THE MINISTRY OF FINANCE
Circular No. 157/2014/TT-BTC dated October 23, 2014 of the Ministry of Finance on audit service quality control
Pursuant to the Law on Independent Audits No. 67/2011/QH12 dated March 29, 2011;
Pursuant to the Law on Securities No. 70/2006/QH11 dated June 29, 2006 and the Law on the amendment and supplementation of the laws on Securities No. 62/2010/QH12 dated November 24, 2010;
Pursuant to Decree No. 215/2013/ND-CP dated December 23, 2013 of the Government defining functions, duties, authorities and organizational structures of the Ministry of Finance;
Pursuant to Decree No. 17/2012/ND-CP dated March 13, 2012 of the Government stipulating in details and guiding the implementation of some articles of the Law on Independent Audits;
At the proposal of the Director General of Accounting and Auditing Policies Department,
The Minister of Finance has promulgated the Circular stipulating audit service quality control.
Chapter I
GENERAL PROVISIONS
Article. Scope of adjustment
This Circular defines the organization and implementation of quality control of audit service, financial report and information examination service, and other assurance services as stipulated in Paragraph 1, Article 40 of the Law on Independent Audits (hereinafter referred to as the audit services) undertaken by certified auditors, auditing enterprises and branches of foreign auditing enterprises in Vietnam.
Article 2. Subject of application
1. Auditing enterprises operating in Vietnam, branches of foreign auditing enterprises in Vietnam (hereinafter referred to as the auditing enterprises).
2. Certified auditors
3. Professional organizations operating in auditing.
4. Organizations, individuals carrying out the control over the auditing Services.
5. Other relevant agencies, organizations and individuals.
Article 3. Interpretation of terms
In this Circular, the following terms are interpreted as follows:
1. Laws and regulations mean legal documents issued by competent agencies; documents issued by professional organizations, enterprises and other entities without going against the law with which the auditing enterprises must comply.
2. Professional ethics encompass standards of behavior in auditing, examination and other assurance services, and relevant ethical codes.
3. Audit service quality control means inspection of audit service quality and monitoring of auditing activities undertaken by the auditing enterprises and certified auditors in accordance with regulations and procedures constructed and issued by competent agencies aimed at ensuring that auditing enterprises and certified auditors comply with professional ethics, laws and relevant regulations during the operation.
4. Audit service quality inspection means implementation of procedures to assess the audit service quality control system of the auditing enterprises and certified auditors to assess quality of auditing service contracts fulfilled by the auditing enterprises and certified auditors.
5. Monitoring of auditing activity means a process of regular management, examination and assessment of compliance with professional ethics, laws and relevant regulations by the auditing enterprises and certified auditors.
