Official Website
Lao Services
Portal
Portal
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
coming soon
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 |
|---|---|---|
| Prohiobition on using threats on auditors | Individuals and other organizations are prohibited from threatening auditor or protecting auditee | Active |
| Requirement for Accounting Firm Practicing License not be an officer, owner, shareholder or staff of any enterprise | An individual wishing to obtain an accounting firm practicing license must not be an officer, owner, shareholder or staff of any enterprise | Active |
| Requirement for Accounting Firm Practicing License to be a member of the Chamber of Professional Accountants and Auditors | An individual wishing to obtain an accounting firm practicing license must be a member of the Chamber of Professional Accountants and Auditors | Active |
| Requirement for Accounting Firm Practicing License to be certified | An individual wishing to obtain an accounting firm practicing license must be a certified public accountant | Active |
| Requirement for Accounting Firm Practicing License to be free of embezzlement or other intentional infringements on finance or accounting | An individual wishing to obtain an accounting firm practicing license must be free of embezzlement or other intentional infringements on finance or accounting | Active |
| Requirement for Accounting Firm Practicing License to have more than three technical staff that have acquired a high level education degree in accounting and finance | An individual wishing to obtain an accounting firm practicing license must have more than three technical staff that have acquired a high level education degree in accounting and finance | Active |
| Retention of audit-related documents for at least 10 years | Accounting and audit firms must securely store important documentation relevant to their independent audit and other related assurance engagements for at least 10 years | Active |
| Obligations for Accounting Firms | Accounting firms must implement the Code of Ethics for professional accountants | Active |
| Shareholding requirement for audit firm to obtain audit practising license | An individual and legal entity wishing to obtain an audit firm practicing license muust have a certified public accountant as shareholder of least three fifths of total shares and act as manager. In case there are more than two shareholders, have technical staffs that have acquired at least a high level education degree. | Active |
| Transparency Report | Audit firms that carry out audits of public interest enterprises must publish on their websites,within ninety days of the end of each accounting period, an annual transparency report that includes at a minimum: (a) A description of the legal structure and ownership of its enterprise; (b) A description of the network and legal and structural arrangements within the network, when the independent auditor belongs to a network (c) A description of the governance structure; (d) A description of the internal quality control system and a statement by the management body of the audit firm on the effectiveness of its functioning; and (e) An Indication of the last quality assurance revie | Active |