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Official Gazette

Saturday, January 18, 2020

DECREE No. 30/2009/ND-CP: Stricter rules on independent audit firms

Updated: 10:02’ - 28/04/2009

Foreign single-member independent audit limited companies are no longer allowed in Vietnam unless they are transformed into multiple-member ones, partnerships or proprietorships. However, those established and operating since before May 14 (the effective date of Decree No. 30/2009/ND-CP of March 30) may continue to operate until their investment certificates (licenses) expire.

The new regulation, which supersedes Decree No. 105/2004/ND-CP of March 30, 2004, on independent audit, requires an audit firm to have at least three certified auditors working on a full-time basis under labor contracts, including director or director general. For audit limited companies and partnerships, the director or director general must own at least 10% of the charter capital and has worked as auditor for at least three years after being certified. He/she may not act as the manager or executive officer of more than one firm.        

Any audit firms failing to assure the above conditions for six consecutive months will be forced to stop providing audit services.-

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