Obligations of practicing auditors

Article 18. Obligations of practicing auditors

bookkeeping-vinasc3When practicing in the auditing firms, branch of foreign auditing firms in Vietnam, practicing auditors are obliged as follows:

1. To comply with principle of independent audit operation;

2. Not to interfere in the operation of clients, audited units during the course of audit;

3. To refuse the audit for clients, audited units if considering that they does not guarantee the independence, insufficient qualifications, conditions in accordance with regulations of law;

4. To refuse the audit in cases clients or audited units request contrary to professional ethical and requirements for professional skill or contrary to the provisions of law;

5. To participate fully in the program of updating annual knowledge;

6. Constantly improve professional knowledge and professional experience;

7. To audit, review the audit records or to sign audit statements and take responsibility for the audit statement and its audit activities;

8. Periodically and irregularly report its audit activities as required by the competent state agency;

9. To comply with the provisions of this Law and the laws of the home country in case of practicing audit in the foreign countries;

10. To executive the requirements for inspection and quality control of audit services in accordance with regulations of the Ministry of Finance;

11. Other obligations in accordance with regulations of law.

Article 19. The cases that practicing auditors are not allowed to audit

Practicing auditors are not allowed to audit in the following cases:

1. as members, founding shareholders, or purchasing shares or capital contribution in the audited unit;

2. as those who hold managerial, administrative positions, members of the inspection committee or chief accountant of the audited units;

bookkeeping-vinasc13. as those who hold managerial, administrative positions, members of the inspection committee or chief accountant of the audited units for the audited financial year;

4. within two years from the time of resigning the managerial, administrative positions, members of the inspection committee or chief accountant of the audited units;

5. as those who are doing or have done in the preceding year the work of book keeping, making financial statements or internal audit for the audited units;

6. as those who are doing or have done in the preceding year the service which is different from the services specified in clause 5 of this Article affecting the independence of practicing auditors in accordance with provisions of professional ethical standards of accounting and auditing;

7. with their parents, spouse, child, natural brother, sister who have remarkable direct or indirect financial interests in the audited units in accordance with provisions of professional ethical standards of accounting, auditing or those who hold managerial, administrative positions, members of the inspection committee or chief accountant of the audited units;

8. Other cases in accordance with regulations of law.