Current law stipulates that an independent audit service business must have a certificate of eligibility for audit service business. Hong Bang Law would like to send to our customers the advice and guidance on the procedures for applying for the Certificate of eligibility for business in auditing services as follows:

Legal grounds

• Law on Independent Audit No. 67/2011/QH12 dated March 29, 2011.
• Decree No. 17/2012/ND-CP dated March 13, 2012 of the Government detailing and guiding the implementation of a number of articles of the Law on Independent Audit.
• Circular 203/2012/TT-BTC dated November 19, 2012 of the Ministry of Finance on the order and procedures for granting, managing and using the Certificate of eligibility for business in auditing services.

Requirements

Certificate of eligibility for audit service business is granted to limited liability companies (LLCs), partnerships, private enterprises, branches of foreign auditing firms in Vietnam that fully meet the following conditions: according to the provisions of Article 21 of the Law on Independent Auditing and the provisions of the Government’s Decree No. 17/2012/ND-CP dated March 13, 2012 detailing and guiding the implementation of a number of articles of the Law on Auditing. independent audit (hereinafter referred to as Decree 17/2012/ND-CP). For a foreign-invested one-member limited liability auditing company specified in Clause 3, Article 62 of the Law on Independent Auditing, the conditions on capital contribution of practicing auditors specified in Clause 1, Article 7 shall not apply. and the contributed capital of the organization specified in Article 6 of Decree No. 17/2012/ND-CP unless the company restructures its organization into a limited liability company with 2 or more members.

Persons who fully meet the following conditions may register to practice auditing:

Being an auditor;

Having actually worked as an audit for thirty-six months or more;

Participate fully in the knowledge update program.

Applicant composition

• An application for the Certificate of eligibility for business in auditing services (under the form specified in Appendix I).
• Copy of Business Registration Certificate or Business Registration Certificate or Investment Certificate.
• List of practicing auditors with full-time employment contracts at the enterprise (under the form specified in Appendix III).
• Copies of the audit practice registration certificates of the practicing auditors.
• A copy of the decision of the Members’ Council on appointment of the title of Director (General Director) for limited liability companies or partnerships.
• Copy of the company’s charter.
• List of organizations and individuals contributing capital, list of general partners
• A written confirmation of capital for a limited company, specifically as follows:

Newly established enterprises must have:

Minutes of capital contribution of the founding members.

In case the capital is contributed in cash, there must be a written certification from the commercial bank licensed to operate in Vietnam about the deposit amount of the founding members. The minimum deposit must be equal to the cash contributed capital of the founding members and will only be disbursed after the enterprise is granted a Certificate of eligibility for business in auditing services.

In case the capital contribution is in the form of assets, there must be a certificate of the organization with the function of price appraisal operating in Vietnam about the results of the appraisal of the value of the assets included in the capital contribution. The certificate must be valid until the date of submitting the application file for the Certificate of eligibility for business in auditing services.

For an operating enterprise: there must be a written certification of another independent auditing firm that the current level of capital owned by that enterprise is recorded in the financial statement of the enterprise at the latest time ( registration year or the year preceding the year of registration).

Procedures

Step 1: Submit your application.

Step 2: Appraisal of dossiers: The Ministry of Finance (Department of Technical and Economic Cooperation) receives the dossiers and appraises the dossiers.

Step 3: Pay the fee.

Step 4: Issue the certificate.

Step 5: Publish the list on the website of the Ministry of Finance.

Implementation time: 30 working days from the date of submission of valid documents.

If you need more detailed advice and answers as well as how to access this service, please contact directly our Lawyer Nhat Nam via hotline: 0912.35.65.75, 0912.35.53.53 or call the toll free legal consultation hotline 1900.6575 or send a service request via email: lienheluathongbang@gmail.com

Wishing you and your family good health, peace and success!

Best regards!