09 Responsibilities of the Ministry of Finance in Auditing Service Quality Control

09 responsibilities of the Ministry of Finance in controlling the quality of audit services (illustrative image)

Circular 157/2014/TT-BTC specifically stipulates 09 responsibilities of the Ministry of Finance in ensuring the quality of audit services as follows:

1. Review and assess the Report on the results of self-inspection of audit service quality to monitor compliance with professional standards, laws, and related regulations by audit firms and practicing auditors;
2. Notify the list of audit firms subject to direct audit service quality inspection annually to the State Securities Commission and the professional audit organization;
3. Mobilize practicing auditors and experienced, qualified experts to participate in Inspection Teams and establish Inspection Teams at the audit firms subject to the Ministry of Finance's inspection;
4. Develop, promulgate, and update inspection guidance documents to serve the inspection of audit service quality at the audit firms subject to the Ministry of Finance's inspection. Organize training in inspection skills for members participating in the Inspection Teams mobilized by the Ministry of Finance;
5. Issue inspection decisions and organize the implementation of direct inspections at audit firms, except for audit firms that have been directly inspected by the State Securities Commission;
6. Compile a comprehensive inspection result Report and a summary of violations detected through direct periodic inspections at the audit firms subject to the Ministry of Finance's inspection;
7. Handle violations detected in the audit service quality inspection according to its authority or transfer to the competent authority for handling as per the law;
8. Monitor, inspect, and supervise the implementation of post-inspection recommendations by audit firms and practicing auditors subject to the Ministry of Finance's inspection;
9. Organize discussions, dissemination, and draw lessons from annual audit service quality inspections for practicing auditors and audit firms subject to the Ministry of Finance's audit service quality control.

For details, see Circular 157/2014/TT-BTC effective from October 23, 2014.

Ty Na

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE