Suspension of business of audit services and withdrawal of certificates of sufficient conditions to carry on business of audit services

Article 27. Suspension of business of audit services and withdrawal of certificates of sufficient conditions to carry on business of audit services

bookkeeping-vinasc31. Auditing firms, branches of foreign auditing firms in Vietnam are suspended the business of audit services as to be of one of the following cases:

a) Operating not in compliance with the scope of operation of auditing firms specified in clause 1 Article 40 of this Law;

b) Failing to ensure one of the conditions specified in the clauses 1, 2, 3 and 4 Article 21 of this Law for three consecutive months;

c) Having serious violations on professional skill or violations on auditing standards, professional ethical standards of accounting and auditing.

2. Auditing firms, branches of foreign auditing firms in Vietnam are withdrawn the Certificate of sufficient conditions to carry on business of audit services as to be of one of the following cases:

a) Declaring not complying with the reality or cheating, forging documents requesting for issuance of certificate of sufficient conditions to carry on business of audit services;

b) Failing to carry on business of audit service within 12 consecutive months;

c) Failing to overcome the violations specified in clause 1 of this Article within sixty days from the date of suspension;

d) Being dissolved, bankrupted or terminating the business of audit services by themselves;

đ) Being revoked the certificate of business registration, certificate of enterprise registration or certificate of investment;

e) Foreign auditing firm having auditing branches in Vietnam to be dissolved, bankrupted or license which was withdrawn or its operation suspended by the competent authorities of the countries where such auditing firm locates its head office.

g) Having violations provided in clause 11 and clause 15 Article 59 of this Law.

3. Auditing firm, branches of foreign auditing firm in Vietnam is withdrawn certificate of sufficient conditions to carry on business of audit services must terminate its business of audit services, since the effective date of decision to withdraw.

4. Ministry of Finance shall specify the suspension of business of audit services and withdrawal of certificates of sufficient conditions to carry on business of audit services and announce the decision to suspend the business of audit services, withdraw the certificate of sufficient conditions to carry on business of audit services within seven days on the website of the Ministry of Finance.

bookkeeping-vinasc1Article 28. Rights of auditing firms, branches of foreign auditing firms in Vietnam

1. Auditing firms have the following rights:

a) To provide the services stipulated in Article 40 of this Law;

b) To receive fee;

c) To establish branches carrying on business of audit service;

d) To locate its establishment to carry on business of audit service in foreign countries;

đ) To participate in the international audit organizations, professional organizations on audit;

e) To request the audited units to provide sufficiently and timely the necessary information, documents and explain issues related to the contents of audit; To request inventory of assets, debt comparison of audited unit related the contents of audit; to inspect all records and documents related to economic and financial operation of the audited unit inside and outside of the unit during the course of audit;

g) To inspect, confirm the economic and financial information related to the audited unit inside and outside of the unit during the course of audit;

h) To request the concerned organizations and individuals to provide necessary documents and information related to the contents of the audit through the audited unit;

i) Other rights in accordance with the law regulations.

2. Branches of foreign auditing firms in Vietnam have the rights stipulated in point a, b, e, g, h and i clause 1 of this Article.