Decree No. 133/2005/ND-CP On Amending and Supplementing Certain Provisions of Decree No. 105/2004/ND-CP dated March 30, 2004 on Independent Auditing

DECREE

Amending and supplementing certain Articles of Decree No. 105/2004/NĐ-CP dated March 30, 2004 on Independent Auditing

THE GOVERNMENT

Pursuant to the Government Organization Law dated December 25, 2001;

Pursuant to Article 34 of the Accounting Law promulgated on June 17, 2003;

At the proposal of the Minister of Finance,

DECREE:

Article 1. Amend and supplement Article 20 and Article 34 of Decree No. 105/2004/NĐ-CP dated March 30, 2004 of the Government on independent auditing as follows:

1. Clause 1 and Clause 3 of Article 20 shall be amended and supplemented as follows:

"1. An auditing enterprise shall be established and operate in accordance with the provisions of the law under the following forms: limited liability company, partnership, private enterprise, and foreign invested enterprises in Vietnam. The auditing enterprise must disclose this form during transactions and operations."

"3. State-owned auditing enterprises and joint-stock auditing companies that were established and operated in accordance with the business law before the effective date of Decree No. 105/2004/NĐ-CP are permitted to convert to one of the forms of enterprises specified in Clause 1 of this Article within three years from the effective date of Decree No. 105/2004/NĐ-CP."

2. Clause 2 of Article 34 shall be amended and supplemented as follows:

"The Ministry of Finance shall be responsible to the Government for performing state management functions over independent auditing activities; guiding specific standards and conditions for establishing new limited liability auditing companies and auditing partnerships in accordance with the provisions of Clause 1 of Article 1 of this Decree."

Article 2. Effectiveness

This Decree shall take effect fifteen days after its publication in the Official Gazette.

All previous regulations contrary to this Decree are hereby abolished.

Article 3. Responsibility for Implementation

The Ministers, Heads of ministerial-level agencies, Heads of government agencies, Chairpersons of People's Committees of provinces and centrally governed cities are responsible for implementing this Decree./.