Vietnam: New regulations on certification of accountants

The Ministry of Vietnam has just issued Circular No. 91/2017/TT-BTC on exams, issuance, and management of audit practicing certificates and accounting practicing certificates.

An applicant for examination to obtain an accounting practicing certificate shall take the following 4 modules: Economic law and law on enterprises; Finance and advanced financial management; Taxes and advanced tax administration; Financial accounting, advanced administrative accounting.

A holder of an accountant practicing certificate who applies for examination to obtain an audit practicing certificate shall take the following 3 modules: Audit and advanced security services; Advanced financial analysis; Language level C of one of five common languages: English, Russia, France, China, Germany.

Contents of each module comprise theory and case study. For each exam subject (except for the foreign language test), candidates must take a written test within 180 minutes. For the foreign language test, the candidate must take a written test within 120 minutes.

Annually, the board of examiners shall administer at least one exam in third or fourth quarter. At least 60 days before the date of examination, the board of examiners shall publish conditions, standards, time, place, and necessary information about the exam on means of mass media.

Within 60 days from the date on which the examination completes, the board of examiners must publish results of each module and notify candidates. In special cases, the time limit for publishing results may be extended by the president of the board of examiners but not exceeding 30 days.

A module is considered passed if it is at least 5. The passed module will be reserved in 3 continuous years from the year it is firstly taken. If a candidate has passed certain modules prescribed in Clauses 1, 2, 3 Article 6 (except for foreign language) but not has passed as prescribed in Clause 4 of this Article, he/she may, at his/her own discretion, choose a number of modules and apply for improvement examination. The highest examination mark during the reservation period will prevail.

Within 15 days from the date on which the examination results are published, the candidate is entitled to file a request for grade review to the president. If the grade is reviewed, the post-review grade will prevail. Mark of a module achieved in a year beyond the reservation period will be canceled. Within 45 days from the date on which examination results are disclosed, the Ministry of Finance shall award audit practicing certificates or accounting practicing certificates to qualified candidates.

Circular No. 91/2017/TT-BTC of the Ministry of Finance of Vietnam takes effect from October 10, 2017.

Source: Vietnam Financial Times Online

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