Does the state management of accounting and auditing fall under the management function of the Ministry of Finance of Vietnam?
- Does the state management of accounting and auditing fall under the management function of the Ministry of Finance of Vietnam?
- What are the duties and powers of the Ministry of Finance of Vietnam in the state management of accounting and auditing?
- What are the duties and powers of the Ministry of Finance of Vietnam in corporate financial management and State capital management in enterprises?
Does the state management of accounting and auditing fall under the management function of the Ministry of Finance of Vietnam?
Pursuant to the provisions of Article 1 of Decree No. 14/2023/ND-CP on the functions of the Ministry of Finance of Vietnam as follows:
Positions and functions
The Ministry of Finance of Vietnam is an agency of the Government, performing the state management function on: Finance - budget (including: State budget; state funding; public debt; taxes; fees, charges and other revenues state budget; state reserves; state financial funds; financial investment; corporate finance; finance of cooperatives and collective economy; public property as prescribed by law); custom; accounting; independent audit; price; stock; insurance; financial services and other services under the state management scope of the ministry; to represent the owner of the state capital portion in enterprises under the ministry according to the provisions of law.
Thus, the state management of accounting and independent audit is one of the management functions of the Ministry of Finance of Vietnam.
Does the state management of accounting and auditing fall under the management function of the Ministry of Finance of Vietnam? (Image from the Internet)
What are the duties and powers of the Ministry of Finance of Vietnam in the state management of accounting and auditing?
Pursuant to Clause 12, Article 2 of Decree No. 14/2023/ND-CP defining the duties and powers of the Ministry of Finance of Vietnam in the state management of accounting and auditing as follows:
Duties and powers
...
12. Regarding accounting and auditing:
a) Formulating and submitting to competent authorities for promulgation strategies and policies on development of accounting and auditing activities, regulations on accounting and auditing (including independent audit and internal audit), reporting and publicizing the financial - budgetary regime;
b) Promulgating regulations on principles, standards, professional methods, accounting and auditing operations;
c) Submitting to competent authorities for promulgation standards and conditions of accountants, chief accountants, auditors, practicing auditors, practicing accountants; standards and conditions for establishing accounting and independent auditing service enterprises;
d) Issuing, re-granting, adjusting and withdrawing the certificate of eligibility for business in accounting and independent auditing services; certificate of registration of accounting practice, independent audit; suspending the practice of accounting and independent auditing services and suspending the business of providing accounting and independent auditing services in accordance with law;
dd) Guiding, inspecting and supervising the implementation of the provisions of the law on accounting, auditing, accounting service activities, independent audit; practice accounting, independent audit and handle violations in the implementation of the provisions of the law on accounting, auditing, accounting practice, independent audit; opinion on disagreements and disputes on accounting and independent auditing.
Thus, the tasks and powers of the Ministry of Finance of Vietnam in the state management of accounting and auditing include:
- Formulating and submitting to competent authorities for promulgation strategies and policies on development of accounting and auditing activities, regulations on accounting and auditing (including independent audit and internal audit), reporting and publicizing the financial - budgetary regime;
- Promulgating regulations on principles, standards, professional methods, accounting and auditing operations;
- Submitting to competent authorities for promulgation standards and conditions of accountants, chief accountants, auditors, practicing auditors, practicing accountants; standards and conditions for establishing accounting and independent auditing service enterprises;
- Issuing, re-granting, adjusting and withdrawing the certificate of eligibility for business in accounting and independent auditing services; certificate of registration of accounting practice, independent audit; suspending the practice of accounting and independent auditing services and suspending the business of providing accounting and independent auditing services in accordance with law;
- Guiding, inspecting and supervising the implementation of the provisions of the law on accounting, auditing, accounting service activities, independent audit; practice accounting, independent audit and handle violations in the implementation of the provisions of the law on accounting, auditing, accounting practice, independent audit; opinion on disagreements and disputes on accounting and independent auditing.
What are the duties and powers of the Ministry of Finance of Vietnam in corporate financial management and State capital management in enterprises?
According to the provisions of Clause 10, Article 2 of Decree No. 14/2023/ND-CP, in the management of corporate finance and the management of the State's capital in enterprises, the Ministry of Finance of Vietnam performs the following tasks and has the right to term for the following jobs:
- Formulating and submitting to the Government or the Prime Minister for promulgation according to its competence the corporate financial management regime applicable to all types of enterprises of all economic sectors; financial supervision mechanism for state-owned enterprises and enterprises with state capital; financial mechanisms and policies in service of ownership transformation, rearrangement of state-owned enterprises, transformation of public service providers into enterprises, and equitization of public service providers; financial mechanism serving the policy of collective economic development and cooperatives; mechanism for management and supervision of state capital invested in enterprises; mechanism for management and use of support sources for enterprises, collective economic organizations and cooperatives from the state budget and other state funds;
- Guiding and inspecting the implementation of the State's mechanisms and policies on corporate finance;
- Presiding over or participating in the appraisal of the State's capital investment and financial support in enterprises and monitor and supervise the implementation of the State's investment in enterprises after being approved by a competent authority; settling policies when reorganizing state-owned enterprises in accordance with law;
- Organizing the supervision of state capital investment in enterprises by owner's representative agencies in accordance with law;
- Coordinating with the owner's representative agency in formulating and implementing the plan to supervise enterprises; thematic supervision or at the request of the Government or the Prime Minister; propose and propose solutions to the owner's representative agency on investment, management and use of state capital in enterprises;
- Monitoring and supervising the management and use of capital and assets, analyze and warn enterprises showing signs of financial insecurity, and evaluate the production and business efficiency of state-owned enterprises, including: including: economic groups, state corporations and enterprises with state capital as prescribed by law;
- Exercising the rights and responsibilities to represent the owner of the State's capital in enterprises in accordance with law and as assigned and decentralized by the Government and the Prime Minister;
- Synthesizing, analyzing, evaluating and developing, submitting to the Prime Minister for decision the plan to harmonize capital sources and funds of economic groups and state-owned corporations; handle according to its competence issues of state capital in enterprises as decentralized by the Government;
- Summarizing and reporting to the Government on production and business efficiency and perform the assigned task of providing public products and services; on investment and use of state capital in enterprises nationwide; the situation of restructuring, equitization and divestment nationwide; specifically consider financial statements of economic groups and state-owned corporations when requested by the Prime Minister;
- Synthesizing, recommending and proposing solutions on investment, management and use of state capital in enterprises nationwide and reporting to the Government.
LawNet
