Tightening Conditions for Hiring or Entrusting Auditing Firms

12:24, 11/07/2024

This is the notable content in Decision 09/2017/QD-KTNN regarding the Regulations on entrusting or hiring audit firms (DNKT) to conduct audits.

From September 29, 2017, audit firms looking to be considered, selected for hire, or entrusted with auditing tasks must meet additional conditions regarding their management and operation. To be specific:

- Managers and operators must not be founding members, shareholders, or contributors of capital to the audited entity or have any economic or financial relationships with the audited entity;- Persons responsible for management and operation must not have parents, spouses, children, or siblings who are founding members, shareholders, or contributors of capital to the audited entity;- Persons responsible for management and operation, members of the control board, or chief accountants of the audited entity must not simultaneously be capital contributors and have significant influence over the audit firm.

For more details, see Decision 09/2017/QD-KTNN replacing Decision 03/2011/QD-KTNN dated December 9, 2011.

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