Vietnam: 09 conditions for accredited audit organization to perform the audit for the public interest unit

According to Circular No. 183/2013/TT-BTC of the Ministry of Finance of Vietnam, the accredited audit organization performing the audit for the public interest unit must satisfy the following conditions:

- Having valid Certificate of eligibility for audit service business issued by the Ministry of Finance;

- Having chartered capital or allocated capital (for branch of foreign audit enterprise in Vietnam) from 4 billion dong or more and must constantly maintain equity on its balance sheet not less than 4 billion dong. From the approved period for 2016, the above capital shall be 6 billion dong or more;

- Having a number of registered auditors of 07 or more, including the Director or General Director and meeting the standards specified in Article 8 of this Circular. From the approved period for 2016, the number of registered auditor shall be 10 or more;

- Having the time of audit operation in Vietnam at least 24 months from the date the competent authorities have certified the list of first registration of audit practice or from the date of being granted with the first Certificate of eligibility for audit service business to the date of submitting dossier for registration of audit performance;

- Having issued the audit report on financial reports for at least 100 customers from January 01 of the year of application to the date of submission of registration dossier. From the approved period for 2016, the number of customer shall be 250 customers;

- Having the quality control system meeting the requirements under the regulations of Vietnam auditing standard;

- Having bought the occupational liability insurance or appropriated the contingency reserve for occupational risk under the provisions of Ministry of Finance;

- Subject to cases of consideration and approval specified in Article 12 of this Circular;

- Submitting dossier for registration of audit performance fully and within the allotted time under the provisions in Article 10 and 11 of this Circular.

View more details at Circular No. 183/2013/TT-BTC of the Ministry of Finance of Vietnam, effective from January 18, 2014.

Thu Ba

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