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Standards for approved auditors for public interest entities

Auditing for public interest entities carries significant importance in the financial market. Consequently, the criteria and requirements for practicing auditors approved to audit public interest entities are stringent and regulated by law. In this article, RSM Vietnam will analyze the standards applicable to approved practicing auditors and how RSM Vietnam can support businesses with a public interest.

Table of contents:

1. What is public interest entity?

2. Auditor standards

3. Professional duties of auditors

4. Standards for auditors approved for public interest entities

5. RSM Vietnam - A trusted audit partner for public interest entities


1. What is a Public Interest Entity?

According to Article 5 of the 2011 Independent Audit Law:

A Public Interest Entity is a business or organization whose nature and scale of operations are closely related to the interests of the public

2. Auditors Atandards

According to Article 14 of the 2011 Independent Audit Law, the standards for auditors are as follows:

- Auditors must meet the following standards:

a) Have full legal capacity to act;

b) Demonstrate good moral character, a sense of responsibility, integrity, objectivity, and honesty;

c) Hold a university degree or higher in financial, banking, accounting, auditing, or other fields as prescribed by the Ministry of Finance;

d) Process an Auditor's Certificate as required by the Ministry of Finance.

- In the case where an individual holds a foreign certificate recognized by the Ministry of Finance, has passed the examination in the Vietnamese Language on Vietnamese law, and meets the standards specified in points a and b of Clause 1 of this Article, they shall be recognized as an auditor.

3. Professional responsibilities of certified auditors

  • According to Article 18 of the 2011 Independent Audit Law, professional auditors have the following responsibilities:

  • Compliance with the principles of independent audit operations.

  • Not interfering in the activities of clients or audited entities during the auditing process.

  • Refusing to conduct an audit for a client or audited entity if it is determined that independence is not assured, if there is insufficient professional competence, or if the legal requirements are not met.

  • Refusing to perform an audit when a client or audited entity requests actions that are contrary to professional ethics, professional competence, or legal regulations. Participating in annual knowledge update programs.

  • Continuously enhancing professional knowledge and industry experience.

  • Conducting audits, reviewing audit files, or signing audit reports and taking responsibility for their audit reports and audit activities.

  • Reporting periodically and ad-hoc on their audit activities as required by the competent state authority.

  • Compliance with the provisions of this law and the laws of the host country when practicing auditing abroad.

  • Adherence to quality control requirements for auditing services as regulated by the Ministry of Finance.

  • Other obligations as stipulated by law.

4. Standards for certified public auditors auditing entities of public interest

For auditing activities related to entities of public interest, two key concepts should be noted: certified public auditors who are approved, the approval term, and entities of public interest.

In accordance with Decree No. 84/2016/ND-CP, the criteria and conditions for certified public auditors and audit organizations to be approved for auditing entities of public interest are stipulated as follows:

Included in the list of auditors meeting the professional qualifications for the approval term publicly disclosed by the Ministry of Finance at the time of submitting the registration dossier for conducting the audit.
Possess a minimum of 24 months of practical experience in auditing in Vietnam, counted from the date when competent authorities confirm that they meet the professional qualifications for auditing up to the date of submitting the registration dossier for conducting the audit.

"Approval term" is the period during which an audit organization or a certified public auditor is approved to conduct audits for entities of public interest, and it is calculated in the Gregorian calendar year, from January 1st to December 31st.

Therefore, to be approved to audit entities of public interest, certified public auditors need to meet numerous rigorous requirements and conditions. This helps ensure the rights of relevant parties and fulfills the elements of transparency, independence, and professional ethics in auditing.

>>> See more 7 specific requirements for auditing financial reports for listed companies


5. RSM Vietnam – A trusted audit partenr for entities of public interest

RSM Vietnam is proud to be one of the organizations approved by the State Securities Commission (SSC) to audit entities of public interest.

As a member of the RSM Global network, we have international connections when auditing clients with headquarters and subsidiary companies located in different countries. RSM Global operates in 123 countries worldwide with 860 offices spanning across the Americas, Europe, MENA, and the Asia-Pacific region.

We apply a risk-based audit approach (RSM Orb) and are committed to ensuring integrity, independence, and professional ethics in our work.

>>> Learn more about our audit services for listed companies


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DECREE NO. 64/2024/ND-CP ON EXTENDING THE DEADLINE FOR PAYING TAXES AND LAND RENT IN 2024 Issued by: Gorverment Issued date: 17 June 2024 Effective date: 17 June 2024 Expiration date: 31 December 2024



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