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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 |
|---|---|---|
| Accounting and audit firms to report audit findings to the Mininstry of Finance | Accounting and audit firms must report their audit conclusions/activities to the Ministry of Finance within 90 days of the closing date of the annual accounts. | Active |
| Accounting firms to contribute to the development of the profession | Accounting firms must participate in developing the accounting and audit professions | Active |
| Accounting firms to cooperate with relevant officers | Accounting firms must cooperate with accounting officers or concerned State officers | Active |
| Accounting firms to implement a continuing education system | Accounting firms must have in place a continuing education system for the technical employees within their firm | Active |
| Accounting firms to implement a quality control assurance system | Accounting firms must put in place a system of quality control assurance which complies with the requirements of professional standards on auditing | Active |
| Accounting firms to maintain professional confidentiality | Accounting firms must maintain professional confidentiality | Active |
| Accounting firms to provide services in compliance with relevant regulations | Accounting firms must provide accounting services to implementing accounting entities in compliance with regulations | Active |
| Accounting firms to receive fees | Accounting firms must receive service fees from clients | Active |
| Accounting firms to report annually | Accounting firms must report annually on their performance, organizational structure and staff to the Ministry of Finance | Active |
| Application for Statutory Auditor | An auditor wishing to become a statutory auditor must submit an application form with the attached documents for approval: (a) Application form to become a statutory auditor; (b) Copy of certified public accountant certificate; (c) Copy of Chamber of Professional Accountants and Auditors membership certificate; (d) Certification of manager or engagement partner position from audit firm at which he/she works. Copy of practicing license of the audit firm at which he/she works; and (e) Other documents as defined by the Ministry of Finance. | Active |
| Audit firm not to be an officer, owner, shareholder or staff of any enterprise to obtain audit practising license | An individual and legal entity wishing to obtain an audit firm practicing license muust not be an officer, owner, shareholder or staff of any enterprise | Active |
| Audit firm to be a certified public accountant or a foreign audit firm to obtain audit practising license | An individual and legal entity wishing to obtain an audit firm practicing license must be a certified public accountant or a foreign audit firm | Active |
| Audit firm to be a member of a professional network | Audit firms must become a member of a professional network | Active |
| Audit firm to be a member of the Chamber of Professional Accountants and Auditors to obtain audit practising license | An individual and legal entity wishing to obtain an audit firm practicing license muust be a member of the Chamber of Professional Accountants and Auditors | Active |
| Audit firm to be free of embezzlement or other intentional infringements on finance or accounting to obtain audit practising license | An individual and legal entity wishing to obtain an audit firm practicing license must be free of embezzlement or other intentional infringements on finance or accounting | Active |
| Audit firm to be independent | Audit firms must be independent during audit performance | Active |
| Audit firm to collaborate with relevant parties | Audit firms must collaborate with other audit related parties | Active |
| Audit firm to ensure accuracy of operations | Audit firms must check and certify accuracy of operations, data and financial and economic documents within and outside auditee premises during their audit performance and sign the auditor’s report | Active |
| Audit firm to have at least two certified public accountants and, in case of sole proprietorship enterprise, have technical staffs that have acquired at least a high level education degree to obtain audit practising license | An individual and legal entity wishing to obtain an audit firm practicing license muust have at least two certified public accountants and, in case of sole proprietorship enterprise, have technical staffs that have acquired at least a high level education degree | Active |
| Audit firm to have professional indemity insurance | Audit firms must take out professional indemnity insurance | Active |