Chương III Nghị định 99/2021/NĐ-CP: Quyết toán

Chapter III.

FINAL ACCOUNTING

Section 1. FINAL ACCOUNTING OF STATE BUDGET-FUNDED PUBLIC INVESTMENTS IN THE BUDGETARY YEAR (FULL-YEAR/YEAR-END ACCOUNTING)

Article 26. Year-end accounting principles

1. For the state budget, units and entities related to the disbursement of state budget-funded investment funds shall prepare the budgetary year-end account.

2. For public investment funds derived from legitimate revenues that regulatory authorities, public service units retain for investing purposes, entities and units involved in disbursement of funds shall make the review report on implementation and payment/disbursement in accordance with regulations of the Ministry of Finance in force.

3. Reporting agencies shall ensure that data shown in the year-end account must be collated, validated and must match. Specifically as follows:

a) Cooperate in collating and validating data on the amounts of state budget funding for public investment that have already been disbursed in the budgetary between investors and regulatory payment bodies where transactions in such amounts occur when preparing year-end accounts for submission to ministries, central authorities or superiors of investors (where they are authorized to do so), departments, divisions or subdivisions of provincial or district-level People’s Committees under their respective delegated authority.

b) Cooperate in collating and validating data on the amounts of state budget funding for public investment that have already been disbursed in the budgetary between ministries, central authorities, departments, divisions, subdivisions of provincial or district-level People’s Committees under their respective delegated authority and regulatory payment bodies at the same level when preparing year-end accounts for submission to same-level financial authorities.

c) For entities or units using commune-level budgets for public investment, the regulatory payment body shall cooperate with commune-level People’s Committees in collating, reconciling data to ensure that data received from the regulatory payment body and commune-level accountants are consistent. Comparison results shall serve as a basis for commune-level People’s Committees to complete their final accounts of commune-level budgets.

4. Data included in year-end final accounts must be arranged by specific managing agencies, funding sources, industries, sectors or projects (with details about domestic and foreign funding) that are subject to appropriate budget assignment decisions of competent authorities.

5. Ministries, central authorities, departments, divisions or subdivisions of provincial or district-level People’s Committees that are appropriately authorized, superiors of investors, investors, all-level financial authorities and regulatory payment bodies shall prepare, send, consider, review, communicate review results of and edit year-end accounts of which contents, principles and time limits for completion are subject to the Law on State Budget currently in force.

Article 27. Cut-off point of time for preparation of full-year accounts

1. Entities and units involved in implementation of state budget-funded public investment plans shall close their accounting books and prepare final accounts at the end of the budgetary year.

2. Advance payments shall be accounted for in the budgetary year when meeting disbursement conditions for payment for planned quantities in that year which are carried out and tested till end of December 31 in the budgetary year.

3. Revision of final accounts of the state budget must be completed by end of January 31 in the outyear.

Article 28. Contents of full-year accounts

1. State budget-funded public investments in the budgetary year-end accounts shall be classified into the followings:

a) State budget-funded public investments authorized for use in the plan assigned by the competent authority in the budgetary year.

b) State budget-funded public investments getting ready for use in the previous years' plan of which the fund availability and disbursement period is extended to the accounting year with the competent authority’s consent.

2. Disabused amounts eligible for year-end accounts, including:

a) Budgeted funds used for paying for completed quantities of projects funded by the state budget allocations for public investment in the budgets assigned in the accounting year (even including those disbursed according to the method of recording of receipts and payments, or in foreign currencies) within the period from January 1 in the accounting year to end of January 31 in the following year.

Where the year’s assigned public investment plan allows for the budget used for recovering the advance budget of the state budget used for funding the project (based on the actual disbursement results), the amount of funding to be accounted for shall be total payment for completed quantities calculated till end of the date of cut-off of data used for preparation of the year-end final accounts, including payment for completed quantities as part of the previously-disbursed advance budget that is brought forward.

b) The budgeted funding for completed quantities of the project funded by the state budget allocations for public investment in the previous-year plan which is subject to the requirements that its availability and payment period is extended to the accounting year; it is disbursed or utilized for the period from February 1 in the accounting year to December 31 in that year.

c) Payment of the prescribed advance disbursements not recovered yet which are brought forward from the previous year to the accounting year for quantities that are completed from February 1 in the budgetary year to end of January 31 in the outyear.

d) Foreign funds included in the year-end final accounts as follows: The amounts of funding eligible for recording of receipts or expenditures for completed quantities (recording of receipts or expenditures that is carried out under the Government’s regulations on management and utilization of official development aid (ODA) and concessional loans from foreign donors); and the amount of funding already used for paying for completed quantities (for foreign funds disbursed according to the domestic financial regime).

3. Policy-based advance disbursements not recovered yet that are not eligible to become entries of the final accounts. Upon expiry of the deadline for revision of the final accounts, the residual amounts of unrecoverable policy-based advance (after deducting the amounts paid as depreciation in the accounting year (if any) of part of the unrecoverable policy-based advance from the previous years) which are brought forward to the following year for the purposes of management and recovery of advance and accounting for payments for completed quantities. Financial authorities shall not be obliged to carry out the procedures for consideration of fund transfer.

4. Advance on the outyear’s state budget allocations shall not be required to be included in the year-end final accounts.

5. Explanatory notes to the year-end final accounts:

a) Ministries, central authorities, departments, divisions, subdivisions of provincial or district-level People's Committees that are authorized appropriately, superiors of investors (where they are authorized to do so), investors (or project management authorities):

- Make general review reports on implementation of plans, disbursement and final accounting of public investment funds of the state budget authorized in the accounting year.

- Explanations about issues, problems, factors affecting disbursement, payment and accounting of funds, increases/decreases in public investment budgets, recommended solutions.

b) Regulatory payment body:

- Make general reports on features and condition of year-end settlement and accounting as per clause 1 and 2 of this Article.

- Make proposals and requests for dealing with issues and problems related to the year-end final accounting task.

6. When receiving funds in the form of payment orders or foreign funds disbursed by the entities taking control of foreign funds in the form of domestic financial mechanism, ministries, central authorities, departments, divisions or subdivisions of provincial or district-level People’s Committees that are appropriately authorized, superiors of investors, investors, or all-level regulatory payment bodies, shall record them separately in the year-end final accounts.

7. The Ministry of Finance shall provide regulations on forms and charts used for the final settlement or accounting of state budget investments in the budgetary year and relevant matters.

Article 29. Steps and deadlines for preparation, approval and submission of full-year final accounts

1. For state budget investments under the management of Ministries or central authorities:

a) Investors (or project management authorities submit year-end final accounts to ministries, central authorities o superiors of investors (where they are authorized to do so) before May 1 in the outyear.

b) Ministries, central authorities consider approving reports submitted by investors; prepare year-end general final accounts for submission to the Ministry of Finance by August 1 in the outyear.

