Legal Counselling

Vietnam: When shall a practicing accountant be suspended from practicing accounting service?

11:05, 26/07/2016

This content is specified in Circular No. 296/2016/TT-BTC the Ministry of Finance of Vietnam on guidelines for issuance, revocation and management of accounting practice certificates.

Specifically, according to the Circular No. 296/2016/TT-BTC of the Ministry of Finance of Vietnam, a practicing accountant shall be suspended from practicing accounting service in accordance with law in the following cases:

- Cases specified at Points a, c, d, Clause 6, Article 69 of the Law on Accounting of Vietnam;

- The accounting practitioner does not have enough number of annual hours of lecture as prescribed by the Ministry of Finance;

- The accounting practitioner violates the responsibilities specified in Clauses 1, 5, 6, 7, 8, Article 15 of Circular No. 296/2016/TT-BTC;

- Other cases as prescribed by law.

During the suspension time, the accounting practitioner may not keep working as an accountant, chief accountant, or accounting consultant, preparing financial statements and performing other accounting-related works.

View the provision on revocation of accounting practice certificates in Circular No. 296/2016/TT-BTC of the Ministry of Finance of Vietnam, effective from January 01, 2017.

- Thanh Lam -

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