Cases ineligible to work as accountants in Vietnam

Cases ineligible to work as accountants in Vietnam (Source: internet)

1. Standards, rights and obligations of accountants in Vietnam

- Every accountant must meet the standards below:

+ Comply with professional ethics, be truthful, integrated, and abide by law.

+ Have professional accounting knowledge and skills.

- Accountants have the right to perform accounting works independently.

- Accountants must comply with regulations of law on accounting, perform given tasks, and take responsibility for their performance. When an accountant is replaced, the replaced accountant shall hand over his/her works and documents to the replacing accountant. The replaced accountant is still responsible for the accounting works done during his/her practice.

(Article 51 of Law on Accounting 2015)

2. People prohibited from practicing accounting in Vietnam

The following people are prohibited from practicing accounting:

- Minors;

- People who completely or partly lose their civil capacity as declared by the court;

- People forcibly sent to reform schools or rehabilitation centers.

- People banned from practicing accounting under an effective court’s judgment or decision;

- People undergoing criminal prosecution; people sentenced to imprisonment or were convicted of economic crimes or other crimes related to finance, accounting and have not had their criminal records expunged.

- Parents, adoptive parents, spouses, children, siblings of the legal representative, head, Director, General Director, deputies of the head, Deputy Director, Deputy General Director in charge of finance – accounting, and the chief accountant of the same accounting unit, except for private enterprises, single-member limited liability companies owned by individuals, and other cases specified by the Government.

- People holding the position of managers, executive officers, treasurers, warehouse-keepers, buyers or sellers of assets in the same accounting unit except for private enterprises, single-member limited liability companies owned by individuals, and other cases specified by the Government.

(Article 52 of Law on Accounting 2015)

3. Chief Accountant in Vietnam

- The chief accountant is the head of a unit’s accounting apparatus and in charge of execution of accounting works in the accounting unit.

- Chief accountants of regulatory agencies, organizations and public service agencies using state budget, and enterprises whose over 50% charter capital is held by the State, apart from the tasks above, are also responsible for assisting the accounting units’ legal representatives in financial supervision of the accounting units.

- The chief accountant is subject to direction by the accounting unit’s legal representative and also direction and inspection by the chief accountant of the superior accounting unit, if any, in terms of professional works.

- In the event that the accounting unit appoints a person in charge of accounting to replace the chief accountant, the person in charge of accounting must have standards and conditions and must perform the responsibilities and rights of the chief accountant.

* Standards and conditions chief accountants:

The chief accountant must have the following criteria and conditions:

- Meet the standards specified in Clause 1 Article 51 of the Law on Accounting;

- Have at least an associate degree in accounting;

- Have a certificate of training in chief accountant’s techniques;

- The holder of a bachelor’s degree in accounting must have at least 02 years’ experience of accounting works; the holder of an associate degree in accounting must have at least 03 years’ experience of accounting works.

Diem My

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