When being authorized by ministries or central authorities, investors shall submit year-end final accounts to the mandated superiors of investors; the mandated entities shall bear responsibility to consider approving final accounts received from investors and submit the general final accounts for projects under their delegated authority to the ministries or central authorities in order for them to prepare the final one for submission to the Ministry of Finance by August 1 in the outyear.

Where the year-end final accounts of investors are prepared in breach of regulations, ministries, central authorities and superiors of investors (where they are authorized to do so) shall request investors to give explanations, provide necessary data and information, modify or replace the final accounts to seek approval under regulations. Ministries, central authorities or superiors of investors (where they are authorized to do so) shall request investors to pay payables to the state budget under regulations and charge off expenditures in breach of regulatory policies, assigned budgets and take actions under their delegated authority or request competent authorities to deal with them if investors use them in contravention of regulations.

Ministries or central authorities shall check over data used for completing year-end final accounts specific to projects with regulatory payment bodies at the central level before compiling the full-year final accounts for submission to the Ministry of Finance.

c) District-level regulatory payment bodies synthesize data used for completing year-end final accounts for submission to provincial-level regulatory payment bodies by March 15 in the outyear; provincial regulatory payment bodies synthesize data used for completing year-end final accounts for submission to the central regulatory payment body by May 15 in the outyear; the central regulatory payment body synthesizes data used for completing year-end final accounts for submission to the Ministry of Finance by July 15 in the accounting year.

d) Within 30 days of receipt of all documents prescribed herein, the Ministry of Finance reviews and issue the written notification of review of the year-end final accounts of specific Ministries, central authorities and submits these accounts to the central regulatory payment body and other relevant entities or units.

2. For state budget investments under the management of all-level People’s Committees:

a) Regarding public investment funds of the local budgets under the management of provincial or district-level People’s Committees:

- Investors (or specialized or regional project management authorities) prepare year-end final accounts for submission to departments, divisions or subdivisions of provincial or district-level People’s Committees that are authorized to do so.

- Departments, divisions or subdivisions of provincial or district-level People's Committees that are given authority to do so consider approving final accounts of investors; compile the year-end final accounts for submission to the same-level financial authorities.

Where the year-end final accounts of investors are prepared in breach of regulations, departments, divisions or subdivisions of provincial or district-level People’s Committees that are authorized to do so request investors to give explanations, provide necessary data and information, correct errors or replace the final accounts to seek their approval under regulations in force. Departments, divisions or subdivisions under the management of the provincial or district-level People’s Committees that are authorized to do so request investors to pay payables to the state budget under regulations and charge off expenditures in breach of regulatory policies, assigned budgets and take actions under their delegated authority or request competent authorities to deal with them if investors use them illegitimately.

- Departments, divisions or subdivisions under the management of the provincial or district-level People’s Committees that are authorized to do so shall check over data used for completing year-end final accounts specific to projects with regulatory payment bodies at the same level before compiling the full-year final accounts for submission to the same-level financial authorities.

- Provincial People’s Committees shall consult the Law on State Budget, regulations of this Decree and other written documents providing guidance on law currently in force to impose regulations concerning the deadlines for submission of the year-end final accounts on investors, departments, divisions or subdivisions under the management of the provincial or district-level People’s Committees, and ensure that the deadlines for final accounting of state budget expenditures are met.

- District-level regulatory payment bodies synthesize data used for completing the year-end final accounts for submission to same-level financial authorities and provincial-level regulatory payment bodies by March 15 in the outyear; provincial regulatory payment bodies synthesize data used for completing the year-end final accounts for submission to the same-level regulatory payment bodies and the central one by May 15 in the outyear.

- Local financial authorities that are given authority to do so review and issue notification of review of the year-end final accounts for submission to specific departments, divisions or subdivisions of the provincial or district-level People’s Committees that are authorized to do so, investors and same-level regulatory payment bodies within 30 days of receipt of full documents required herein; integrate data into the final accounts of local state budget expenditures for submission to the same-level People’s Committees and represent it to the same-level People’s Councils to seek their ratification.

Within 05 working days after receipt of the consent to the final accounts of state budget expenditures in the accounting year from the provincial People’s Councils, provincial People’s Committees submit the final accounts of state budget expenditures to the Ministry of Finance for compiling and reporting purposes in accordance with the Law on State Budget; the Departments of Finance submit the budgetary year-end final accounts of state budget expenditures under the management of local authorities to the Ministry of Finance and the central regulatory payment body to serve the purposes of final accounting of state budget-funded public investments.

b) Regarding public investment funds of the local budgets under the management of commune-level People’s Committees:

In order to match the characteristics of organization and delegation of authority of each local authority, based on the regulations laid down herein, the Departments of Finance solicit the provincial People’s Committees to regulate the procedures and deadlines for preparation, submission, approval, review and issuance of notification of review of year-end final accounts under the Law on State Budget and other instructions documents thereof.

District-level regulatory payment bodies compile the year-end final accounts for submission to the district-level Divisions of Finance and Planning, commune-level People’s Committees (falling within the remit of the commune-level People’s Committees) and provincial regulatory payment bodies by March 15 in the outyear.

Article 30. Activities involved in approval and review of budgetary year-end final accounts

1. Ministries, central authorities, departments, divisions, subdivisions of provincial or district-level People's Committees that are authorized appropriately, superiors of investors (where they are authorized to do so):

a) Check the adequacy, relevance to the investment portfolios, budgeted funds and disbursed funds (details about advance and disbursement of funds used for paying for completed quantities) of specific projects in the assigned plans in the accounting year and in the previous years’ plans of which the availability and disbursement period may be extended to the accounting year by the competent authority’s consent.

b) Check and compare the amounts of funding already disbursed (details about advance and disbursement of funds used for paying for completed quantities) with the budgets specific to projects; determine the amounts of funding included in the final accounts of which the availability and disbursement are extended, or which may be eliminated, by competent authorities’ consent.

c) Check the relevance of funding sources, funding structure elements, sectors and industries in which specific projects operate.

d) Comments on utilization and disbursement of funds in the final accounting year, compliance with policies, regulations, other matters or comments (if any).

dd) Request investors to pay payables to the state budget under regulations and charge off expenditures in breach of regulatory policies, assigned budgets and take actions under their delegated authority or request competent authorities to deal with expenditures in violation of policies if investors use them illegitimately.

2. All-level financial authorities:

a) Check the adequacy and consistency of data regarding total funding, details about the budgets, funding structure, industries, sectors, investment portfolios involved in the year-end final accounts of the managing agencies and general and detailed year-end final accounts of same-level regulatory payment bodies.

b) Check and compare budgeted funds and disbursed funds of specific projects in the year-end final accounts of managing agencies and those of same-level regulatory payment bodies; determine the amounts of funding eligible for permission to extend the availability and disbursement period to the outyear for maintenance of availability of funds, and the amount of funding to be written off.

