Principles for entrusting or hiring an auditing firm to perform an audit in Vietnam

Principles for entrusting or hiring an auditing firm to perform an audit in Vietnam
Dương Châu Thanh

The State Auditor General issued Decision 1250/QD-KTNN dated October 6, 2023 on Regulations on entrusting or hiring auditing firms to perform audits in Vietnam.

This Regulation stipulates that the State Audit entrusts or hires auditing firms to audit agencies and organizations that manage and use public finance and public assets according to the provisions of the Law on State Audit; regulations on the powers and responsibilities of parties involved in entrusting or hiring auditors; regulating the scope of entrusting or hiring auditors; conditions for auditing firms to be entrusted or hired to audit; regulations on the Audit Firm Appraisal Council; and procedures and order for selecting audit firms.

Principles for entrusting or hiring an auditing firm to perform an audit in Vietnam

Specifically, the principles for entrusting or hiring an auditing firm to perform an audit in Vietnam are as follows:

- Only entrust or hire audits for agencies and organizations within the scope of entrusting or hiring audits as prescribed in Article 8 of this Regulation.

- Only entrust or hire audit firms that meet the conditions prescribed in Article 9 of this Regulation.

- Entrust or hire an auditing firm which is done through an entrustment contract or a contract to hire an auditing firm.

- Do not entrust or hire an auditing firm for the contents of the list of state secrets, according to the provisions of the law on the protection of state secrets.

- Auditing firms that are entrusted or hired to audit are responsible before the State Audit and the law for the truthfulness and legality of their audit data, documents, conclusions, and recommendations.

The State Audit decides on the use, conducts inspection and supervision, and is responsible for the truthfulness of data, documents, audit conclusions, and recommendations made by auditing firms.

- The auditing firm that is entrusted or hired to audit is responsible for keeping documents, data, and information about the operations of the audited unit confidential according to the regulations of the State Audit and the provisions of law.

- Be entrusted or hired audit firms must not entrust or hire a third party to implement the entrustment contract or audit hiring contract.

Decision 1250/QD-KTNN takes effect from the date of signing.

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