units;
7. Performance of prohibited acts
provided in Article 13 of this Law;
8. Violation of regulations on the
cases which are not entitled to perform audit services specified in Article 19
and Article 30 of this Law;
9. Carrying on business of audit
services without sufficient number of practicing auditors in accordance with
regulations of this Law; violation of the provisions on legal capital, purchase
of professional liability insurance or establishment of occupational risk
reserve fund;
10. Due to carelessness leading to
errors or distorting the audit results, audit records;
11. Deliberately certifying financial
statement with fraud, mistake, or colluding to falsify accounting records,
audit records and providing false information and report data;
12. Violation of regulations on the
establishment, collection, classification, use, storage, archiving audit
records and documents of other relevant services;
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14. Fraud to be issued certificates
of audit practice registration and certificates of sufficient conditions for
business of audit services;
15. Forging, erasing, and fixing
certificates of audit practice registration and certificates of sufficient
conditions for business of audit services.
16. Violation of the principles of
independent audit activities;
17. Reporting untruthfully or failing
to implement the reporting regime as prescribed;
18. Audited units violating the
provisions of the clauses 1, 2, 3 and 4 of Article 39 of this Law.
19. Other acts of violating law on
independent audit.
Article 60.
Handling of violations of law on independent audit
1. Organizations and individuals
violate the provisions in Article 59 of this Law shall be handled according to
the following forms:
a) Caution;
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c) Apart from the handling forms
specified in point a and point b of this clause, breaching organizations and
individuals may be revoked certificate of sufficient conditions for business of
audit services, certificates of auditors, certificates of audit practice
registration, suspended or banned from operating independent audit.
2. Individuals who violate the
provisions of this Law shall, depending on the nature and seriousness of
violations, also be prosecuted for criminal liability.
3. Organizations and individuals
violate the provisions of this Law, apart from the penalties as specified in
clause 1 and clause 2 of this Article may also be posted on the website of the
Ministry of Finance or of the professional organizations on audit, if causing
damage, they must pay compensation in accordance with the law regulations.
4. The Government specifies the
handling of law violations on independent audit.
Article 61.
Settlement of disputes on independent audit
1. Disputes over the independent
audit are settled as follows:
a) The parties are responsible for
self-mediation of the dispute;
b) If the mediation is failed, the
disputing parties may bring in lawsuits under the law regulations.
2. The prescription of entering a
lawsuit for requirement to settle disputes on independent audit is three years
from the date of signing the audit statement.
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IMPLEMENTATION PROVISIONS
Article 62.
Transfer provisions
1. Within two years from the
effective date of this Law, the firms that provide audit services before the
effective date of this Law ensuring the conditions in accordance with
regulations of this Law shall be granted certificates of sufficient conditions
for business of audit services.
2. Within three years from the
effective date of this Law, those who have been granted certificates of
auditors before the effective date of this Law are registered to practice audit
in accordance with regulations of this Law without ensuring conditions on
actual time working as auditors provided in point b clause 1 Article 15 of this
Law.
3. One member liability limited
auditing firms with the foreign investment established and operating in
accordance with the law regulations before the effective date of this Law are
allowed to operate in the form of one member limited liability Company until
the expiry of the investment certificates or investment licenses.
Article 63. Effect
This Law takes effect on January 01,
2012.
Article 64.
Specific provisions and guidance of implementation
The Government details and guides the
implementation of the Articles, clauses assigned in the Law; guides the other necessary
contents in this law to meet the State management requirements.
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PRESIDENT OF
THE NATIONAL ASSEMBLY
Nguyen Phu Trong