09 Responsibilities of the Vietnam Federation of Accountants and Auditors in the registration and management of accounting practice in Vietnam

09 Responsibilities of the Vietnam Federation of Accountants and Auditors in the registration and management of accounting practice in Vietnam​ (Illustration)

Circular 72/2007/TT-BTC specifies in detail 09 responsibilities of the Vietnam Association of Accountants and Auditors in the registration and management of accounting practice. To be specific: 

1. Organize the receipt, review of accounting practice registration dossiers, and confirm the list of accounting practitioners of accounting service enterprises and individuals registering for accounting practice as per regulations.

2. Prepare dossiers to monitor, manage adequately, promptly, and accurately the information relating to individuals practicing accounting and accountants for each accounting service enterprise based on the practice registration dossier and other information submitted by accounting practitioners and accounting service enterprises, including updating information about name changes, transaction offices, business registration content, branch establishment, temporary suspension, or termination of activities, etc.

3. Manage the professional ethics and professional competence of accounting practitioners.

4. Organize annual knowledge updates for accounting practitioners; monitor the knowledge update time of each individual and organize checks and assessments as a basis for certifying qualifications for accounting practice for the next year.

5. Disclose the list of accounting service enterprises and the list of accounting practitioners as prescribed. Provide information related to accounting service enterprises and individual accounting practitioners to organizations and individuals upon request according to the provisions of law; Consolidate and report annually on the accounting practice activities nationwide (from the information according to Appendix 04/KET and Appendix 05/KET) to the Ministry of Finance.

6. Safeguard and archive dossiers, documents on the registration and management of accounting practice.

7. Inspect and control the quality of accounting services and the professional ethics of accounting practitioners. Recommend to the Ministry of Finance of Vietnam and competent authorities to handle errors and legal violations detected during inspections.

8. Recommend to the Ministry of Finance measures to remove obstacles and difficulties in the management of accounting practice and quality control of accounting services of accounting service enterprises and accounting practitioners.

9. Undergo inspection and control by the Ministry of Finance of Vietnam regarding the implementation of delegated responsibilities related to the registration and management of accounting practice and quality control of accounting services.

More details can be found in Circular 72/2007/TT-BTC which comes into effect in Vietnam from August 7, 2007.

Ty Na

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