INSTRUCTION FOR REPORTING REGIME IN THE FIELD OF INDEPENDENT ACCOUNTING AND AUDITING
On May 15, 2020, the Ministry of Finance promulgates the Circular No. 40/2020/TT-BTC on instruction for reporting regime in the field of independent audit and accounting as prescribed in the Decree No. 174/2016/ND-CP dated December 30, 2016 of the Government on detailing a number of articles of the Accounting Law and the Decree No. 17/2012/ND-CP dated March 13, 2012 of the Government on detailing and guiding the implementation of a number of articles of the Law on Independent Audit.
To be specific, the time limit for sending the report of implementing the contract on providing cross-border accounting services is no later than July 31 of the reporting year for the report of the first 06 months; no later than January 31 of the next year for the report of the last 06 months. In additions, the period for closing report data of the first 06 months is from January 01 to June 30 of the reporting year and the period for closing report data of the last 06 months is from July 01 to December 31 of the reporting year.
Contents periodic report on operation of the partnership with foreign auditing service enterprises on providing cross border auditing services includes: Information of partnership parties; the List of auditing practitioners assigned for tasks under responsibility of each party in the contract of providing accounting services; the List of contracts on providing cross-border auditing services engaged in 06 months period;
Moreover, the Ministry of Finance also guides the methods of sending and receiving the report; report makers and recipients; frequency of the report; model outline of the report; form of periodic report data on providing cross border accounting and auditing services, etc.
This Circular takes effect from July 01, 2020.
