The Ministry of Finance requested to increase inspection and supervision of the audit of listed companies
On April 1, the Ministry of Finance sent a document to the State Securities Commission, the Accounting and Auditing Supervision Department and the Ministry’s Inspectorate on strengthening inspection and supervision of the implementation of legal provisions. law in auditing listed companies.
Specifically, The Minister assigned the Department of Accounting and Auditing Management and Supervision carry out the inspection plan approved by the Ministry for the audit firms in the field of management according to regulations. Timely detection and strict handling of violations of the law on auditing.
To assume the prime responsibility for, and coordinate with the State Securities Commission and the Inspectorate of the Ministry of Finance in, strengthening and accelerating the inspection, examination and supervision of enterprises providing audit services; In case of detecting serious violations, it is required to urgently transfer to the police agency for handling according to regulations.
Strengthen inspection, supervision, take corrective measures so that audit firms strictly comply with regulations on auditing, the system of Vietnamese auditing standards and relevant legal documents; ensure independence and objectivity in the audit process; well control the professional ethics of practitioners, improve the capacity of the team of practicing auditors; strictly and strictly comply with the regulations on the audit process; clearly define the contents and responsibilities of auditors and audit firms.
Review, evaluate and promptly advise the Ministry on amending and supplementing the Law on Independent Auditing and guiding documents, in order to implement solutions to improve the quality of independent audit activities.
Review and update Vietnamese auditing standards in line with international practices; amend the audit reporting requirements applicable to listed companies to provide useful information to users; amending and supplementing inadequacies in the current corporate accounting regime to reflect economic transactions according to their true nature, ensuring the truthfulness and objectivity of the financial situation of enterprises.
The Minister assigned the State Securities Commission strengthen supervision of the operation and financial situation of listed enterprises and public companies, promptly warn investors when there are major fluctuations in the financial position and business results of the enterprise. Karma.
Assume the prime responsibility for, and coordinate with the Department of Management and Supervision of Accounting and Auditing and the Inspectorate of the Ministry of Finance in, planning to inspect and examine audit firms for listed enterprises and public companies; pay attention to enterprises whose financial statements are misleading or have many errors, leading to the need to amend… which significantly changes the financial position and business results of the enterprise.
At the same time, it is necessary to review, amend and supplement sanctions for handling violations under the management of the State Securities Commission for auditing firms and certified practicing auditors. audit agreements for entities with public interests in the securities sector, ensuring deterrence.
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