An audit firm provides accounting and auditing services to other companies. Such activity aims to promote good accounting standards, control organisational risk and inefficiencies, ensure compliance, etc. An audit firm can provide accounting, bookkeeping, or consulting services but tend to focus and specialize on audit work.
In Vietnam, there are two types of auditing firms: independent audit (referred to as audit) governed by the Law on Auditing of Vietnam and internal audit stated and regulated in the Law on Accounting of Vietnam and Decree No. 05/2019/ND-CP.
There are no restrictions and conditions for an internal audit firm to enter the market. For an audit firm will meet the restrictions on foreign ownership and general stringent conditions under the Law on Auditing.
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