Vietnam: Will the procedures for issuance of an accounting practice certificate be simplified under Decision 412/QD-TTg in 2024?
- Will the procedures for issuance of an accounting practice certificate in Vietnam be simplified under Decision 412/QD-TTg in 2024?
- What are the conditions for registration of accounting practice in Vietnam?
- What are the rules for registration of accounting practice in Vietnam?
- What are the regulations on using accounting practice certificates in Vietnam?
Will the procedures for issuance of an accounting practice certificate in Vietnam be simplified under Decision 412/QD-TTg in 2024?
Under Point a, Subsection 1, Section I of Decision 412/QD-TTg of 2024 on simplifying procedures for issuance of an accounting practice certificate in Vietnam:
- Abolish the information field on the date and place of issuance of citizenship papers in the application form for issuance of an accounting practice certificate
- Modify the composition of the application that is a copy of the accountant certificate or auditor certificate under the following instructions: "A copy of an accountant certificate or auditor certificate. When an accountant certificate or auditor certificate has been integrated into specialized databases and other information systems, the Ministry of Finance shall exploit and use information on specialized databases and other information systems on the basis of the exchange and provision of information between state management agencies under the provisions of law".
Reason: Promote digitization and reduction of application composition on the basis of exploiting information from national databases, specialized databases, and information systems to handle administrative procedures, creating favorable conditions for individuals and organizations when carrying out the procedures.
Thus, the simplification of the procedures for issuance of an accounting practice certificate in Vietnam under Decision 412/QD-TTg in 2024 is an important step in optimizing administrative processes and creating favorable conditions for individuals and organizations when carrying out business activities in this field.
What are the conditions for registration of accounting practice in Vietnam?
Under Clause 1, Article 58 of the 2015 Accounting Law, the conditions for registration of accounting practice in Vietnam are stipulated as follows:
The holder of an accountant certificate or auditor certificate according to the Law on Independent Audit 2011 may register his/her accounting practice through an accounting firm or accounting household if he/she:
- Has full civil capacity; and
- Has at least 36 months’ experience of finance, accounting, or audit works since graduation from university; and
- Has participated in every mandatory refresher course.
Thus, the holder of an accountant certificate or auditor certificate must meet the above 03 conditions for registration of accounting practice.
What are the rules for registration of accounting practice in Vietnam?
Under Article 5 of Circular 296/2016/TT-BTC, the rules for the registration of accounting practice in Vietnam arre specified as follows:
- The registration of accounting practice shall be done by the accounting firm or accounting household business where the registrant has a full-time employment contract:
- The registrant shall be liable for the information declared in the application for registration of accounting practice. The legal representative of the accounting firm, representative of the accounting household business and other entities relevant to the verification of the application for registration of accounting practice shall be jointly liable for the truthfulness of the information verified.
- Diplomas and certificates in the application for registration, if written in a foreign language, shall be enclosed with Vietnamese translations notarized or certified by the competent authority as prescribed.
Thus, there are three rules for the registration of accounting practice specifically stipulated in Circular 296/2016/TT-BTC to ensure transparency, accountability and quality in accounting activities.
What are the regulations on using accounting practice certificates in Vietnam?
Under Article 8 of Circular 296/2016/TT-BTC on using accounting practice certificates in Vietnam:
Using APC
1. The holder of the APC (hereinafter referred to as accounting practitioner) may practice as accountant, chief accountant, or accounting consultant, prepare financial statements and perform other accounting-related works for entities as demanded.
2. The accounting practitioner may not keep working as an accountant, chief accountant, or accounting consultant, preparing financial statements and performing other accounting-related works if their APC expires or is invalid.
Thus, the holder of the accounting practice certificate may practice as an accountant, chief accountant, or accounting consultant, prepare financial statements, and perform other accounting-related works for entities as demanded.
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