Vietnam: 05 criteria and conditions for general partners of audit partnerships

Vietnam: 05 criteria and conditions for general partners of audit partnerships (Illustrative image)

At point 2, part III of Circular 60/2006/TT-BTC, the criteria and conditions for general partners of audit partnerships in Vietnam are specified as follows:

- Having professional accountancy and audit ethics as required by the profession; being honest and upright, and having a good sense of observance of law;

- General partners appointed as partnership directors (or general directors) must possess auditor's certificates and have actually practiced audit for at least 3 years as from the date their auditor's certificates are granted; must contribute at least 10% of the charter capital; and must neither concurrently participate in the management and administration of nor sign labor contracts with other organizations or agencies.

- General partners who are directly in charge of audit services must possess auditor's certificates. In case an audit partnership has registered for the provision of other services which require, under law, practice certificates (such as accounting service, asset valuation service, etc.), general partners directly in charge of such services must possess appropriate practice certificates as prescribed by law;

- Having contributed capital to the partnership;

- General partners who are required to possess practice certificates must personally work at the partnership.

Additionally, this Circular stipulates that general partners who are newly admitted into a partnership must satisfy the criteria and conditions for general partners specified by law and the above provisions and be accepted by the members' council.

Details may be found in Circular 60/2006/TT-BTC effective on July 22, 2006.

Ty Na

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