Guidance on the Form and Content of Review Contracts

14:18, 11/07/2024

The Ministry of Finance has issued Circular 65/2015/TT-BTC regarding Vietnamese standards on review service contracts. Accordingly, the form and content of the review contract may vary depending on each specific review contract.

In addition to addressing issues as stipulated by the Standards, the review contract may also include:

- Provisions relating to the participation of other auditors and experts in the review service;- Provisions relating to the involvement of the predecessor auditor, if applicable, in the case of a first-year review contract;- An assertion that the review service will not meet the legal or third-party requirements of an audit;- The commitment of the entity's Board of Directors to provide written representations to the auditor;- The responsibility of the entity's Board of Directors to inform the auditor of events that may affect the financial statements which the Board of Directors may detect during the period from the date of the review report to the date the financial statements are issued;- A requirement for the entity's Board of Directors to acknowledge receipt of the service agreement in writing and agree to its terms.

For the benefit of the Board of Directors, the entity's management, and the auditors, the audit firm and the entity must agree to sign the contract before performing the review service to avoid misunderstandings related to the service contract.

See also Circular 65/2015/TT-BTC effective from January 01, 2016.

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