Where there is any difference in data between year-end final accounts (even including modified, revised or explanatory ones) of entities preparing year-end final accounts and those of regulatory payment bodies, based on contents and data of the year-end final accounts of regulatory payment bodies, financial authorities shall review the final accounts and notify the final accounting.

c) Request the entities using state budget funding within the year to take responsibility to charge off and recover expenditures in breach of regulations, and immediately pay payables to the state budget under the prescribed regulations and policies.

d) Other matters or comments (if any).

Section 2. FINAL ACCOUNTING OF PUBLIC INVESTMENTS IN COMPLETED PROJECTS

Article 31. Public investment funds eligible for final accounting

Investment funds eligible for final accounting refers to all of the legitimate expenses incurred during the investment period in order to bring projects into operation or use. Legitimate expenses are all of costs incurred within a project or the approved cost estimate and the signed contract in compliance with regulatory provisions (for jobs carried out under contracts), even including modification or supplementation approved under regulations and appropriate jurisdiction. Investment expenses eligible for settlement must fall within total investment which is approved or adjusted according to law.

Article 32. Final accounting of public investment funds for component projects, sub-projects, construction works, standalone items of work upon completion

1. For projects of national significance, category-A projects with multiple component projects, standalone sub-projects (likely to operate independently, put to use or subject to investment phasing) that obtain separate approval decisions on investment projects: Final accounting, review and approval of final accounts in each component project or standalone subproject shall be the same as those in a standalone investment project. Components or subprojects already undergoing the review and approval process according to regulations shall not be subject to the audit of final accounts, repeated review and approval of final accounts.

Ministries, central authorities, state corporations, incorporations or provincial People’s Committees authorized to take charge of main component projects or act as the hubs for projects shall be responsible for reporting on results of approval of on-accounts aggregate amounts of investment funds for projects of national significance or category-A projects upon full completion to the Prime Minister, the Ministry of Finance, the Ministry of Planning and Investment.

2. For pre-investment mandates:

a) With respect to the pre-investment mandate for which the budget is allowed for as part of expenses of an approved investment project for implementation of the project, the separate accounting for funding for specific pre-investment projects or the joint accounting for funding for that project and others shall be subject to the approval decision issued by the person having competence in approving investment projects.

b) With respect to the pre-investment mandate for which the budget is provided separately, upon completion, the final accounts which are prepared like a standalone project and the general final accounts of the entire project shall be required as per clause 1 of this Article.

c) Where the pre-investment mandate is perpetually ceased or changed with the consequence that investment preparations or arrangements are not used, the final accounts of pre-investment expenses already incurred shall be the same as the final accounts of funding for the projects that are perpetually suspended.

3. For compensation, support and residential resettlement work:

a) With respect to approved investment policies for projects of national significance or category-A projects, if the compensation, support and residential resettlement work is separated into a standalone project, the final accounting for public investment funds for completed projects and review of the final accounts shall be the same as those in standalone public investment projects.

b) In other cases: Organizations in charge of compensation and site clearance shall be responsible for preparing the final accounts of expenses for compensation, support or residential resettlement for submission to the Presidents of People’s Committees level with the authorities having competence in approving the plans for compensation, support and residential resettlement to seek their consent to the estimates of costs of compensation, support and residential resettlement, and sending the approval decision to investors in construction projects to have them integrated into the upon-completion final accounts of public investment funds for the entire project. Agencies in charge of reviewing final accounts of funding for the entire project shall not be obliged to repeated review of expenses for compensation, support or residential resettlement of which final accounts are approved, except where the persons having competence in issuing decisions on approval of final accounts of investment funds for the entire project request the repeated review of expenses for the completed compensation, support and residential resettlement work of which final accounts are approved.

4. For construction works or standalone items of work in a public investment project that are completed and put to use: Where necessary to review and approve the final accounts, investors shall report to the persons having competence in issuing approval decisions on investment projects for their consideration and decision. Expenses eligible for final accounting of works or items of work, including construction expenses, equipment expenses, consultancy expenses and others directly related to these works or items of work. After the project is fully completed or perpetually ceased, the investor shall integrate approved expenses of works or items of work into the final accounts of investment funds for the completed project, determine the average distribution rate of expenses for works or items of work in the project, and seek the competent authority’s consent to the final accounts of public investment funds for the completed project.

5. For the projects with all of component projects, sub-projects, works or items of work and equipment that have been successfully commissioned for use, if compensation, support and residential resettlement component projects, sub-projects or items of work have not yet been completed, investors shall seek consent from the persons having competence in issuing decisions on approval of investment projects to preparation of the final accounts of expenses already incurred from implementation of the projects in order to allow the agencies in charge of review of the final accounts to review the final accounts. Expenses for component projects or sub-projects or items of compensation, support or residential resettlement work are legitimate ones already incurred. Where component projects or sub-projects or items of compensation, support and residential resettlement work need further supplements, investors shall prepare the dossier on supplementation of the final accounts and send it to agencies in charge of review of the final accounts to review it before grant of approval of the supplemented final accounts.

Article 33. Final accounting of public investments in completed projects

1. The final accounts should provide full and accurate information as follows:

a) Breakdown of investment funds.

b) Total investment fund eligible for final accounting for funding for projects upon completion.

c) Expenses incurred from investment losses.

d) Expenses that may not be charged into value of assets.

dd) Value of post-investment assets.

2. The Ministry of Finance shall issue forms and charts used for final accounting of public investment funds for projects upon completion and provide instructions about relevant matters.

Article 34. Documentation requirements for pre-approval review of final accounts of public investment funds for projects upon completion

Investors shall send 01 set of documents to persons having competence in issuing approval decisions for final accounts and 01 set of documents to agencies in charge of reviewing final accounts of public investment funds for projects upon completion. Where the person having competence in issuing approval decisions for final accounts are the head of the agency in charge of pre-approval review of final accounts, only one set of documents shall be sent to the agency in charge of reviewing the final accounts. Each set should contain the following documents:

1. For public investment projects, completed items of work or perpetually-suspended public investment projects including construction or equipment installation quantities:

a) Letter of transmittal stating the final accounts of public investment funds for the completed project of the investor (primary copy). Where an independent auditor conducts an audit, the letter of transmittal should clearly state agreement, disagreement and reasons for such disagreement between the investor and the independent auditor. Where inspection and control bodies, State Audit or regulatory or law enforcement authorities have already inspected, taken control of, audited or investigated projects in question, the letter of transmittal must clearly state the compliance with recommendations and conclusions of superiors.

b) Final accounting forms and charts prescribed in clause 2 of Article 33 herein (primary copy).

c) Relevant legal documents (primary copies or certified true copies of the investor).

d) Final accounting dossier for each contract, including documents (primary copies or certified true copies of the investor): Contract and appendices (if any); reports on acceptance testing of completed quantities relative to payment stages; report on acceptance testing of completed quantities in the entire contract; calculation chart of contract value eligible to be included in the final accounting relationship between the investor and the contractor (A – B final accounts); contract termination report that is required if contract termination conditions are met under law on contracts; other documents agreed upon in the contract that is related to the subjects of review and ratification of the final accounts of investment funds for completed projects.

dd) Report on acceptance testing and commissioning of works or standalone items of work that have already been completed for use (primary copy).

e) Audit report of the independent auditor that is required when hiring the independent auditor (primary copy).

g) Audit report or notification of audit results (hereinafter referred to as audit report), inspection conclusion, inspection report, checking report, and decision on handling of violations of the State Audit, inspection or control bodies, that are required if they conduct the inspection, checking or audit of the project; investigation results of regulatory or law enforcement authorities that are required if the project is involved in any violation against law with the consequence that the regulatory and law enforcement authority's investigation is needed. The investor’s report, enclosing relevant documents on compliance with instructions of the aforesaid agencies, shall be required.

