New: Additional regulations on audit quality control in 2020

Illustration (source: internet)

Amended State Audit Law 2019 adds Article 49a after Article 49 in Section 4, Chapter IV of the State Audit Law 2015 regarding the quality control of auditing to be applied for the State Audit Office of Vietnam from July 1, 2020. Specifically:

- The State Audit Office of Vietnam shall organize and implement quality control of auditing to ensure that all auditing activities are inspected and reviewed for quality.- Quality control of auditing shall be conducted regularly and continuously for all auditing activities of the State Audit Office of Vietnam.- The State Auditor General shall issue specific regulations on the organization and implementation of auditing quality control.

Additionally, according to the State Audit Law 2015, the State Audit Office of Vietnam must plan and organize inspections of audited entities in fully and promptly implementing the audit conclusions and recommendations of the State Audit Office of Vietnam. Specifically, the inspection of the implementation of audit conclusions and recommendations shall be conducted in the following forms:

- Requiring the audited entities to report in writing the results of implementing audit conclusions and recommendations;- Organizing inspections of the implementation of audit conclusions and recommendations at the audited units and relevant agencies, organizations, and units.

Moreover, the State Audit Office of Vietnam is responsible for preparing and submitting reports on the results of the implementation of audit conclusions and recommendations. The submission of reports on the results of the implementation of audit conclusions and recommendations of the State Audit Office of Vietnam shall be carried out according to the provisions of Clause 3, Article 48 of the State Audit Law 2015.

See more regulations at: Amended State Audit Law 2019 effective from July 1, 2020.

Thu Ba

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