How to review of final accounts of public investment funds for component projects, sub-projects, works or items of work already undergoing audit or inspection in Vietnam?

How to review of final accounts of public investment funds for component projects, sub-projects, works or items of work already undergoing audit or inspection in Vietnam?

Pursuan to Article 36 of the Decree 99/2021/ND-CP stipulating as follows: 

1. Where the independent contractor performs the task of auditing the final accounts, the agency in charge of review of the final accounts shall perform the following review tasks:

a) Check the legitimacy of the independent audit contract, scope of audit, period of time and mode of audit of the project.

b) Compare audit report data with audit data in accordance with regulations and audit standards currently in force. Where audit results have errors; fail to meet prescribed requirements; fail to include the prescribed information, the agency in charge of reviewing the final accounts shall notify the investor so that the investor requests the independent audit contractor to conduct another audit or supplementary audit.

c) Check compliance with regulations of relevant law, legal bases that the auditor uses for audit the project.

d) Consider audit recommendations about actions to be taken in case of any conflict between the investor’s final accounting data and audit results of the independent audit contractor.

dd) Check whether the investor and related units duly implement the conclusions of inspection agencies, the State Audit or investigation results of regulatory authorities after the project inspection and investigation are carried out by the inspectorate, the State Audit or investigation agency. Where necessary, the agency in charge of reviewing the final accounts shall advise the person having competence in approving the final accounts to consult with the related authority in writing to reach agreement about solutions to such situation before submission of these solutions to seek decision from the person having competence in approving the final accounts.

2. Where the State Audit or the inspectorate draws conclusions about all of the matters specified in Article 37 herein:

a) Compare the contents of the audit report of the State Audit or the conclusions of the inspectorate with those of the investor's audit report to determine the compliance of the investor and other relevant units with law; data on the amounts requested to be finally accounted for that are given by the investor with the audit or inspection results before such comparison is used as a basis for the competent person’s consideration of approval of the final accounts.

b) Check whether the investor and related units duly implement the conclusions of inspection agencies, the State Audit; investigation results of regulatory authorities after the project inspection and investigation are carried out by the inspectorate, the State Audit or the investigation agency. Where necessary, the agency in charge of reviewing the final accounts shall advise the person having competence in approving the final accounts to consult with the related authority in writing to reach agreement about solutions to such situation before submission of these solutions to seek decision from the person having competence in approving the final accounts.

How to review of final accounts of public investment funds for projects, component projects, sub-projects, works or items of work not undergoing audit or inspection in Vietnam?

Pursuan to Article 37 of the Decree 99/2021/ND-CP stipulating as follows: 

Agencies in charge of reviewing the final accounts shall carry out the review as provided in Article 38, 39, 40, 41, 42 and 43 herein and prepare reports on results of review of the final accounts of completed projects, containing the followings:

1. Legal dossier.

2. Project investment funding.

3. Investment expenses.

4. Investment expenses that may not be charged into assets.

5. Post-investment assets (details about them are arranged by the portfolio, quantity, scale, capacity or base price of each asset).

6. Liabilities and inventory items.

7. Compliance of the investor and other related units with investigation conclusions and results of inspection of regulatory or law enforcement authorities and other agencies (if any).

8. Comments, judgments, recommendations:

a) Given comments or judgments on compliance with regulatory provisions regarding management of public investments, construction and bidding; management and utilization of public investment funds; management of investment expenses, management of investment assets of investors; responsibilities of specific regulatory authorities for management of investment funds for projects.

b) Determine the amounts requested for final accounting of investment funds for completed projects and actions against related issues.

Best regards!