2. For the planning or pre-investment mandate funded by public investment funds, public investment projects perpetually suspended without any construction or equipment installation quantities:

a) Request form for approval of the final accounts of the investor (primary copy).

b) Final accounting forms and charts prescribed in clause 2 of Article 33 herein (primary copy).

c) Relevant legal documents (primary copies or certified true copies of the investor).

d) Final accounting dossier for each contract, including documents (primary copies or certified true copies of the investor): Contract, report on acceptance testing of completed quantities relative to payment stages (except where construction or equipment installation quantities have not existed yet); written document stating approval of modification, supplementation, increase/decrease, change (if any); report on acceptance testing of completed quantities compared to those stated in the contract (if any); calculation chart of contract value eligible for final accounting (if any); contract termination report that is required if contract termination conditions are met under law on contracts.

dd) Audit report of the independent auditor that is required when hiring the independent auditor (primary copy).

3. Investors shall be responsible for presenting other relevant documents necessary for review of the final accounts at the written request of agencies in charge of review of the final accounts.

4. Investors may send electronic documents in place of paper ones. Electronic documents must comply with regulatory provisions on archival work.

Article 35. Approving authority; agencies in charge of review of final accounts of public investment funds for projects upon completion

1. Authority to approve the final accounts of public investment funds for projects upon completion:

a) For projects of national significance and other important projects subject to the Prime Minister’s investment decisions:

In reference to projects or component projects, standalone sub-projects funded by the state budget, leadership of ministries, central authorities, state corporations, incorporations shall be accorded authority to approve the final accounts of funding for projects or component projects or standalone sub-projects entrusted to ministries, central authorities, state corporations or incorporations; the Presidents of provincial People’s Committees shall be accorded authority to approve the upon-completion final accounts of projects or component projects, standalone sub-projects under their jurisdiction; the Presidents of district-level People's Committees shall be accorded authority to approve the upon-completion final accounts of projects or component projects, standalone sub-projects under their jurisdiction.

In reference to component projects, standalone sub-projects that are not funded by the state budget: Investors shall be accorded authority to approve the final accounts of funding for projects upon completion.

b) For other projects: Persons having competence in making approval decisions for investment projects are persons having competence in approving the final accounts of funding for projects upon completion or authorizing approval of the final accounts of funding for projects upon completion.

2. Agencies in charge of reviewing the final accounts for public investment funds for projects upon completion:

a) Regarding projects funded by public investment funds of the local budgets under the management of the provincial People’s Committees: Departments of Finance shall be in charge of conducting review (unless otherwise decided by the Presidents of the provincial People’s Committees).

b) Regarding projects funded by public investment funds of the local budgets under the management of the district-level People’s Committees: Departments of Finance and Planning shall be in charge of conducting review (unless otherwise decided by the Presidents of the district-level People’s Committees).

c) Regarding projects funded by public investment funds of the local budgets under the management of the commune-level People’s Committees: Commune-level People’s Committees shall employ public professionals under their jurisdiction to review the upon-completion final accounts of projects. Where public professionals are not qualified for such review, the Presidents of commune-level People’s Committees shall request the Divisions of Finance and Planning at the district level in writing to review the final accounts.

d) For other projects: Persons having competence in approving the final accounts shall assign competent units under their jurisdiction to take charge of the pre-approval review of the final accounts.

3. Audit of the final accounts:

a) Once projects of national significance or category-A projects funded by public investment funds are completed, the final accounts must be audited before being submitted to authorities having competence in reviewing and approving the final accounts (except those on the list of state secret projects). For the remaining publicly-funded projects, persons having competence in issuing approval decisions on investment in projects shall consider deciding to hire the independent audit contractor to audit the final accounts.

Investors shall seek tenders for audit services in accordance with law on procurement and sign audit contracts in accordance with law on contracts.

Investors, independent audit contractors and concerned units shall comply with regulations laid down in point b and c of this clause.

b) Independent auditors must be independent audit enterprises that are established and operated under law on establishment and operation of enterprises in Vietnam, comply with regulatory provisions on independent audit and audit standards currently in force.

c) For projects audited or inspected by the State Audit or inspectorate:

Where the State Audit or inspectorate conducts audit, inspection and issues audit reports and inspection conclusions containing all subject matters prescribed in Article 37 herein, the agency in charge of reviewing the final accounts of the project shall use data of audit reports of the State Audit, audit conclusions of the inspectorate as a basis for review; shall not be obliged to hire the independent auditor to conduct audits.

Where the State Audit or the inspectorate has yet to perform all audit or inspection steps required under Article 37 herein, based on the regulations laid down in point a of clause 3 of this Article, investors shall determine the supplemented contents and scope of audit and select the independent audit contractors to conduct supplementary audits where necessary. Expenses for supplementary audit shall be determined in the same manner as expenses for hiring independent auditor stipulated in Article 46 herein. Agencies in charge of review of the final accounts can use audit reports of the State Audit or conclusions of the inspectorate and audit reports of the independent auditor as a basis for review of the final accounts.

Where the State Audit or the inspectorate has the project audit or inspection decision during the period of the independent audit contractor’s implementation of the audit contract, the independent audit contractor shall execute the audit contract in compliance with contractual terms and conditions.

