On December 04, 2013, the Ministry of Finance issued the Circular No. 183/2013/TT-BTC on independent audit for public interest units.
Within that, the most important content is the regulations on conditions for the accredited audit organization performing the audit for the public interest unit.
In particular, the conditions are having valid Certificate of eligibility for audit service business; having chartered capital or allocated capital (for branch of foreign audit enterprise in Vietnam) from 04 billion dong or more and must constantly maintain equity on its balance sheet not less than 4 billion dong. From the approved period for 2016, the above capital shall be 6 billion dong or more and having a number of registered auditors of 07 or more, including the Director or General Director and meeting the standards specified in Article 8 of this Circular. From the approved period for 2016, the number of registered auditor shall be 10 or more.
At the same time, the independent audit must have the time of audit operation in Vietnam at least 24 months from the date the competent authorities have certified the list of first registration of audit practice or from the date of being granted with the first Certificate of eligibility for audit service business to the date of submitting Registration dossier of
audit performance; have issued the audit report on financial report for at least 100 customers from January 01 of the year of application to the date of submission of registration dossier. From the approved period for 2016, the number of customer shall be 250 customers; have the quality control system meeting the requirements under the regulations of Vietnam auditing standard and have bought the occupational liability insurance or appropriated the contingency reserve for occupational risk.
The Circular also stipulates that independent audits that accredited audit organization is not entitled to perform the audit for public interest unit such as audit organization is the customer that is enjoying the preferential conditions outside the normal level of units with the public interest. And the person who is responsible for the management and operation, the control board member, chief accountant (or person in charge of accounting) of the audit organization is the person responsible for managing and operating the public interest unit.
This Circular takes effect since January 18, 2014 and supersedes Decision No. 89/2007/QD-BTC dated October 24, 2007.
