Decision on the Quality Assurance System for Audit Work
关于审计工作质量保证体系的决定
ຂໍ້ຕົກລົງ ວ່າດ້ວຍ ລະບົບການຮັບປະກັນຄຸນນະພາບວຽກງານກວດສອບ
Summary
This decision stipulates principles, regulations, and steps for the operation and management of the audit work quality assurance system, covering system management, supervision and inspection plans, office data inspection, quality assurance review, education and training, and advisory committees, aiming to ensure high-quality registered audits and enhance financial stability.
Articles
Article 1
Purpose. This Decision stipulates principles, regulations, and procedures governing activities related to the management of the quality assurance system for audit work, in order to make such work uniform, efficient, and effective, aiming to promote correct and strict implementation by audit enterprises, legally registered auditors, management and inspection bodies for independent audit work, and other relevant parties.
Article 2
Audit Work Quality Assurance System. The audit work quality assurance system refers to regulations and operational procedures in management and operational activities, aimed at managing and inspecting the quality of independent audit work.
Article 3
Interpretation of Terms. The terms used in this Decision shall have the following meanings: 1. Audit firm means a legal entity or organization's audit professional organization that has obtained a license from the Ministry of Finance and has been properly registered as an enterprise in accordance with laws and regulations; 2. Quality assurance review unit means a review team appointed by the Ministry of Finance, consisting of reviewers, assistant reviewers, and administrative staff; 3. International Forum of Independent Audit Regulators (IFIAR) means a forum that brings together independent audit regulators from around the world to promote coordination of audit regulatory activities; 4. Audit professional standards means the regulations and operational methods for conducting accounting and independent audit professional activities, consistent with international standards, including International Standard on Quality Control 1 (ISQC 1), International Standards on Auditing (ISA), and other International Standards on Assurance Engagements, Review Engagements, and Related Services (ISAE, ISRE, ISRS); 5. Principal or manager means the manager of an audit firm who is continuously responsible for planning and managing the execution of engagements for specific clients; 6. Regulatory body means a government agency responsible for implementing control measures over a specific industry within the country; 7. Reviewer means a person with auditing capabilities, who may be personnel from the Accounting Department of the Ministry of Finance, personnel from the Association of Accountants and Auditors, or an expert appointed by the Ministry of Finance to perform audit quality reviews; 8. Audit work quality supervision and inspection plan means a four-year plan formulated by the Accounting Department of the Ministry of Finance for supervising and inspecting the quality of audit work of audit firms, which specifies objectives, main goals, operational steps, and activities; 9. Office data inspection means the inspection of data based on annual report documents and related documents submitted by audit firms to the Ministry of Finance, in order to conduct a preliminary inspection of audit work quality within the agency; 10. Quality assurance review means the inspection of the quality of audit work conducted by legally registered auditors and audit firms by the quality assurance review unit under the conditions and environment of the work performance of the audited audit firm, in order to examine the effectiveness of the organizational structure and operational regulations of the audit firm; 11. Audit quality inspection service fee means the service fee for the operation of the audit quality inspection system, paid directly by the legally audited target entity to the audit firm simultaneously with the payment of audit service fees to the audit firm; 12. Oversight System means the specific regulations, steps, and organizational structure prescribed for supervising and inspecting the work activities of auditors and audit firms in a particular country; 13. Statement of Membership Obligation 1 (SMO 1) means the membership condition of the International Federation of Accountants, which sets out the principles and steps for audit quality assurance.
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