Article 36. Review of final accounts of public investment funds for projects, component projects, sub-projects, works or items of work already undergoing audit or inspection

1. Where the independent contractor performs the task of auditing the final accounts, the agency in charge of review of the final accounts shall perform the following review tasks:

a) Check the legitimacy of the independent audit contract, scope of audit, period of time and mode of audit of the project.

b) Compare audit report data with audit data in accordance with regulations and audit standards currently in force. Where audit results have errors; fail to meet prescribed requirements; fail to include the prescribed information, the agency in charge of reviewing the final accounts shall notify the investor so that the investor requests the independent audit contractor to conduct another audit or supplementary audit.

c) Check compliance with regulations of relevant law, legal bases that the auditor uses for audit the project.

d) Consider audit recommendations about actions to be taken in case of any conflict between the investor’s final accounting data and audit results of the independent audit contractor.

dd) Check whether the investor and related units duly implement the conclusions of inspection agencies, the State Audit or investigation results of regulatory authorities after the project inspection and investigation are carried out by the inspectorate, the State Audit or investigation agency. Where necessary, the agency in charge of reviewing the final accounts shall advise the person having competence in approving the final accounts to consult with the related authority in writing to reach agreement about solutions to such situation before submission of these solutions to seek decision from the person having competence in approving the final accounts.

2. Where the State Audit or the inspectorate draws conclusions about all of the matters specified in Article 37 herein:

a) Compare the contents of the audit report of the State Audit or the conclusions of the inspectorate with those of the investor's audit report to determine the compliance of the investor and other relevant units with law; data on the amounts requested to be finally accounted for that are given by the investor with the audit or inspection results before such comparison is used as a basis for the competent person’s consideration of approval of the final accounts.

b) Check whether the investor and related units duly implement the conclusions of inspection agencies, the State Audit; investigation results of regulatory authorities after the project inspection and investigation are carried out by the inspectorate, the State Audit or the investigation agency. Where necessary, the agency in charge of reviewing the final accounts shall advise the person having competence in approving the final accounts to consult with the related authority in writing to reach agreement about solutions to such situation before submission of these solutions to seek decision from the person having competence in approving the final accounts.

Article 37. Review of final accounts of public investment funds for projects, component projects, sub-projects, works or items of work not undergoing audit or inspection

Agencies in charge of reviewing the final accounts shall carry out the review as provided in Article 38, 39, 40, 41, 42 and 43 herein and prepare reports on results of review of the final accounts of completed projects, containing the followings:

1. Legal dossier.

2. Project investment funding.

3. Investment expenses.

4. Investment expenses that may not be charged into assets.

5. Post-investment assets (details about them are arranged by the portfolio, quantity, scale, capacity or base price of each asset).

6. Liabilities and inventory items.

7. Compliance of the investor and other related units with investigation conclusions and results of inspection of regulatory or law enforcement authorities and other agencies (if any).

8. Comments, judgments, recommendations:

a) Given comments or judgments on compliance with regulatory provisions regarding management of public investments, construction and bidding; management and utilization of public investment funds; management of investment expenses, management of investment assets of investors; responsibilities of specific regulatory authorities for management of investment funds for projects.

b) Determine the amounts requested for final accounting of investment funds for completed projects and actions against related issues.

Article 38. Review of legal dossiers

Based on relevant reports or legal documents available in a project, related regulatory provisions shall be consulted to give comments on:

1. Procedures for composing and approving documents; authority to approve documents.

2. Compliance with public investment procedures that is provided in law on public investment and construction.

3. Compliance with tendering procedures for bid packages in accordance with law on procurement.

4. Compliance with law on contracts that is required during the process of conclusion of contracts between investors and contractors.

Article 39. Review of investment funds for projects

1. Compare the structure of disbursed public investment funds with the structure of funds determined in the approved total investment.

2. Compare data on annually disbursed funds of investors and those of regulatory payment bodies.

3. Check any increase or decrease in public investment funds of the projects obtaining the competent authority's consent.

4. Comments and judgments about compliance with regulations on management, disbursement and final accounting of financial obligations of publicly-funded projects; management and utilization of types of public investment funds of projects.

Article 40. Review of investment expenses

1. Principles:

a) Review the compliance with regulations on contracts and decisions on approval of contractor selection results of competent authorities; types of contracts (irrespective of contractor selection forms). Check data on expenses and items that investors integrate into the final accounts. Where necessary, agencies in charge of reviewing the final accounts shall check as-built dossiers in order to calculate successfully-tested completed quantities in accordance with regulations.

b) For expenses for construction of temporary or auxiliary facilities needed for project development activities, and expenses for construction of temporary housing and administrative offices on site of which items have separate designs and cost estimates: The review process is the same as the process for review of independent construction bids.

c) For expenses for construction of temporary or auxiliary facilities needed for project development activities, and expenses for construction of temporary housing and administrative offices on site of which the percent ratio (%) to total expenses for implementation of the main construction bid (without separate designs or cost estimates) is calculated: Review the application of the percent ratio (%) according to the results of review of the main construction bid.

c) For expenses for construction of temporary or auxiliary facilities needed for project development activities, and expenses for construction of temporary housing and administrative offices on site which is calculated on the lump-sum basis, the review thereof shall be the same as that of the construction bid carried out in the form of turnkey contracts.

2. Review of compensation, support and residential resettlement expenses:

a) For compensation, support and residential resettlement expenses incurred by investors or organizations in charge of compensation and site clearance tasks: Reconcile the amounts payable upon the investor’s request with the estimate of costs in the plan for compensation, support and residential resettlement, and the estimate of administrative costs of compensation, support and residential resettlement that are approved by competent authorities; in the list of payments to entities and persons receiving compensation that is signed in accordance with regulations, as a basis to determine total value to be finally accounted for. Review of the administrative expenses for compensation, support and residential resettlement work undertaken by the organization in charge of compensation shall be subject to current regulations on preparation of cost estimates, utilization and settlement of administrative expenses for compensation, support and residential resettlement in case of the state land expropriation.

b) For value of technical infrastructure obtaining decisions on approval of fund settlement from competent persons: Based on the decision on approval of fund settlement issued by competent persons, the payment request form submitted by investors in technical infrastructure, and payment proof, the amount of expenses for the completed parts of technical infrastructure shall be determined.

3. Review of construction expenses:

a) For the contracts that the investors execute by themselves:

Where investors sign contracts with dependent accounting units for execution of these bids, the review of these bids shall be based on the contractual price form and carried out under regulations laid down in points b, c, d, dd and e of this clause.

Where the investor signs an agreement to assign tasks to a unit affiliated to the investor for execution of the bid, the review shall be carried out as follows:

- Compare items and quantities shown in the calculation chart of amounts to be settled upon the investor’s request with those shown in the report on acceptance testing of quantities in order to determine the successfully-tested completed quantities in accordance with law on construction.

- Check the consistency between the unit prices used in the calculation chart of amounts to be settled upon the investor’s request and those used in the approved final accounts.

- The amount to be settled shall be calculated by multiplying the successfully-tested completed quantities as prescribed by (x) the reviewed unit prices.

b) For the turnkey contracts:

Compare the items and quantities of work performed in the calculation chart of amounts to be settled upon request of the investor and the contractor (hereinafter referred to as A – B final accounting) with those shown in the report on acceptance testing of completed quantities according to contractual requirements in order to determine the successfully-tested completed quantities under regulations in force.

