New Requirements for Brokerage Auditors

As of October 24, the government has a new set of criteria for companies which audit stock brokerages.

According to the new Decision No. 89/2007/QD-BTC, an accredited auditor must satisfy the following requirements:

• For domestic auditing firms - a minimum charter capital or equity of $2B VND (approximately $125,000 USD) ;
• For foreign-invested auditing firms - a minimum charter capital of $300,000 USD.
• Must have at least 7 practicing auditors;
• Must have been in the auditing practice in Vietnam for at least three years prior to registering to audit securities companies;
• Must have at least 30 audit clients per year over the past 2 years.