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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 |
|---|---|---|
| Independence of the Statutory Auditor to be disucssed with the audit team | The independence of the statutory auditor that carries out the audit of a public interest enterprise must discuss with the audit committee of threats to their independence and safeguards applied to mitigate these | Active |
| Independence of the Statutory Auditor to be evidenced by written confirmation | The independence of the statutory auditor that carries out the audit of a public interest enterprise must be evidenced by confirmation in writing to the audit committee of their independence from the audited public interest enterprise. This is to be done annually. | Active |
| Professional Indemnity Insurance | Audit firms must take out professional indemnity insurance to cover any damages they may have caused when performing their professional engagements and shall provide annually a copy of their insurance agreement and policy to the Ministry of Finance and the Lao Chamber of Professional Accountants and Auditors. | Active |
| Prohibition on accounting and audit firms from acting upon and contacting clients in a manner that causes damage to them and impairs the profession’s reputation | Accounting and audit firms are prohibited from acting upon and contacting clients in a manner that causes damage to them and impairs the profession’s reputation | Active |
| Prohibition on accounting and audit firms from allowing the same person to be manager of two or more branches | Accounting and audit firms are prohibited from allowing the same person to be manager of two or more branches | Active |
| Prohibition on accounting and audit firms from cancelling audit engagement by its own decision without any reason | Accounting and audit firms are prohibited from cancelling audit engagement by its own decision without any reason | Active |
| Prohibition on accounting and audit firms from denying cooperation to public official accountants or concerned staff | Accounting and audit firms are prohibited from denying cooperation to public official accountants or concerned staff | Active |
| Prohibition on accounting and audit firms from destroying evidence, falsifying documents, concealing accounting and audit-related data and hiding offenses | Accounting and audit firms are prohibited from destroying evidence, falsifying documents, concealing accounting and audit-related data and hiding offenses | Active |
| Prohibition on accounting and audit firms from falsifying staff’s curriculum vitae and accounting and audit firms’ profiles | Accounting and audit firms are prohibited falsifying staff’s curriculum vitae and accounting and audit firms’ profiles | Active |
| Prohibition on accounting and audit firms from offering bribes | Accounting and audit firms are prohibited from offering bribes or presents, or colluding with officials in concealing information, or falsifying financial statements for their own interests or for the interests of the implementing accounting entity to whom they are rendering accounting and audit services; | Active |
| Prohibition on accounting and audit firms from performing audit for entities for which it has provided accounting services | Accounting and audit firms are prohibited from performing audit for entities for which it has provided accounting services | Active |
| Prohibition on accounting and audit firms from appointing persons having been board members, managers or employees of a legal or other entity as statutory auditor or other entity less than three years after cessation of their functions | Accounting and audit firms are prohibited from appointing persons having been board members, managers or employees of a legal or other entity as statutory auditor or other entity less than three years after cessation of their functions | Active |
| Prohibition on accounting and audit firms from quoting and receiving service fees inappropriate to the volume of its work | Accounting and audit firms are prohibited from quoting and receiving service fees inappropriate to the volume of its work | Active |
| Prohibition on accounting and audit firms from rendering accounting and audit services to an entity that violates accounting and audit regulations | Accounting and audit firms are prohibited from rendering accounting and audit services to an entity that violates accounting and audit regulations | Active |
| Prohibition on accounting and audit firms from rendering accounting and auditing services to an entity in which the chief accountant or manager is their close relative | Accounting and audit firms are prohibited from rendering accounting and auditing services to an entity in which the chief accountant or manager is their close relative | Active |
| Prohibition on accounting and audit firms from requesting or receiving provilegesother than those defined in the audit engagement or trying to receive any other advantage; | Accounting and audit firms are prohibited from requesting or receiving privileges other than those defined in the audit engagement or trying to receive any other advantag | Active |
| Prohibition on accounting and audit firms from using information received that is relevant to their engagements in an incorrect manner | Accounting and audit firms are prohibited from using information received that is relevant to their engagements in an incorrect manner | Active |
| Prohibition on accounting and audit firms from voiding reporting on their accounting and audit activities | Accounting and audit firms are prohibited from avoiding reporting on their accounting and audit activities to the supervising and monitoring authorities | Active |
| Prohibition on Auditees from appointing or recruiting an auditor or engagement partner having audited its entity and having ceased their auditor functions or having been dismissed from an audit firm less than three years | Auditees are prohibited from appointing or recruiting an auditor or engagement partner having audited its entity and having ceased their auditor functions or having been dismissed from an audit firm less than three years before as a manager or staff of its entity or a subsidiary or joint venture of the parent company of a group | Active |
| Prohibition on Auditees from cancelling an audit engagement solely by their own decision | Auditees are prohibited from cancelling an audit engagement solely by their own decision | Active |