Compare the unit prices shown in the calculation chart of amounts eligible for A-B final accounting with those shown in the calculation chart of contractual value. Where the contractor fully conform to requirements, perform jobs according to the completed quantities and unit prices specified in the contract or the calculation chart of contractual value, the amount eligible for final accounting is exactly the price of the entire turnkey contract; there is no need to re-compute the detailed quantities and unit prices already approved by competent authorities according to the contract awarding decision.

c) For the fixed-price contracts:

- Compare the items and quantities of work performed in the calculation chart of amounts requested for A-B final accounting with those shown in the report on acceptance testing of completed quantities according to contractual requirements in order to determine the successfully-tested completed quantities under regulations in force.

- Compare the unit prices shown in the calculation chart of amounts requested for A-B final accounting with those shown in the calculation chart of contractual value and documents attached to the contract.

- The amount eligible for final accounting is calculated by multiplying the completed quantities successfully tested in accordance with regulations by (x) the fixed unit price specified in the contract.

d) For adjustable-price contracts:

- Based on the contract, clarify the scope and forms of adjustment to the contract.

- The amount eligible for final accounting is calculated by multiplying the completed quantities successfully tested in accordance with regulations by (x) the unit price used in the final accounting process.

Where there is any adjustment to the quantities, it is mandatory to consult the report on acceptance testing of completed quantities to determine the completed quantities successful tested in accordance with regulations.

In case of adjustment to the unit price, it is obligatory to conform to the principles of adjustment to the unit price that are specified in the contract in order to determine the unit price used for final accounting.

Where there is any adjustment to regulatory policies, it is mandatory to consult contractual terms and conditions and policies applied in line with the contract execution period (already specified in the contract) to determine the adjusted value. There is no need to make any adjustment when the execution period is extended to be greater than the period agreed upon in the signed contract through the contractor's fault.

dd) For the mixed price-based contracts:

In this type of contract, it is mandatory to clearly point out the scope of activities involved in the work, item of work, or list out work corresponding to specific types of contracts like turnkey, fixed-price or adjustable price-based contracts. The partial review of the contract or the review corresponding to specific types of contract shall be subject to point b, c or d of this clause, respectively.

e) Where expenses are further incurred, in order to carry out the review, it is mandatory to consult regulations regarding adjustments to specific types of contract and regulations of relevant law.

4. Review of equipment expenses:

a) For the bids executed by investors themselves that are prescribed in law on procurement:

Where investors sign the contract with dependent accounting units to execute the bid: The review of the contract shall be based on the contractual price and carried out under regulations of points b, c, d, dd and e of this clause.

Where the investor signs an agreement to assign tasks to a unit affiliated to the investor for execution of the bid, the review shall be carried out as follows:

- Compare the list, categories, origin, quality, configuration and prices of equipment for which expenses are eligible for final accounting with those shown in the report on acceptance testing or the approved estimate of costs of equipment in order to determine the final expenses for purchase of equipment.

- Review expenses for processing and installation of equipment with respect to equipment that need to be processed or installed according to the approved cost estimate and are tested in accordance with regulations. The final amount shall be calculated by multiplying the successfully-tested completed quantities as prescribed by (x) the reviewed unit price.

- Review other associated expenses: Expenses for transporting equipment to the doorstep of the construction site, expenses for warehousing, storage and maintenance of equipment and other expenses.

b) For the turnkey contracts: Compare the list, categories, origin, quality, configuration and prices of equipment shown in the calculation chart of amounts requested for A-B final accounting with those shown in the contract, the calculation chart of contract value and reports on acceptance testing of completed quantities of the contract. Where the contractor fully conforms to requirements, perform jobs according to the required quantities and the quantities specified in the contract, then the amount eligible for final accounting is exactly the price of the entire turnkey contract already in effect. There is no need to re-compute the detailed unit price approved by competent authorities in accordance with the contract-awarding decision.

c) For the fixed-price contracts:

- Compare the list, categories, origin, quality and configuration of equipment shown in the calculation chart of amounts requested for A-B final accounting with those shown in the contract and the calculation chart of contract value; and those shown in documents attached to the contract with those the report on acceptance testing of completed quantities and contractual requirements in order to determine the completed quantities successfully tested in accordance with regulations.

- Compare the unit prices shown in the calculation chart of amounts eligible for A-B final accounting with the fixed unit prices shown in the calculation chart of contractual value.

- The final amount shall be calculated by multiplying the successfully-tested completed quantities as prescribed by (x) the fixed unit prices already undergoing the review.

d) For the adjustable-price contracts:

Based on specific contractual conditions, clarify the scope and forms of adjustment to the contract.

Where there is any adjustment to the quantities, it is mandatory to consult the report on acceptance testing of quantities to determine the completed quantities successful tested in accordance with regulations.

In case of adjustment to the unit price, it is obligatory to conform to the principles of adjustment to the unit price that are specified in the contract in order to determine the unit price used for final accounting.

Where there is any adjustment to regulatory policies, it is mandatory to consult contractual rules and policies applied during the contract execution period to determine the adjusted value.

dd) For the bids executed in the form of mixed price-based contract, it is necessary to clearly point out the scope of work or items of work corresponding to specific types of contracts like turnkey, fixed-price or adjustable price-based contracts. The partial review of the contract or the review corresponding to specific types of contract shall be subject to point b, c or d of clause 4 of this Article, respectively.

e) Where expenses are further incurred, in order to carry out the review, it is mandatory to consult regulations regarding adjustments to specific types of contract.

5. Review of project management expenses:

a) Comply with regulations of the Ministry of Finance on management and utilization of revenues from construction consultancy and project management activities of investors in and authorities in charge of publicly-funded projects.

b) Managing assets of investors and project management authorities upon completion shall be subject to regulations of the Law on Management and Use of Public Assets and other instructional documents thereof.

6. Review of construction consultancy and other expenses:

a) For consultancy and other expenses calculated in percentage, check regulatory requirements imposed on using the percent norms for determining amounts of expenses corresponding to specific types of work.

b) For consultancy and other expenses calculated according to the detailed cost estimate, compare amounts requested for final accounting with those specified in the approved cost estimate in order to assess the degree of rationality and legitimacy of these expenses.

c) For consultancy and non-consultancy expenses incurred under the time-based contract, compare the unit price of remuneration paid in a time-based manner by mutual agreement between the investor and the contractor in the contract with the actual time length (in months, weeks, days, hours) for determining the amount of remuneration payable to the contractor. For travel, survey, office lease and other expenses, it is mandatory to consult regulations on payment methods set out in the contract to conduct the review (based on legitimate invoices, evidencing documents or according to the full-package price agreed upon in the contract).

d) For consultancy or non-consultancy expenses under the turnkey, fixed price-based, adjustable price-based or mixed price-based contract: The review shall be carried out according to regulations on review of construction expenses with respect to the bids executed under the turnkey, fixed price-based, adjustable price-based or mixed price-based contract as provided in clause 3 of this Article.

