- June 17, 2020
- Posted by: Founda media
- Category: Auditing
SUBJECTS REQUIRED TO BE AUDITED
Article 9. Compulsory audit
1. Compulsory audit is an audit of the annual financial statements, completed project settlement reports and other financial information of the audited unit specified in Clauses 1 and 2, Article 37 of this Law. This Law and other relevant legal provisions.
2. Contracts to audit annual financial statements of enterprises and organizations required to audit financial statements must be concluded no later than thirty days before the end of the annual accounting period.
3. Enterprises and organizations are required to be audited when submitting financial reports to competent state agencies and when making public financial statements, there must be an attached audit report; In cases where a state agency receives a financial statement from an enterprise or organization that is required to be audited without an attached audit report, it is responsible for notifying the competent state agency for handling according to the law. provisions of law.
Article 10. Encourage auditing
The State encourages businesses and organizations to hire auditing firms and branches of foreign auditing firms in Vietnam to audit financial statements, finalization reports of completed projects and other audit work. before submitting to competent state agencies or before making financial disclosure.
Article 11. State management of independent audit activities
1. The Government unifies state management of independent audit activities.
2. The Ministry of Finance is responsible before the Government for performing state management of independent audit activities, and has the following tasks and powers:
a) Develop and submit to competent state agencies for promulgation or promulgate according to authority legal documents on independent audit;
b) Develop and submit to the Government for decision strategies and policies to develop independent audit activities;
c) Regulating conditions for taking exams and organizing exams to grant auditor certificates; issue, revoke and manage auditor certificates;
d) Specify the form of Certificate of eligibility to conduct business in auditing services; issue, re-issue, adjust and revoke Certificates of eligibility to conduct business in auditing services;
d) Suspension of audit service business;
e) Inspect, examine, resolve complaints and denunciations and handle violations of the law on independent auditing;
g) Inspect and examine activities in the field of independent auditing of professional auditing organizations;
h) Regulations on updating knowledge for auditors and practicing auditors;
i) Regulations on registration and management of audit practice; publicize the list of auditing firms, branches of foreign auditing firms in Vietnam and practicing auditors;
k) Regulations on quality control of audit services;
l) Summarize and evaluate independent audit activities and implement measures to support the development of independent audit activities;
m) International cooperation on independent auditing.
3. Ministries and ministerial-level agencies, within the scope of their duties and powers, are responsible for coordinating with the Ministry of Finance to perform state management of independent audit activities.
4. People's Committees of provinces and centrally run cities, within the scope of their duties and powers, are responsible for state management of independent audit activities in their localities.
Article 37. Audited units
1. Enterprises and organizations whose annual financial statements are required by law to be audited by auditing firms or branches of foreign auditing firms in Vietnam include:
a) Enterprises with foreign investment capital;
b) Credit institutions established and operating under the Law on Credit Institutions;
c) Financial institutions, insurance businesses, insurance brokerage businesses;
d) Public companies, issuing organizations and securities trading organizations.
2. Enterprises and organizations must be audited by auditing firms and branches of foreign auditing firms in Vietnam, including:
a) State-owned enterprises, except state-owned enterprises operating in the field of state secrets as prescribed by law, must have their annual financial statements audited;
b) Enterprises and organizations implementing important national projects and group A projects using state capital, except for projects in the field of state secrets that must be audited according to the provisions of law. Completed project settlement report;
c) Enterprises and organizations with State capital contribution and other projects using state capital prescribed by the Government must have their annual financial statements or completed project settlement reports audited;
d) Auditing firms and branches of foreign auditing firms in Vietnam must be audited for annual financial statements.
3. The audit of financial statements and finalization reports of completed projects for enterprises and organizations specified in Points a, b and c, Clause 2 of this Article does not replace the audit by the State Auditor. water.
4. Enterprises and other organizations voluntarily be audited.
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