How many forms of direct inspection of the provision of accounting services are there in Vietnam?
- How many forms of direct inspection of the provision of accounting services are there in Vietnam?
- What are the regulations on the scope of periodic inspection and irregular inspection of the provision of accounting services in Vietnam?
- When will the periodic direct inspection of provision of accounting services be conducted?
How many forms of direct inspection of the provision of accounting services are there in Vietnam?
Under the provisions of Clause 2, Article 5 of Circular 09/2021/TT-BTC stipulating the forms of inspection of provision of accounting services
Inspection forms
An inspection is carried out in a direct or indirect manner as follows:
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2. Direct inspection means the presiding inspector’s establishing the inspection delegation to inspect accounting services at provision of accounting serviceses. Direct inspection comprises:
2.1. Periodic inspection
Annually, based on the time limits for periodic direct inspections specified in Article 7 of this Circular, the presiding inspector shall make a plan for direct inspection of provision of accounting services.
2.2. Ad-hoc inspection
The presiding inspector shall undertake an unscheduled inspection of an inspectee in one of the following cases:
a) An ad-hoc inspection is to verify petitions and complaint letters related to provision of accounting services;
b) An ad-hoc inspection is to check information about any sign of violation detected in the process of indirectly managing and inspecting provision of accounting services.
According to the above regulations, direct inspection means the presiding inspector’s establishing the inspection delegation to inspect accounting services at provision of accounting services.
Thus, there are 2 forms of direct inspection of the provision of accounting services in Vietnam, periodic inspection and irregular inspection.
What are the regulations on the scope of periodic inspection and irregular inspection of the provision of accounting services in Vietnam?
According to the provisions of Article 6 of Circular 09/2021/TT-BTC on the scope and requirements of direct inspection:
Scope and requirements of direct inspection
1. The scope of a periodic inspection of the provision of accounting services extends to the compliance with laws on registration and maintenance of accounting service practicing and business requirements and the compliance with professional standards, accounting regimes and relevant accounting legislation in the process of provision of accounting services of an inspectee. This inspection involves:
a) Documents and records related to the subject matters of the inspection of compliance with laws on registration and maintenance of accounting service practicing and business requirements of the inspectee, including: Documents related to dossiers of registration and maintenance of accounting service practicing and business requirements of the inspectee, and others related to the subject matters of the inspection;
b) Records and documents on the inspectee's compliance with professional standards, accounting regimes and relevant accounting legislation in the course of practicing and providing accounting services with respect to accounting service contracts already terminated or contractual works already completed within the period from the date of business incorporation or the previous inspection to the date of inspection.
2. The scope of an ad-hoc inspection of provision of accounting services is prescribed under an inspection decision.
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Thus, according to the above regulations, the scope of a periodic inspection of the provision of accounting services extends to the compliance with laws on registration and maintenance of accounting service practicing and business requirements and the compliance with professional standards, accounting regimes and relevant accounting legislation in the process of provision of accounting services of an inspectee.
The scope of an ad-hoc inspection of provision of accounting services is prescribed under an inspection decision.
Requirements for an inspection of provision of accounting services are specified as follows:
- Compliance with accounting legislation;
- Assurance of independence and objectivity of the inspection;
- Compliance with confidentiality requirements in accordance with laws on accounting and professional standards.
- Assessment opinions and conclusions must be clearly documented in inspection minutes on the basis of the inspection delegation’s professional review, assessment, and judgment. Inspection conclusions regarding the inspectee’s errors and defects must be proved accordingly.
When will the periodic direct inspection of provision of accounting services be conducted?
Under Article 8 of Circular 09/2021/TT-BTC on the duration of a direct inspection:
Duration of a direct inspection
1. Inspection of accounting services
a) The periodic direct inspection of provision of accounting services shall be carried out in the third or fourth quarter each year. Ministry of Finance shall notify any change in the aforesaid duration of inspection in detail;
b) The maximum duration of a periodic direct inspection of provision of accounting services is 05 working days. Whenever needing to extend the inspection duration due to the complicated issue arising from that inspection, the inspection delegation shall report to the decision-making authority to seek their decision.
2. The duration of an ad-hoc inspection of business of accounting services shall be subject to the inspection decision.
According to the above regulations, the periodic direct inspection of provision of accounting services shall be carried out in the third or fourth quarter of each year. The Ministry of Finance shall notify any change in the aforesaid duration of inspection in detail mentioned above.
The maximum duration of a periodic direct inspection of provision of accounting services is 05 working days.
In case it is necessary to extend the duration of an inspection due to complicated issues, the head of the inspection team shall report to the decision-making authority to seek its decision.
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