Article 41. Review of investment expenses not charged into asset value

1. Reviewing costs of damage due to force majeure causes that cannot be charged into asset value according to the following regulations:

a) Determine damage costs according to the relevant regulatory principles and procedures.

b) Damage value stated in the damage report must be checked, validated by, and treated upon recommendation of, the investor, the winning contractor, the supervision consultant and the insurance contractor.

2. Reviewing expenses that do not give rise to assets to seek the competent authority’s consent to exempting them from being charged into asset value, including costs of training, strengthening and building of capacity of the management agency or community; costs of payments to project management authorities that are not directly related to assets formed and handed over in localities; investment costs subject to losses due to subjective reasons, such as investment volume canceled under decisions of competent authorities; costs already incurred without any damage that occurs, giving rise to products that are not used for the project though like completed survey or design results reaching good quality standards that are not used because of the investor’s design changes; costs of in-progress construction (when the project ceases to be implemented permanently) that do not form any asset; expenses for repair and mitigation of consequences of natural disasters that are not accounted for as an increase in asset value in accordance with law on accounting and asset management.

Article 42. Value of assets formed by investments

1. Determining the quantity and value of post-investment assets of the project, work or standalone item of work, including long-term assets (fixed assets) and short-term assets.

2. Sharing project management, consulting and other expenses of all projects between fixed assets shall conform to the following principles: If any cost is directly related to a fixed asset, it shall be charged into the value of that asset; if the general cost is related to multiple fixed assets, it shall be distributed on a pro rata basis between the direct costs of each fixed asset and total amount of direct costs of all fixed assets.

3. The list and value of assets transferred to the transferees must be fully determined.

Article 43. Review of liabilities, input materials or equipment on backlog

1. Reviewing liabilities:

a) Based on the results of review of investment expenses and amounts that the investor pays to the contractor, clearly determine specific receivables and payables by debtors/creditors.

b) Consider recommended plans to managing receipts payable to the state budget that have not yet been paid into the state budget, deposit or cash balances in stock to recommend actions to be taken.

2. Inspecting value of input materials and equipment on backlog:

a) Check value of input materials and equipment on backlog on accounting books and compare it with data obtained from the actual stocktaking process.

b) Consider and recommend plans to dispose of these items of the investor.

c) Based on the stocktaking report, accounting book and asset revaluation record (where the revaluation is needed) available till the day of preparation of the final accounts for public investments in the completed project, determine the quantity and cost prices of assets, depreciated (amortized) value and residual value of fixed assets before transferring them to the transferees for use or disposing of them in accordance with regulations if the project is managed by the investor or project management authority in charge of a project.

Article 44. Review of final settlement of public investments in planning, investment preparation projects; perpetually terminated projects without any construction or installation quantities that are successfully tested

1. Reviewing legal dossiers.

2. Reviewing realized investment funds.

3. Reviewing realized investment expenses shown in the breakdown chart of expenses in comparison with those shown in the approved cost estimate, regulatory policies, norms or benchmarks. Where the expenses are recognized in conformity with the contract, the review process shall be subject to clause 3 and 6 of Article 40 herein.

4. Reviewing loans or debts of the project.

5. Reviewing expenses that do not give rise to any asset before sending review results to competent authorities to seek their consent to not charging them into asset value.

6. Reviewing the quantity and value of assets formed after completing the investment process (if any).

7. Inspecting compliance of the investor and related units with conclusions and recommendations of the inspectorate and the State Audit (if any).

8. Giving comments, judgements and recommendations.

Article 45. Application requirements for consent to final settlement of public investment funds for projects upon completion

1. Agencies in charge of reviewing the final settlement shall prepare application documents for approval of the final settlement of investment funds for completed projects in order to seek the competent person's assent to the final accounts after completion of the review process. Each application package shall include the followings:

a) Review report.

b) Draft decision on approval of final settlement (applicable to projects, component projects, standalone sub-projects, works and items of work).

c) Other documents requested by the person having competence in approving the final accounting.

2. Report on results of review of final accounting or settlement of completed projects should contain the following main information:

a) Give the general description of the entire project and issues on which decisions are made by the competent authority during the project execution period.

b) Summarize the results of the review conducted according to the steps prescribed herein.

c) Suggest the amounts eligible to obtain approval of the final settlement of investment funds for completed projects.

d) Recommend actions or measures to be taken against issues related to investment funds, assets and loans or debts after the final accounting or settlement of investment funds for completed projects.

3. Decision to approve the final settlement of public investment funds for projects upon completion shall be delivered to agencies or units: Investors; asset transferees; superiors of investors; regulatory payment bodies (or agencies authorized to control and disburse funds for state-secret public investment projects in which decisions on investment are issued by the Prime Minister; top-secret public investment projects; ultimate-secret public investment projects of the Ministry of National Defense and the Ministry of Public Security); persons having competence in deciding approval of investment; agencies in charge of reviewing the final accounting or settlement of investment funds for completed projects; and to the Prime Minister, the Ministry of Finance, the Ministry of Planning and Investment (applicable to projects of national significance and other key projects obtaining decisions on investment from the Prime Minister, and category-A projects funded by public investment funds).

Article 46. Expenses for independent audit, review and approval of final accounting or settlement

Expenses for independent audit, review and approval of final accounting or settlement refer to costs included in the approved (or adjusted) total investment in projects; amounts eligible for final settlement of public investment funds for completed projects.

1. Expenses for independent audit, review and approval of final accounting or settlement:

a) Where the project, component project, sub-project, work or standalone item of work has its value falling within the value range specified in point b and c of clause 1 of this Article, the percent limit on independent consultancy expenses and expenses for review and approval of final accounting or settlement shall be calculated according to the following formula:

Where:

- Ki: The percent limit of expenses in proportion to value of the project, component project, sub-project, work or standalone item of work under discussion.

- Ka: The upper limit in percent of expenses in proportion to value of the project, component project, sub-project, work or standalone item of work.

- Kb: The lower limit in percent of expenses in proportion to value of the project, component project, sub-project, work or standalone item of work.

- Gi: Value of the project, component project, sub-project, work or standalone item of work under discussion (in billion dong).

- Ga: The upper-limit value of the project, component project, sub-project, work or standalone item of work (in billion dong).

