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Legal Document
Title: Law on Independent Audit No. 51/NA, dated 22 July 2014
Type: Law
Responsible Agency: Ministry of Finance
Issuing Date: 2014-07-22
Click here to see the measures contained in this document
Type: Law
Responsible Agency: Ministry of Finance
Issuing Date: 2014-07-22
Click here to see the measures contained in this document
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Download English:Law on Independent Audit No. 51/NA, dated 22 July 2014
Download Lao:Law on Independent Audit No. 51/NA, dated 22 July 2014
List Measures Related to Legal Documents
| Name | Description | Status |
|---|---|---|
| Audit firm to report on audit services | Audit firms report on audit service and other audit-related service fees during audit performance to the Chamber of Professional Accountants and Auditors and the Ministry of Finance | Active |
| Audit firms to request relevant information | Audit firms request auditees and individuals to provide relevant information for auditing | Active |
| Auditees to avoid any action that impedes the work of the auditors | Auditees must avoid any action that limits the operating area of the auditor | Active |
| Auditees to cooperate with audit team | Auditees must cooperate with and aid the audit team in the performance of its independent audit | Active |
| Auditees to correct financial errors | Auditees must correct errors and misstatements in the financial statements in compliance with recommendations of the audit firm | Active |
| Auditees to pay audit fees | Auditees must pay audit fee as defined in the engagement | Active |
| Auditees to provide accurate information | Auditees must provide information accurately, comprehensively, truthfully and in a timely manner upon request of statutory auditor and audit team members | Active |
| Auditees to strictly implement the audit engagement | Auditees must strictly implement the audit engagement | Active |
| Auditees to submit auditors report | Auditees must submit the auditor’s report to concerned authorities as defined in the legislation | Active |
| Break down of Audit Firm Fees | Fees disclosed by a statutory audtor carrying out an audit of a public enterprise must break down disclosed fees under the following categories: audit services, other review and assurance services, and other non-audit services fees | Active |
| Certified Public accountants to act within their competence | Certified public accountants must undertake tasks for which he/she has or can obtain sufficient specific training or seek appropriate expert advice and assistance when required. | Active |
| Certified public accountants to ensure accuracy and compliance with financial reporting standards | Certified public accountants must ensure accuracy and compliance with financial reporting standards applied for each period for preparing or approving financial statements if they are assigned to prepare financial statements | Active |
| Certified Public Accountants to maintain the reputation of the profession | Certified public accountants must maintain the reputation of the profession and be in compliance with regulations and the professional Code of Ethics | Active |
| Certified Public Accountants to practce their profession in keeping with the Code of Ethics for professional accountants | Certified public accountants must practice their profession in Lao PDR with integrity, objectivity and honesty as defined in this Law and Code of Ethics for professional accountants | Active |
| Certified Public Accountants to practice their profession accurately, impartially and independently | Certified public accountants must practice their profession accurately, impartially and independently | Active |
| Contents of Audit Conclusion/Activities Report | Audit Conclusion/Activities Report must contain at minimum: (a) Annual performance, organizational structure, technical staff ratio and implementation of obligations as defined in point 6 of Article 50 of this Law; (b) Annual financial statements; (c) Professional indemnity insurance; (d) Continuing professional education of staff; and (e)Transparency report | Active |
| Criteria for becoming a statutory auditor | An individual wishing to become a statutory auditor must be a certified public accountant and have a position as director or engagement partner of an audit firm. | Active |
| Disclosure of Audit Firm Fees | A statutory auditor carrying out audit of a public interest enterprise must publish all fees related to the audit in gazettes of the Ministry of Finance and the Chamber of Professional Accountants and Auditors | Active |
| Establishment of Accounting and Audit Firms | An individual or legal entity wishing to establish or associate with an accounting firm or an audit firm in Lao PDR shall submit their application form to the single window bureau of the Ministry of Industry and Commerce with the agreement of the finance authority | Active |
| Independence of the Statutory Auditor to be annually disclosed | The independence of the statutory auditor that carries out the audit of a public interest enterprise must be disclosed annually to the audit committee of any additional service engagements provided to the audited public interest enterprise; | Active |