Decision No. 09/2017/QD-KTNN dated August 15, 2017 of the State Audit of Vietnam on promulgating the Regulation on entrustment or hiring of audit firms to perform audits

  • Summary
  • Content
  • Status
  • Vietnamese
  • Download
Save

Please log in to use this function

Send link to email

Please log in to use this function

Error message
Font size:

ATTRIBUTE

Decision No. 09/2017/QD-KTNN dated August 15, 2017 of the State Audit of Vietnam on promulgating the Regulation on entrustment or hiring of audit firms to perform audits
Issuing body: Effective date:
Known

Please log in to a subscriber account to use this function.

Don’t have an account? Register here

Official number:09/2017/QD-KTNNSigner:Ho Duc Phoc
Type:DecisionExpiry date:
Known

Please log in to a subscriber account to use this function.

Don’t have an account? Register here

Issuing date:15/08/2017Effect status:
Known

Please log in to a subscriber account to use this function.

Don’t have an account? Register here

Fields:Accounting - Audit , Enterprise

SUMMARY

Regulation on entrustment or hiring of audit firms to perform audits

 

On August 15, 2017, the State Auditor General signed the Decision No. 09/2017/QD-KTNN on promulgating the Regulation on entrustment or hiring of audit firms to perform audits.

The Regulation points out clearly that the State Audit Office of Vietnam may entrust or hire audit firms to audit the following agencies and organizations: Socio-political organizations, socio-political professional organizations, social organizations, socio-professional organizations using state budget funds; Public non-business units; Management units of investment projects using state budget funds or state budget-originated funds, ODA and NGO funds (when requested); associations, unions, confederations and other organizations with operation funds partly supported by the State; dd/ Enterprises with over 50% state-held charter capital, enterprises with 50% or less state-contributed charter capital; enterprises managing and using public finance or assets…

Within that, The State Audit Office of Vietnam may not entrust or hire audit firms to audit the following agencies and organizations: ministries, ministerial-level agencies, government-attached agencies and other central agencies; agencies assigned to perform state budget collection and spending tasks at all levels; People’s Councils and People’s Committees at all levels, other local agencies;  People’s armed forces units; Units managing the State’s reserve funds, reserve funds of all sectors and levels, other financial funds of the State; Organizations managing national assets…

And to be entrusted or hired to perform audits, an audit firm must fully meet the following conditions: having satisfied all conditions for lawful operation and been approved to be named on the publicized list annually selected by the Ministry of Finance, State Securities Committee or World Bank; Having not committed any audit quality-related violations which were handled by a state agency or an audit association over the last 3 years; In the current year and previous two years having not provided the services of recording accounting books and making financial statements and services of internal audit, asset valuation, management and financial consultancy to clients to be audited as entrusted or hired by the State Audit Office of Vietnam; having not provided the above services in the audit period falling in the audit contents entrusted or hired by the State Audit Office of Vietnam; Its managers and executives not being founding members or shareholders or not purchasing shares from or contributing capital to to-be audited entities, or not having other economic and financial relations with to-be audited entities according to the code of professional ethics of accountants and auditors. Managers, executives, control board members or chief accountants of to-be audited entities not being concurrently persons contributing capital to and having significant influence on the audit firm….

This Decision takes effect on September 29, 2017; and replaces Decision No. 03/2011/QD-KTNN of December 9, 2011.
For more details, click here.
Download files here.
LuatVietnam.vn is the SOLE distributor of English translations of Official Gazette published by the Vietnam News Agency
Effect status: Known

THE STATE AUDIT OFFICE OF VIETNAM
 
THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
No. 09/2017/QD-KTNN
 
Hanoi, August 15, 2017
 
DECISION
Promulgating the Regulation on entrustment or hiring of audit firms to perform audits[1]
 
Pursuant to the June 24, 2015 Law on State Audit;
Pursuant to the June 22, 2015 Law on Promulgation of Legal Documents;
At the proposal of the Director of the Audit Policy and Quality Control and the Director of the Department of Legal Affairs;
The State Auditor General decides to promulgate the Regulation on entrustment or hiring of audit firms to perform audits.
Article 1. To promulgate together with this Decision the Regulation on entrustment and hiring of audit firms to perform audits.
Article 2. This Decision takes effect 45 days after its signing and replaces Decision No. 03/2011/QD-KTNN of December 9, 2011, of the State Auditor General promulgating the Regulation on hiring or entrustment of audit firms to perform audits.
Article 3. The heads of the units attached to the State Audit Office of Vietnam and related organizations and individuals shall implement this Decision.
State Auditor General
HO DUC PHOC
 
 
Regulation on entrustment or hiring of audit firms
to perform audits
(Promulgated together with the State Auditor General’s Decision No. 09/2017/QD-KTNN of August 15, 2017)
Chapter I
GENERAL PROVISIONS
Article 1. Scope of regulation
This Regulation prescribes the entrustment or hiring by the State Audit Office of Vietnam of audit firms to audit agencies and organizations that manage and use public finance and public assets in accordance with the Law on State Audit; defines the powers and responsibilities of parties involved in the entrustment or hiring of audit; prescribes the scope of entrustment or hiring of audit; conditions on audit firms to be entrusted or hired to perform audits; prescribes the council of appraisal of audit firms and the procedures and order for selection of audit firms to perform audits. 
Article 2. Subjects of application
This Regulation applies to the State Audit Office of Vietnam; audit firms to be entrusted or hired to perform audits and parties involved in the entrustment of hiring of audits by the State Audit Office of Vietnam.
Article 3. Interpretation of terms
In this Regulation, the terms below are construed as follows:
1. Entrustment of audit means the State Audit Office of Vietnam’s assignment of an audit firm to perform in the name of the State Audit Office of Vietnam an entire audit according to the audit standards and process set or accepted by the State Audit Office of Vietnam.
2. Hiring of an audit firm means the State Audit Office of Vietnam’s hiring of an audit firm to audit some contents or some units under an audit plan according to the audit standards and process and management and professional regulations of the State Audit Office of Vietnam.
Article 4. Principles of application
1. Audit may be entrusted or hired only with regard to audited objects within the scope of audit entrustment or hiring prescribed in Article 8 of this Regulation.
2. Audit may be entrusted to or hired from audit firms that fully meet the conditions prescribed in Article 9 of this Regulation.
3. The entrustment or hiring of audit firms shall be expressed in contracts.
4. An audit firm that is entrusted or hired to perform an audit shall take responsibility before the State Audit Office of Vietnam and law for the accuracy, truthfulness and lawfulness of their audit data, documents and conclusions. The State Audit Office of Vietnam shall decide on the use of, and check and supervise, the audit data, documents as well as conclusions and recommendations of audit firms. 
5. An audit firm that is entrusted or hired to perform an audit shall keep confidential documents, data and information about activities of the audited entity in accordance with regulations of the State Audit Office of Vietnam and law.
6. An audit firm that is entrusted or hired to perform an audit may not entrust or hire a third party to perform such audit.
Click download to see the full text

 

Please log in to a subscriber account to see the full text. Don’t have an account? Register here
Please log in to a subscriber account to see the full text. Don’t have an account? Register here
Processing, please wait...
LuatVietnam.vn is the SOLE distributor of English translations of Official Gazette published by the Vietnam News Agency

ENGLISH DOCUMENTS

Official Gazette
Decision 09/2017/QĐ-KTNN PDF

This utility is available to subscribers only. Please log in to a subscriber account to download. Don’t have an account? Register here

* Note: To view documents downloaded from LuatVietnam.vn, please install DOC, DOCX and PDF file readers
For further support, please call 19006192

SAME CATEGORY

loading