According to the Regulation issued together with the September 22 Finance Minister’s Decision, biennially, the Finance Ministry shall select and approve audit enterprises to audit the securities-issuing, -listing or –trading organizations.
To be approved by the Finance Ministry, audit enterprises must fully meet the following conditions:
- Having the charter capital or owner’s capital of VND 2 billion or more, for domestic audit enterprises, or the minimum charter capital of USD 300,000, for foreign-invested audit enterprises;
- Having 10 or more practicing auditors. Foreign practicing auditors must have practiced auditing in Vietnam for at least 2 years;
- Having operated for at least 5 years in Vietnam, counting to the date of application for registration of audit participation;
- Having the annual number of audited clients of at least 30.
By November 15 of the selection year at the latest, the Finance Ministry shall publicize the lists of approved audit enterprises and practicing auditors for 2 subsequent years. Basing themselves on such lists, the securities-issuing, -listing or –trading organizations shall select audit enterprises and practicing auditors to sign auditing contracts.-