Scope of activities of auditing firms, branches of foreign auditing firms in Vietnam

Article 40. Scope of activities of auditing firms, branches of foreign auditing firms in Vietnam

bookkeeping-vinasc31. Auditing firms, branches of foreign auditing firms in Vietnam perform the following services:

a) The audit services, including audit of financial statements and audit of activities, audit of compliance, audit of reports on the settlement of completed projects, audit of financial statements for tax purposes and the other audits;
b) Service of reviewing financial statements, financial information and other assurance services.

2. Apart from the services specified in clause 1 of this Article, the auditing firms are entitled to register for the performance of the following services:

a) Consultancy of economy, finance, taxes;

b) Consultancy of management, conversion, and restructuring of enterprises;

c) Consultancy of information technology application in the management of enterprises and organizations;

d) Accounting services in accordance with provisions of accounting legislation;

đ) Valuation of assets and business risk assessment;

e) Services of fostering knowledge of finance, accounting, and auditing;

g) Other related services in finance, accounting, tax as prescribed by law.

3. Enterprises that have been granted certificates of sufficient conditions to carry on business of audit services in accordance with this Law shall be performed accounting services in accordance with provisions of accounting legislation without registration.

4. When performing the services specified in clause 1 and clause 2 of this Article, the auditing firm must meet all conditions as prescribed by this Law and other provisions of concerned law.

Article 41. Receipt of audit services

1. Auditing firms, branches of foreign auditing firms in Vietnam are entitled to receive the audit services only in accordance with their capabilities within the client’s requirements.

2. Upon receipt of audit services, auditing firms, branches of foreign auditing firms in Vietnam must inform clients of the rights, obligations, and their professional responsibilities in the performance of audit services, limitation of financial liability of auditing firms, branches of foreign auditing firms in Vietnam and practicing auditors when occurring audit risk.

3. Auditing firms, branches of foreign auditing firms in Vietnam are not entitled to transfer the audit services that they have concluded contract to the other auditing firms, branches of foreign auditing firms in Vietnam, except for the case the client agrees.

bookkeeping-vinasc14. Auditing firms, branches of foreign auditing firms in Vietnam must appoint a person who is in charge of each audit. Person who is in charge of the audit must be the practicing auditor. The audit statement must be signed by the person who is in charge of the audit

Article 42. Audit contracts

1. Auditing firms, branches of foreign auditing firms in Vietnam implement the audit services under the audit contract.

2. Audit contract is an agreement between auditing firms and branches of foreign auditing firms in Vietnam with clients on the performance of audit services. The contract audit shall be made in writing and contains the following main contents:

a) Names and addresses of clients or clients’ representatives, representatives of the auditing firms, branches of foreign auditing firms in Vietnam;

b) The purpose, scope and contents of audit services, term of the audit contract;

c) The rights, obligations and responsibilities of the parties;

d) The form of audit statement and other forms expressing the audit results such as the management letter and other reports;

đ) Audit service fees and other expenses agreed by the parties