Regulations on the Purpose and Content of Quality Control of Audit Services

Regulations on the purpose and content of audit service quality control (illustrative image)

Circular 157/2014/TT-BTC specifically stipulates the purpose and content of audit service quality control as follows:

Purpose of audit service quality control:

- Assessing the establishment, dissemination, and implementation of internal quality control policies and procedures of the audit firm;- Evaluating the compliance with professional standards, laws, and relevant regulations in providing audit services by the audit firm and practicing auditors;- Detecting, correcting, and promptly handling violations discovered through the quality control of audit services;- Contributing to the amendment, supplementation, and perfection of the legal system on independent auditing and improving the quality of audit services.

Content of audit service quality control:

- Inspecting the establishment, issuance, and implementation of internal quality control policies and procedures of the audit firm;- Reviewing the performance of completed audit service contracts by the audit firm and practicing auditors;- Checking compliance with other legal regulations on independent audits and related laws, including:- The registration and maintenance of audit service business conditions of the audit firm;- The registration and maintenance of practicing conditions of auditors;- Conducting independent audits for entities with public interest;- Fulfilling obligations of audit firms, practicing auditors, and other relevant contents.- Supervising the implementation of legal regulations on independent audits and related laws as stipulated by Checking compliance with other legal regulations on independent audits and related laws.

Details are available at Circular 157/2014/TT-BTC effective from October 23, 2014.

Ty Na

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