Vietnam: What are the criteria and conditions for members being individuals of an audit limited liability company?

Vietnam: What are the criteria and conditions for members being individuals of an audit limited liability company? (Illustrative image)

According to point 2, Part II of Circular 60/2006/TT-BTC, the specific criteria and conditions for members being individuals of an audit limited liability company in Vietnam are 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;

- Members appointed as company 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.

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

- Having contributed capital to their company;

- Members being individuals who are required to possess practice certificates must personally work at the company.

Detailed information can be found in Circular 60/2006/TT-BTC effective July 22, 2006.

Ty Na

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