Which enterprises are entitled to carry on business of audit service in Vietnam? What documents are included in the dossiers of application for certificate of sufficient conditions to carry on business of audit services in Vietnam?

Which enterprises are entitled to carry on business of audit service in Vietnam?

Pursuant to Article 20 of the Law on Independent Audit in 2011 stipulating the types of auditing firms and branches of foreign auditing firms in Vietnam:

The types of auditing firms and branches of foreign auditing firms in Vietnam

1. The following enterprises are entitled to carry on business of audit service:

a) Limited liability companies with two or more members;

b) Partnerships;

c) Private enterprises.

2. Branches of foreign auditing firms in Vietnam are carried on business of audit services in accordance with the law regulations.

3. Enterprises, enterprises’ branches that are insufficient conditions to carry on business of audit services are not entitled to use the term "audit" in their names.

4. Auditing firms are not entitled to contribute capital to set up another auditing firm, unless the contribution of capital to foreign auditing firms to set up an auditing firm in Vietnam.

As regulations above, the following enterprises are entitled to carry on business of audit service:

- Limited liability companies with two or more members;

- Partnerships;

- Private enterprises.

Which enterprises are entitled to carry on business of audit service in Vietnam? What documents are included in the dossiers of application for certificate of sufficient conditions to carry on business of audit services in Vietnam? - image from internet

What documents are included in the dossiers of application for certificate of sufficient conditions to carry on business of audit services in Vietnam?

Pursuant to Article 22 of the Law on Independent Audit in 2011 stipulating the dossiers of application for certificate of sufficient conditions to carry on business of audit services in Vietnam:

Dossiers of application for certificate of sufficient conditions to carry on business of audit services

Dossiers of application for certificate of sufficient conditions to carry on business of audit services include:

1. A written application for certificate of sufficient conditions to carry on business of audit services;

2. A copy of business registration certificate, certificate of enterprise registration certificates or investment certificate;

3. A copy of certificate of registration of practicing audit of the practicing auditors;

4. Full-time labor contracts of practicing auditors;

5. Documents proving the contributed capital for limited liability companies;

6. Other documents provided by the Ministry of Finance.

As regulations above, dossiers of application for certificate of sufficient conditions to carry on business of audit services include:

- A written application for certificate of sufficient conditions to carry on business of audit services;

- A copy of business registration certificate, certificate of enterprise registration certificates or investment certificate;

- A copy of certificate of registration of practicing audit of the practicing auditors;

- Full-time labor contracts of practicing auditors;

- Documents proving the contributed capital for limited liability companies;

- Other documents provided by the Ministry of Finance.

What is the time limit for granting certificates of sufficient conditions to carry on business of audit services in Vietnam?

Pursuant to Article 23 of the Law on Independent Audit in 2011 stipulating the time limit for granting certificates of sufficient conditions to carry on business of audit services in Vietnam:

The time limit for granting certificates of sufficient conditions to carry on business of audit services

1. Within thirty days from the date of receiving valid dossiers, the Ministry of Finance issues certificates of sufficient conditions to carry on business of audit services to the auditing firms, branches of foreign auditing firms in Vietnam; in case of refusal, the Ministry of Finance must reply in writing and state clearly the reasons.

2. Where it needs to clarify the issues related to dossier requesting for granting certificates of sufficient conditions to carry on business of audit services, the Ministry of Finance requires auditing firms, branches of foreign auditing firms in Vietnam that request for certificates of sufficient conditions to carry on business of audit services to explain.

As regulations above, the time limit for granting certificates of sufficient conditions to carry on business of audit services in Vietnam is within thirty days from the date of receiving valid dossiers.

Note: Where it needs to clarify the issues related to dossier requesting for granting certificates of sufficient conditions to carry on business of audit services, the Ministry of Finance requires auditing firms, branches of foreign auditing firms in Vietnam that request for certificates of sufficient conditions to carry on business of audit services to explain.

Best regards!