Resolution No. 917/2005/NQ-UBTVQH11 On the Procedures for Establishing and Issuing the System of State Audit Standards

RESOLUTION

Regarding the establishment of procedures for developing and promulgating the system of auditing standards

THE STANDING COMMITTEE OF THE NATIONAL ASSEMBLY

Based on the Law on the Organization of the National Assembly;

Pursuant to the Law on State Audit;

At the proposal of the State Auditor General,

DECISION:

Article 1. The attached Resolution hereby promulgates the Procedures for Developing and Issuing the System of Auditing Standards.

Article 2. In cases where it is necessary to amend or supplement the Procedures for Developing and Issuing the System of Auditing Standards, the State Auditor General shall submit to the Standing Committee of the National Assembly for consideration and decision.

Article 3. This Resolution takes effect from January 1, 2006.

PROCEDURE

DEVELOPMENT AND ISSUANCE OF THE SYSTEM OF AUDITING STANDARDS
(Attached to Resolution No. 917/2005/NQ-UBTVQH11 dated September 15, 2005 of the Standing Committee of the National Assembly)

Article 1. General Provisions

The Procedures for Developing and Issuing the System of Auditing Standards are a comprehensive set of regulations concerning the process of developing, soliciting participation, and issuing auditing standards; they serve as the basis for the State Auditor General to develop and issue the system of auditing standards uniformly applicable in the activities of state audit according to Clause 3, Article 8 of the Law on State Audit.

Article 2. Steps for Developing and Issuing Auditing Standards

1. Establishing the Steering Committee for Developing and Issuing Auditing Standards and the Drafting Group for Auditing Standards.

2. Determining the general principles, drafting plan, and issuance plan for auditing standards.

3. Drafting auditing standards.

4. Soliciting opinions from organizations, agencies, and units related to the standards.

5. Issuing and announcing auditing standards.

Article 3. The Steering Committee for Developing and Issuing the System of Auditing Standards

1. The State Auditor General establishes the Steering Committee for Developing and Issuing the System of Auditing Standards (referred to as the Steering Committee), headed by a Deputy State Auditor General, to assist the State Auditor General in developing and issuing auditing standards.

2. The Steering Committee has the following tasks:

a) Determining the general principles as the foundation for developing and issuing auditing standards;

b) Determining the list of auditing standards that need to be developed and issued;

c) Determining the structure of the document on auditing standards;

d) Developing the drafting, issuance, and announcement plan for auditing standards;

đ) Establishing the Drafting Group for Auditing Standards;

e) Directing all drafting work for auditing standards;

g) Organizing the acceptance of auditing standards;

h) Submitting to the State Auditor General for signature to issue and announce auditing standards.

Article 4. The Drafting Group for Auditing Standards

1. The Chairman of the Steering Committee decides to establish the Drafting Group for Auditing Standards (referred to as the Drafting Group).

The Drafting Group may be divided into several teams.

Each team within the Drafting Group is responsible for drafting one or more auditing standards according to the assignment of the Chairman of the Steering Committee.

2. Members of the Drafting Group are decided by the Chairman of the Steering Committee, including:

a) A representative of the State Audit as the team leader;

b) A representative of a unit under the State Audit;

c) Experts and scientists both inside and outside the State Audit.

The specific number of members of the Drafting Group is determined by the Chairman of the Steering Committee in accordance with the requirements for drafting auditing standards.

3. The Drafting Group has the following tasks:

a) Drafting auditing standards according to the assignment of the Chairman of the Steering Committee; organizing discussions within the group on the draft auditing standards;

b) Submitting the draft auditing standards to the Steering Committee for comments to improve the draft before soliciting opinions from organizations, agencies, and units related to the standards;

c) Soliciting opinions from organizations, agencies, and units related to the standards and compiling the feedback on the draft auditing standards;

d) Incorporating feedback, revising, and perfecting the draft auditing standards to submit to the Chairman of the Steering Committee for acceptance.

Article 5. Determining principles, plans for drafting and promulgating state audit standards

The Steering Committee shall be responsible for directing the determination of principles and plans for drafting state audit standards, including: determining general principles as the basis for drafting and promulgating standards; proposing a list of state audit standards; determining the structure of the document; developing a plan for researching, promulgating and announcing standards.

The above contents must be decided in writing by the Chairman of the Steering Committee as the basis for drafting state audit standards.

Article 6. Drafting state audit standards

The drafting team organizes the drafting of state audit standards according to the following steps:

1. Developing the outline of each state audit standard and seeking opinions from the Steering Committee;

2. Drafting state audit standards based on the outline approved by the Steering Committee;

3. Organizing meetings and seminars on the content of the draft state audit standards;

4. Completing the draft state audit standards and submitting them to the Steering Committee.

Article 7. Soliciting opinions from relevant organizations, agencies, and units

The Chairman of the Steering Committee sends the draft state audit standards to seek formal opinions from members of the Steering Committee, the Economic and Budget Committee, the Legal Affairs Committee of the National Assembly, the Ministry of Finance, the Vietnam Association of Accountants and Auditors, and other relevant agencies.

Within thirty days from the date of receipt of the document requesting participation in providing opinions from the State Audit Office, the above agencies provide their opinions in writing and send them to the State Audit Office. In case the above organizations, agencies, and units do not provide written opinions, it will be considered as agreeing with the draft state audit standards of the State Audit Office.

Article 8. Issuing and announcing state audit standards

1. After studying and incorporating the opinions of Steering Committee members, organizations, agencies, and units related as stipulated in Article 7 of this Procedure, the Chairman of the Steering Committee organizes the acceptance inspection, submits to the Chief State Auditor for signing and issuing and announcing state audit standards.

2. Documents submitted to the Chief State Auditor regarding state audit standards include:

a) A report on the necessity to issue, purpose, basic content, and issues with differing opinions on state audit standards;

b) A summary of the opinions of organizations, agencies, and units related to state audit standards;

c) A report explaining and incorporating the opinions of organizations, agencies, and units as stipulated in Article 7 of this Procedure;

d) Results of the acceptance inspection of state audit standards;

e) A draft Decision on issuing state audit standards along with the draft state audit standards;

3. The Chief State Auditor reviews and signs to issue state audit standards.

4. State audit standards are published in the Official Gazette.

Article 9. Amending and supplementing state audit standards

1. In cases where it is necessary to amend or supplement state audit standards, the Chief State Auditor directs the implementation of amending and supplementing state audit standards.

2. The amendment and supplementation of state audit standards are carried out according to this Procedure.

Article 10. Provisions on implementation

This Procedure takes effect from January 1, 2006./.