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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
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List Measures Related to Legal Documents
NameDescriptionStatus
Accounting and audit firms to report audit findings to the Mininstry of FinanceAccounting 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 professionAccounting firms must participate in developing the accounting and audit professionsActive
Accounting firms to cooperate with relevant officersAccounting firms must cooperate with accounting officers or concerned State officersActive
Accounting firms to implement a continuing education systemAccounting firms must have in place a continuing education system for the technical employees within their firmActive
Accounting firms to implement a quality control assurance systemAccounting firms must put in place a system of quality control assurance which complies with the requirements of professional standards on auditingActive
Accounting firms to maintain professional confidentialityAccounting firms must maintain professional confidentialityActive
Accounting firms to provide services in compliance with relevant regulationsAccounting firms must provide accounting services to implementing accounting entities in compliance with regulationsActive
Accounting firms to receive feesAccounting firms must receive service fees from clientsActive
Accounting firms to report annuallyAccounting firms must report annually on their performance, organizational structure and staff to the Ministry of FinanceActive
Application for Statutory AuditorAn 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 licenseAn individual and legal entity wishing to obtain an audit firm practicing license muust not be an officer, owner, shareholder or staff of any enterpriseActive
Audit firm to be a certified public accountant or a foreign audit firm to obtain audit practising licenseAn individual and legal entity wishing to obtain an audit firm practicing license must be a certified public accountant or a foreign audit firmActive
Audit firm to be a member of a professional networkAudit firms must become a member of a professional networkActive
Audit firm to be a member of the Chamber of Professional Accountants and Auditors to obtain audit practising licenseAn individual and legal entity wishing to obtain an audit firm practicing license muust be a member of the Chamber of Professional Accountants and AuditorsActive
Audit firm to be free of embezzlement or other intentional infringements on finance or accounting to obtain audit practising licenseAn individual and legal entity wishing to obtain an audit firm practicing license must be free of embezzlement or other intentional infringements on finance or accountingActive
Audit firm to be independentAudit firms must be independent during audit performanceActive
Audit firm to collaborate with relevant partiesAudit firms must collaborate with other audit related partiesActive
Audit firm to ensure accuracy of operationsAudit 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 reportActive
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 licenseAn 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 degreeActive
Audit firm to have professional indemity insuranceAudit firms must take out professional indemnity insuranceActive