TO AMEND A NUMBER OF PROVISIONS ON REPORTING IN ACCOUNTING AND INDEPENDENT AUDIT
On May 15, 2020, the Ministry of Finance issues the Circular No. 39/2020/TT-BTC on amending and supplementing the reporting regime specified in a number of Circulars in the fields of accounting and independent audit.
Accordingly, within a period of 30 days from the date on which the report of inspection results is signed, auditing enterprises subject to inspection must make a summary on remedying of the faults (as in the previous provision, it was the report on remedying of the faults) and execution of the Inspectorate’s proposals to the inspection agency. The summary on remedying of the faults and execution of the Inspectorate’s proposals is a reference material used for the next inspection of audit service quality.
In addition, the Ministry also amends provisions on responsibility to send the report on results of audit service quality self-inspection of an auditing enterprise as prescribed in the Circular No. 157/2014/TT-BTC. To be specific: To add contents must be included in such report such as: General information on auditing enterprise; Organizations and employees of the auditing enterprise on December 31 of the reporting year; The training and knowledge updating for employees and auditors; Customers and provided services; Service charges; etc.
This Circular takes effect on July 01, 2020.
