Decree No. 16/2011/ND-CP dated February 22, 2011 of the Government onamending and supplementing the Government’s Decree No. 105/2004/ND-CP dated March 30, 2004, of independent auditor

GOVERNMENT AMENDS THE AUDITOR’S STANDARDS

On February 22, 2011, the Government issued the Decree No. 16/2011/ND-CP on amending and supplementing the Government’s Decree No 105/2004/ND-CP dated March 30, 2004, of independent auditor.

Independent audit means the inspection and certification by auditors and auditing enterprises of truthfulness and rationality of accounting documents and data and financial statements of enterprises and organizations (hereinafter referred collectively to as audited units) when so requested by such units.

Under this Decree’s regulation, auditors are required to have bachelor or higher degrees in Economic-Finance-Bank or Accounting-Auditing instead of having bachelor degrees in economics- finance-banking or accounting-auditing as before.

Besides, auditors have to have financial or accounting actual working time for at least 5 years or longer or actual time of working as auditor assistants in auditing enterprises for at least 4 years or longer, counted from the year of bachelor degree issuing to the year of exam registration (Decree 105/2004/ND-CP does not regulate clearly the beginning time to calculate auditor’s actual working time). Other standards for auditors are remained no changes as in the Decree No. 105/2004/ND-CP.