- Gb: The lower-limit value of the project, component project, sub-project, work or standalone item of work (in billion dong).

b) Independent audit expenses:

Expenses (estimated costs or costs of the bid) for independent audit of the project, component project, sub-project, work or standalone item of work are the maximum expenses calculated by multiplying the value of the project, component project, sub-project, work or standalone item of work to be audited by hired auditors by (x) the limit in percent which is determined according to point a of clause 1 of this Article to find the product, plus value-added tax. Minimum amount of independent audit expenses is one million dong, plus VAT.

c) Final accounts review and approval expenses:

Expenses for review and approval of the final accounting or settlement of the project, component project, sub-project, work or standalone item of work are the maximum expenses calculated by multiplying the value to be finally accounted for upon the investor's approval request of the project, component project, sub-project, work or standalone item of work upon completion by (x) the limit in percent which is determined according to point a of clause 1 of this Article. Amount of final accounts review and approval expenses is five hundred thousand Vietnamese dong.

d) If equipment expenses account for more than or equal to 50% of total value to be audited by hired auditors or value eligible for final settlement upon the investor's request, expenses for independent audit, review and approval of final accounts account for 70% of the amount calculated according to point a, b or c of clause 1 of this Article.

dd) With respect to the independent audit, review and approval of the final settlement of compensation, support and residential resettlement expenses, the limit on expenses for independent audit, review and approval of the final settlement of such compensation, support and residential resettlement expenses is equal to 50% of the amount calculated according to point a, b or c of clause 1 of this Article.

e) With respect to the project, component project, sub-project, work or standalone item of work which is subject to the independent audit contractor’s audit of its final accounts; the audit or inspection of the State Audit or the inspectorate that fully meets the regulations laid down in Article 37 herein, expenses for review and approval of the final settlement are equal to 50% of the amount calculated according to clause 1 of this Article.

2. Management and utilization of final accounts review and approval expenses:

a) In light of the regulations laid down in clause 1 of this Article and application dossier for review and approval of the final settlement submitted by the investor, the agency in charge of review of the final settlement shall clearly determine expenses for review and approval of the final settlement, therefrom requesting the investor in writing to pay expenses for review and approval of the final settlement.

For the project funded by the ending year’s budget, if the investor is on the way to submitting the final settlement dossier prescribed in Article 47 herein, the agency in charge of reviewing the final settlement shall have a look at expenses for review and approval of the approved or adjusted final accounts of the project or the cost estimate (if any) in order to request the investor to pay expenses for review and approval of the final accounts. After consulting the regulations laid down in clause 1 of this Article and application dossier for review and approval of the final settlement submitted by the investor, the agency in charge of review of the final settlement shall clearly determine expenses for review and approval of the final settlement. If the amount that the investor has paid is greater than expenses for review and approval of the final settlement that the agency is paid in accordance with regulations, the agency shall refund the investor the excess to reduce the value of final settlement in the project.

The investor shall request the regulatory payment body (State Treasury) to pay the agency in charge of review of the final accounts according to the written request of the agency in charge of reviewing the final accounts and pay expenses for pre-approval review of the final accounts which are calculated according to clause 1 of this Article.

b) Final accounts review and approval expenses are categorized into the followings:

- Direct expenditures on final accounts review and approval.

- Remuneration paid to professionals or consulting organizations conducting final settlement in case where the agency in charge of reviewing the final settlement signs the time-based contract with professionals or hire consulting organizations.

- Expenses for business travel, stationery, translation, printing, conferences, seminars, procurement of computers or equipment for verification and approval of the final settlement.

- Other expenditures associated with final accounts review and approval.

c) Based on final accounts review and approval expenses and classification of these expenses prescribed in point b of clause 2 of this Article, the agency in charge of reviewing final settlement shall formulate expenditure regulations for final accounts review and approval for submission to the head of its immediate superior for their consideration of grant of approval decision so that they are implemented annually till the date on which they are modified or supplemented (if any).

d) Revenues generated from final accounts review and approval shall not be retained for contribution to the wage reform fund; shall not be recorded and finally accounted for jointly with the annual administrative budget of the agency in charge of reviewing and approving the final settlement. Final accounts review and approval budget that is not used up in a year may be brought forward to the next year for use.

Based on revenues and classification of expenses prescribed in clause 2 of this Article, the agency in charge of reviewing the final settlement shall complete the money transfer form (Form No. 05/TT) to request payment of final accounts review and approval expenses according to types of expenses specified in point b of clause 2 of this Article (where there are multiple expenses, the budget unit specifies them on the payment chart clarifying types of expenses that bears signature and stamp of the agency in charge of reviewing the final settlement) and submit the complete chart to the regulatory payment body (State Treasury) as a basis for payment. The agency in charge of reviewing the final settlement shall not be required to send proofs of payment, contracts or invoices to the regulatory payment body (State Treasury). Based on the request of the agency in charge of reviewing the final settlement, the regulatory payment body (State Treasury) shall pay final accounts review and approval expenses to the agency in charge of reviewing the final settlement.

3. Where the independent audit contractor does not carry out several work agreed upon in the audit contract after the investor’s fulfillment of their obligations to provide all required documents according to the audit contract, the investor shall consult contractual terms and conditions and quantities that the audit contractor does not carry out to reduce independent audit expenses in proportion to such quantities.

4. In case of force majeure events that may occur, thus changing the scope of work in the contract in effect, the investor and the independent audit contractor shall consult regulatory provisions on contracts to add or rule out the agreed-upon work.

Article 47. Time of preparation of dossiers, review and approval of final accounts of public investment funds for projects upon completion

Below is the breakdown chart of the maximum duration of these tasks:

1. The period of the investor’s preparation of the final accounting dossier for public investment funds for a completed project shall range from the date on which the report on acceptance testing and transfer of the project or work for use and operation is signed to the date of the investor’s submission of the complete dossier to the agency in charge of reviewing the final settlement.

2. The period of review of the final settlement of public investment funds for a completed project shall range from the date on which the agency in charge of reviewing the final settlement receives the complete final settlement dossier (as provided in Article 34 herein) to the date on which the competent person’s approval of the final settlement is sought.

3. The period of approval of the final settlement of public investment funds for a completed project shall range from the date on which the person having competence in granting approval of the final settlement (as provided in clause 1 of Article 35 herein) fully receives the request dossier for the final settlement (as provided in Article 45 herein) to the date on which the decision on approval of the final settlement of investment funds for the completed project is issued.

Article 48. Reporting of the final accounting for public investments in completed projects in the budgetary year

1. Reporting data shall be collected from January 1 to end of December 31 in the calendar year.

2. By January 20 each year, agencies in charge of reviewing the final settlement that are the inferior authorities of ministries, central authorities, state corporations, incorporations; Departments of Finance, Divisions of Finance and Planning in districts shall send the review report on final settlement of public investment funds for completed projects in the budgetary year to agencies assigned by ministries, central authorities, state corporations, incorporations or provincial People’s Committees to take charge of compiling reports. By January 30 each year at the latest, Ministries, central authorities, state corporations, incorporations, provincial People’s Committees shall send reports on situation of final settlement of public investments in the completed projects in the year under their authority to the Ministry of Finance so that the Ministry of Finance completes the final accounts of public investment funds for completed projects in the year for nationwide disclosure purposes.

3. Methods of sending and receiving reports: All reports must be sent and received by paper or electronic means in accordance with regulations currently in force.