On the morning of October 10, the National Assembly Standing Committee gave opinions on the draft Law amending and supplementing a number of articles of the Securities Law, the Accounting Law, the Independent Audit Law, the State Budget Law, the Law on Management and Use of Public Assets, the Tax Administration Law, and the National Reserve Law (one law amending seven laws).
Presenting the Government's proposal, Deputy Minister of Finance Nguyen Duc Chi said that the purpose of the law is to promote decentralization and delegation of power in the development of mechanisms, policies, laws, planning, inspection and supervision.
Promote simplification of administrative procedures and development of information technology, digital transformation; eliminate the mechanism of asking and giving; unblock and effectively use all resources for development.
Regarding the Securities Law, amend and supplement a group of regulations on improving transparency and efficiency in securities issuance and offering activities, including regulations on professional securities investors; regulations on public securities offerings; regulations on private securities offerings; regulations on public companies.
Amend and supplement regulations to strengthen supervision and strictly handle fraudulent and deceptive acts in securities issuance and offering activities, clearly define the responsibilities of relevant organizations and individuals, and ensure effective prevention and handling of violations in the securities market.
Amending and supplementing a group of regulations to remove practical obstacles, promote the development of the stock market with the goal of upgrading the stock market, specifically perfecting the legal basis to carry out clearing and settlement activities for securities transactions on the market according to the central clearing counterparty (CCP) mechanism on the Vietnamese stock market.
Regarding amendments and supplements to a number of articles of the Law on Independent Auditing, amending and supplementing a group of regulations on enhancing the effectiveness and efficiency of State management activities on independent auditing, contributing to economic stability and development, including amending and supplementing regulations on State management of independent auditing activities; amending and supplementing the handling of violations of the law on independent auditing.
Amend and supplement the group of contents on improving the quality of independent audits, increasing the reliability of information serving the management and operation of economic activities.
This includes regulations on those who are not allowed to register and practice auditing; regulations on the obligation to maintain conditions for auditing enterprises and branches of foreign auditing enterprises in Vietnam; regulations on the rotation of practicing auditors signing audit reports for auditing enterprises and audited units.
Amending and supplementing a group of regulations to expand the subjects that need mandatory audits, ensuring adequate and reliable information to serve state management and decision making.
The supplemented subjects are enterprises and other large-scale organizations as prescribed by the Government; enterprises and other organizations as prescribed by law.
The maximum fine for administrative violations in the field of independent auditing is 3 billion VND for organizations and 1.5 billion VND for individuals. The statute of limitations for administrative violations in the field of independent auditing is 5 years.
