Vietnam: What must be included in the audit dossier?

Vietnam: What must be included in the audit dossier? (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. What must be included in the audit dossier?

According to Article 52 of the Law on State Audit Office of Vietnam 2015, audit dossier include:

- Documents of each audit must be compiled into a dossier.

- State Auditor General shall promulgate specific regulations on audit dossiers.

- Every audit dossier must be archived within 12 months from the publishing date of the audit report.

- Each audit dossier shall be kept in archive for at least 10 years, unless otherwise decided by a competent authority.

2. Audited units in Vietnam

Audited units according to Article 55 of the Law on State Audit Office of Vietnam 2015 are as follows:

- Ministries, ministerial agencies, Governmental agencies, and other central regulatory agencies.

- Agencies assigned to execute state budget receipts and expenditures at various administrative levels.

- The People’s Councils, the People’s Committees, other local regulatory agencies

- Units of the People’s armed forces.

- Units in charge of management, use of national reserve; off-budget financial fund.

- Political organizations, socio-political organizations, socio-political-professional organizations, social organizations, socio-professional organizations using funding provided by the State.

- Public service agencies.

- Organizations in charge of national property management.

- Management boards of projects whose funding is provided by or derived from state budget.

- Enterprises over 50% charter capital of which is held by the State. With regard to enterprises ≤50% charter capital of which is held by the State, State Auditor General shall decide appropriate audit targets, criteria, contents, and methods where necessary.

- Units receiving subsidies from the State, units whose debts are guaranteed by the State other than enterprises that manage, use state capital and/or state property. These units may hire audit firms; audit firms must carry out the audits in accordance with the state audit standards and procedures, then send audit reports to SAV.

- Agencies in charge of managing, using public debts.

3. Audit contents

Audit contents are regulated according to Article 32 of the Law on State Audit Office of Vietnam 2015 as follows:

- Audit contents include:

+ Financial audit which is meant to assess, confirm the legitimacy and truthfulness of financial information and financial statements of the audited unit;

+ Compliance audit which is meant to assess and confirm compliance with law, rules and regulations binding upon the audited unit;

+ Operational audit which is meant to assess the efficiency and effectiveness of management and use of public finance and/or public property.

- State Auditor General shall decide the contents of each audit depending on its requirements.

4. Time limit for audit in Vietnam

Time limit for audit according to Article 34 of the Law on State Audit Office of Vietnam 2015 is as follows:

- Time limit for an audit begins from the day on which the audit decision is announced until audit tasks at the audited unit are finished.

- The time limit for an audit is 60 days, except for the case in Clause 3 of Article 34 of the Law on State Audit Office of Vietnam 2015. State Auditor General may decide extension of the time limit for audit one time. Nevertheless, the extension must not exceed 30 days.

- State Auditor General shall specify the time limit in case of audit for assessing the efficiency and effectiveness of management and use of public finance and/or public property of nationwide scale.

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