Auditors mean the persons who are granted certificates of auditors….
This Law regulates the principles, conditions, scope, and form of independent audit activities; the rights and obligations of practicing auditors, auditing firms, branches of foreign auditing firms in Vietnam and the units that are audited.
Article 2. Subjects of application
This law applies to the auditors, the practicing auditors, auditing firms, branches of foreign auditing firms in Vietnam, the units that are audited, professional organizations on audit and other organizations, individuals related to the activities of independent audit.
Article 3. Application of the Law on independent audit, international Agreements and relevant laws
1. Domestic organizations and individuals and foreign organizations, or individuals engaging in independent audit on the territory of Vietnam must comply with this Law and other provisions of concerned law.
2. Where the international Agreements which the socialist Republic of Vietnam is a party stipulating different from the provisions of this Law shall apply the provisions of such international Agreements.
Article 4. Objective of independent audit
Independent audit activities aim to contribute to the transparency of economic information, finance of units that are audited and other enterprises, organizations; to strengthen investment environment; practice thrift and prevent and combat waste, prevent and combat corruption; to detect and prevent violations of law; to raise the effectiveness, management efficiency, administration of economy, finance of the State and business operation of enterprises.
Article 5. Interpretation of terms
In this Law, the following terms are construed as follows:
1. Independent audit means the auditor practicing a profession, auditing firms, branches of foreign auditing firms in Vietnam inspecting and giving their independent opinions on the financial statements and other audit works under the audit contract.
2. Auditors mean the persons who are granted certificates of auditors in accordance with law regulations or those who have certificates granted from foreign countries recognized by the Ministry of Finance and passed examination on the Vietnam law.
3. Practicing auditors mean the auditors who have been issued certificates of registration of practicing audit.
4. Members participating in the audit include practicing auditors, auditors and other members.
5. Auditing enterprises mean the enterprises which meet the sufficient conditions for trading audit services in accordance with this Law and other provisions of the concerned law.
6. Audited units mean the enterprises, organizations that are implemented the audit under the audit contract by the auditing firms, branches of foreign auditing firms in Vietnam.
7. Units with the public interest mean the enterprises, organizations that the nature and scale of operation which is highly related to the interests of the public.
8. Audit practice means the operation trading the audit service of practicing auditors, auditing firms and branches of foreign auditing firms in Vietnam.
9. Financial statement audit means the one that practicing auditors, auditing firms, branches of foreign auditing firms in Vietnam inspect, give their opinions on the truthfulness and rationality in the key respects of the financial statements of the audited units in accordance with provisions of auditing standards.
10. Compliance audit means the one that practicing auditors, auditing firms, branches of foreign auditing firms in Vietnam inspect, give their opinions on the compliance with laws, regulations, provisions that the audited units shall perform.
11. Operation audit means the one practicing auditors, auditing firms, branches of foreign auditing firms in Vietnam inspect, give their opinions on the economy, effectiveness and operation efficiency of a part or the whole audited unit.
12. The audit statement means the written report made by practicing auditors, auditing firms, branches of foreign auditing firms in Vietnam after the completion of the audit, giving opinions on financial statements and other contents which have been audited under the audit contract.
13. Branches of foreign auditing firms in Vietnam mean the dependent units of the foreign auditing firms, having no legal entity status, ensured to take the responsibility for all obligations and commitments of its branches in Vietnam by the foreign auditing firms.
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