Vietnam: State Securities Commission must publish the list of accredited audit organizations in the securities industry

14:50, 05/12/2019

On November 26, 2019, the National Assembly of Vietnam issued the Law on Securities 2019, replacing the Law on Securities 2006 and the amended Law on Securities 2010.

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According to Article 21 of the Law on Securities 2019 of Vietnam, the State Securities Commission (SSC) shall consider granting approval and publish the list of accredited audit organizations and auditors to audit public interest entities in the securities industry. Public interest entities in the securities industry include public companies, listed organizations, registered organizations, organizations making public offerings, securities companies, fund management companies, securities investment companies and securities investment funds.

Concurrently, the accredited audit organization that audits a public interest entity shall comply with independent audit laws and has the obligations to:

- Submit a report to SSC within 10 days from the day on which the name, headquarters location, business lines, list of auditors is changed in a manner that it is no longer accredited;

- Provide explanation, information and data about the audit for the public interest entity at the request of SSC.

- After providing the audit report to the audited entity, if the audit organization finds material errors due to failure to comply with laws, the audit organization shall send a written notification to SSC;

- Protect confidentiality of information as prescribed by law.

View more details at the Law on Securities 2019 of Vietnam, effective from January 01, 2021.

Ty Na

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