[Official] Viet Australia Auditing Belongs to Group 30 Audit Firms for Public Interest Entities in 2024

On November 20, 2023, the Ministry of Finance issued Decision No. 2559/QD-BTC approving audit firms and auditors practicing the audit for public interest entities in 2024.

Based on Clause 1, Article 5 of Decree No. 84/2016/ND-CP dated July 1, 2016, of the Government, which regulates the conditions for audit organizations approved as follows:

Audit organizations approved to perform audits for public interest entities must meet the following conditions:

a) Have a valid Certificate of eligibility for auditing services issued by the Ministry of Finance.

b) Have charter capital or granted capital (for branches of foreign audit firms in Vietnam) of VND 6 billion or more and must regularly maintain owner's equity on the balance sheet not less than VND 6 billion.

c) Have a number of practicing auditors from 10 people or more, including a Director or General Director, meeting the standards specified in Article 6 of this Decree.

d) Have a minimum of 24 months of audit activity in Vietnam, calculated from the date the competent authority confirms the first-time registration list of auditing practice or from the date of issuance of the Certificate of eligibility for auditing services to the date of submitting the registration dossier for audit implementation.

e) Have issued audit reports on financial statements for a minimum of 200 audited entities from October 1 of the previous year to September 30 of the year of submitting the registration dossier.

For audit organizations approved in the year of submission, an additional condition is to have issued audit reports on financial statements (or reviewed financial statements) for a minimum of 10 public interest entities from October 1 of the previous year to September 30 of the year of submitting the registration dossier.

f) Have a quality control system established in accordance with the regulations of Vietnamese auditing standards.

g) Have professional liability insurance or establish a reserve fund for professional risks as prescribed by the Ministry of Finance.

h) Do not fall into cases not considered for review or approval as stipulated in Article 7 of this Decree.

i) Submit complete and timely registration dossiers for audit implementation as stipulated in Articles 9 and 10 of this Decree.

Thus, with the above decision of the Minister of Finance, VAAL will continue to have the opportunity to provide audit services for public interest entities. We always aspire to contribute and support clients in transparent financial data, minimize tax risks, and accompany and develop together on the path to success for each client.