In comparison with the earlier regulations, the process for auditing investment and construction projects in this Decision still comprises four phases: Planning phase, execution phase, reporting phase, follow-up and audit recommendations.
Depending on the nature of each audit, one of these types of audit may be applied: financial audit, compliance audit, operational audit or a mixture of audit types.
This Decision comes into force after 45 days from the day on which it is signed and replaces Decision No. 04/2013/QD-KTNN dated April 5th, 2013.
Accordingly, an audit process comprises 4 steps as follows: Preparation; Performance; Making and sending audit reports; Oversight of performance of audit conclusions and audit requests.
In which, the preparation comprises such tasks as: Surveying and collecting information; Evaluating internal control system and collected information; Identifying and assessing audit risks; Making general audit program.
The performance step comprises these tasks: disclosing audit decisions; Conducting an audit; Making and sending audit record.
This Decision takes effect after 45 days of its signing and replaces Decision No. 04/2007/QD-KTNN dated August 2nd, 2007.
- For the appraisal for issuance of the certificate of eligibility for engaging in accounting and audit services: Charge for new issuance is VND 4,000,000/appraisal; charge for renewal or reissuance is VND 2,000,000/appraisal.
- For the appraisal for issuance of the certificate of accounting and audit practice registration: Charge for new issuance is VND 1,200,000/appraisal; charge for renewal or reissuance is VND 800,000/appraisal
Especially, in case of reissuance of a certificate which is torn, damaged or lost, the charge must not be paid.
Under the earlier provisions, organizations, individuals that request for issuance of the certificate of eligibility for engaging in accounting and audit services, certificate of accounting and audit practice registration also paid charges similarly to those prescribed in this Circular. However, the case of reissuance of a torn, damaged or lost certificate, the charge was not be exempted.
This Circular takes effect from January 1st, 2017 and replaces Circular No. 78/2013/TT-BTC dated June 7th, 2013.
Accordingly, financial statements of foreign contractors who pay tax by the credit method shall not be audited before being submitted to competent agencies
In case a contractor wishes to audit his financial statements for tax - related purposes, he shall submit the financial statements by fiscal year in accordance with Clause 1 Article 30 of the Accounting Law No. 03/2003/QH11.
Under Article 55 of this Law, SAV is competent to audit the management and use of public finance and assets of these agencies, units:
1. Ministries, ministerial agencies, Governmental agencies, and other central regulatory agencies.
2. Agencies assigned to execute state budget receipts and expenditures at various administrative levels.
3. The People’s Councils, the People’s Committees, other local regulatory agencies
4. Units of the People’s armed forces.
5. Units in charge of management, use of national reserve; off-budget financial fund.
6. Political organizations, socio-political organizations, socio-political-professional organizations, social organizations, socio-professional organizations using funding provided by the State.
7. Public service agencies.
8. Organizations in charge of national property management.
9. Management boards of projects whose funding is provided by or derived from state budget.
10. 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.
11. 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 governmental auditing standards and procedures, then send audit reports to SAV.
12. Agencies in charge of managing, using public debts.
This Law shall come into force from January 01st, 2016 and replace Law on State Audit Office of Vietnam No. 37/2005/QH11
Audit of enterprises over 50% charter capital of which is held by the State which is already included in the audit plan of 2015 shall be further implemented until the audit plan is completed.
This framework is only applied to assurance services conducted by auditors and applied to these entities:
(b) Other entities involved in the assurance service contract, including users of the report on assurance services and service buyers;
(c) Drafting Board of Vietnam’s Audit Standard during the process of formulation and promulgation of Vietnam’s Audit Standard, Vietnam’s Standards for examination contracts, Vietnam Standards for assurance service contracts, and instructional documents
This Circular shall take effect from January 01st, 2016.
6. Form of the report on organizing the knowledge-updating class for auditors (Appendix No. 06/CNKT)
7. Supplementing the application form for postponement of completion of knowledge update hours (Appendix No. 07/CNKT)
Accordingly, one of the advantage amendments of the Circular is supplement the provision on knowledge exemption in cases registering for auditing operation for the first time as from the date the auditor certificate is granted to December 31 of the succeeding year