Responsibilities of the State Securities Commission in Auditing Service Quality Control

Responsibilities of the State Securities Commission in auditing service quality control (illustrative photo)

Circular 157/2014/TT-BTC stipulates the responsibilities of the State Securities Commission in controlling the quality of audit services. Specifically:

- Review and evaluate the Report on the results of self-assessment of audit service quality to monitor the compliance with professional standards, laws, and related regulations of auditing firms and practicing auditors approved to audit public interest units in the securities sector;- Propose a list of auditing firms approved to audit public interest units in the securities sector for direct audit service quality inspection and submit it to the Ministry of Finance for approval;- Mobilize practicing auditors and experts with suitable experience and expertise to participate in the Inspection Team and establish the Inspection Team at auditing firms subject to the inspection of the State Securities Commission;- Develop and update audit quality inspection guidance documents to serve the inspection at auditing firms under the supervision of the State Securities Commission. Organize training for members participating in the Inspection Team mobilized by the State Securities Commission;- Issue inspection decisions and organize direct inspections at auditing firms approved to audit public interest units in the securities sector based on the list of auditing firms approved for inspection by the Ministry of Finance;- Compile a comprehensive inspection result report and a summary report on violations detected during the periodic direct inspections at auditing firms subject to the State Securities Commission's supervision and submit these reports to the Ministry of Finance no later than 15 days from the conclusion of direct inspection activities at the auditing firms;- Handle violations detected through inspection according to the authority stipulated by the law on securities and the securities market. In cases beyond its authority, report to the Ministry of Finance for resolution;- Monitor, inspect, and supervise the implementation of post-inspection recommendations by auditing firms under the supervision of the State Securities Commission;- Organize exchanges, dissemination, and experience sharing on auditing service quality control annually for practicing auditors and auditing firms under the quality control supervision of the State Securities Commission.

Details can be found at Circular 157/2014/TT-BTC, effective from October 23, 2014.

Ty Na

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE