Audit standards and professional ethical standards of accounting and auditing
Article 6. Audit standards and professional ethical standards of accounting and auditing
1. Auditing standards mean the rules and guidelines on the requirements, principles, auditing procedures, and handling of the relationship arising from audit activities that members participating in the audit and the auditing firms, branches of foreign auditing firms in Vietnam must comply with.
2. Professional ethical standards of accounting and auditing mean the rules and guidelines on principles, contents of the application of professional ethical standards for members participating in the audit and auditing firms, branches of foreign auditing firms in Vietnam.
3. Auditing standards and professional ethical standards of accounting and auditing are the bases to inspect and evaluate the quality of audit and professional ethical of members participating in the audit and auditing firms, branches of foreign auditing firms in Vietnam.
4. Ministry of Finance stipulates auditing standards and professional ethical standards of accounting and auditing on the basis of international standards.
Article 7. Value of audit statement
1. The audit statements on financial statements assess the honesty and rationality of the financial statements in conformity with accounting standards, the accounting regime issued by competent agencies or organizations.
2. Compliance audit statements assessing the compliance with laws, rules, and regulations in the management and use of money, property and other resources of the audited units.
3. Operation audit statements assessing the economy, effectiveness, and efficiency in management and use of money, property and other resources in the audited units.
4. Audit statements are used for:
a) Shareholders, investors and parties participating in the joint venture, association, customers and other organizations and individuals having direct interests or related to the audited units to handle relations on rights and obligations of stakeholders;
b) State agencies manage and administer under functions and assigned tasks;
c) Audited units detect, handle, and prevent timely errors and weakness in the operation of the units.
Article 8. Operation principles of independent audit
1. Compliance with the law and taking responsibility before the law on occupational activity and audit statements.
2. Compliance with audit standards and professional ethical standards of accounting and auditing of Vietnam; for the audits under the audit contracts that are required to apply the other audit standards shall comply with such audit standards.
3. Independence, honesty, objectivity.
4. Information confidentiality.
Article 9. Compulsory audit
1. Compulsory audit is the audit for the annual financial statements, the settlement statements of completed projects and other financial information of the audited units specified in clause 1 and clause 2 Article 37 of this Law and other provisions of concerned law.
2. Audit contract of annual financial statements of the enterprises, organizations that are required to audit the financial statements must be concluded no later than thirty days before the date of ending the year accounting period.
3. Enterprises and organizations that are required to audit as submitting financial statements to the competent State agencies and as publicizing financial statements audit are required to attach the audit statements; in case when the State agencies receive financial statements of the enterprises, organizations which are required to audit without the attached audit statements, the State agencies are responsible for sending notice to the competent state agencies for handling in accordance with the law regulations.
Tin liên quan
The duration of authorization of each representative, including the beginning date;
Responsibilities of the enterprise’s legal representative
Reporting changes to information about the enterprise’s manager
Criteria, rights and obligations of social enterprises
Do accounting, make and submit truthful financial statements in a timely manner according to regulations of law on accounting and statistics.
State assurance about enterprises and owners of enterprises
Subsidiaries are related person of the parent company in the same group
Application of the Law on Enterprises and specialized laws
Acceptance of leased goods
Pass of risks incurred to leased goods