- June 21, 2020
- Posted by: Founda media
- Category: Business support
On March 29, 2011, the Law on Independent Audit No. 67/2011/QH12 was passed at the 9th session of the 12th National Assembly, effective from January 1, 2012.
Clause 3, Article 9 of the Law on Independent Auditing stipulates: “Enterprises and organizations are required to be audited when submitting financial reports to competent state agencies and when publicizing financial reports, 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 34 of the Accounting Law also stipulates: "first. Annual financial statements of accounting units that are required by law to be audited must be audited before being submitted to competent state agencies and before being made public.
2. When audited, accounting units must fully comply with the provisions of law on auditing.
3. Audited financial statements when submitted to competent state agencies specified in Article 34 of this Law must have an attached audit report.
On the other hand, according to the provisions of Clause 1, Clause 2 and Clause 3, Article 15 of Decree No. 17/2012/ND-CP dated March 13, 2012 of the Government detailing and guiding the implementation of a number of articles of the Law Independent auditor, the following subjects are required to have their annual financial statements audited including: Enterprises with foreign investment; Credit institutions established and operating under the Law on Credit Institutions, including foreign bank branches in Vietnam; Financial institutions, insurance enterprises, reinsurance enterprises, insurance brokerage enterprises, branches of foreign non-life insurance enterprises; Public companies, issuing organizations and securities trading organizations; Other businesses and organizations are required to be audited according to relevant laws and businesses and organizations must be audited by auditing firms and branches of foreign auditing firms in Vietnam.
Point h, Clause 2, Article 10 of Decree No. 105/2013/ND-CP dated September 16, 2013 of the Government stipulating penalties for administrative violations in the field of accounting and independent auditing regulations on penalties for violations Violating regulations on financial reporting, settlement reports and financial reporting disclosure: “Fine from 20,000,000 VND to 30,000,000 VND for submitting financial reports to competent state agencies without attaching audit reports for cases that are required by law to be audited. ”.