Vietnam: Rights and obligations of practicing auditors

According to the Law on Independent Audit 2011 of Vietnam, when practicing in the auditing firms, branch of foreign auditing firms in Vietnam, practicing auditors have the following rights:

1. To practice audit in accordance with regulations of this Law;

2. To be independent on professional skill;

3. To request the audited unit to provide adequate and timely necessary information, documents and explain the issues related to the audit contents; to request inventory of assets, debt comparison of the audited unit related to the audit contents; to inspect all records and documents related to economic and financial activities of the audited unit inside and outside of the unit during the course of audit;

4. To inspect and confirm the economic, financial information related to the audited unit inside and outside of the unit during the course of audit.

5. To request the concerned organizations and individuals to provide necessary documents and information related to the contents of the audit through the audited unit.

6. Other rights in accordance with regulations of law.

In addition to the above-mentioned rights, when practicing in the auditing firms, branch of foreign auditing firms in Vietnam, practicing auditors are obliged as follows:

1. To comply with principle of independent audit operation;

2. Not to interfere in the operation of clients, audited units during the course of audit;

3. To refuse the audit for clients, audited units if considering that they does not guarantee the independence, insufficient qualifications, conditions in accordance with regulations of law;

4. To refuse the audit in cases clients or audited units request contrary to professional ethical and requirements for professional skill or contrary to the provisions of law;

5. To participate fully in the program of updating annual knowledge;

6. Constantly improve professional knowledge and professional experience;

7. To audit, review the audit records or to sign audit statements and take responsibility for the audit statement and its audit activities;

8. Periodically and irregularly report its audit activities as required by the competent state agency;

9. To comply with the provisions of this Law and the laws of the home country in case of practicing audit in the foreign countries;

10. To executive the requirements for inspection and quality control of audit services in accordance with regulations of the Ministry of Finance;

11. Other obligations in accordance with regulations of law.

These contents are specified in Articles 17 and 18 of the Law on Independent Audit 2011 of Vietnam.

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