Vietnam: 04 cases of people prohibited from practicing accounting

There are people who fully meet the accounting standards and requirements specified in the Law on Accounting 2015 of Vietnam, ensuring accounting standards and professional ethical standards, but still cannot work as accountants. So what is the reason?

trường hợp không được làm kế toán

LAWNET would like to give answer to this question as follows:

According to Article 19 of Decree No. 174/2016/NĐ-CP of Vietnam’s Government on elaboration of some Article of the Law on Accounting of Vietnam, people prohibited from practicing accounting include:

Case 1: Minors; people who completely or partly lose their civil capacity as declared by the court; people forcibly sent to reform schools or rehabilitation centers.

Case 2: 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.

Case 3: 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 sole proprietorships, single-member limited liability companies owned by individuals, other types of enterprises not funded by state budget and are extra-small enterprises defined in the law on provision of assistance for small and medium enterprises.

Case 4: People holding the position of managers, executive officers, treasurers, warehouse-keepers, buyers or sellers of assets in the same accounting unit except for sole proprietorships, single-member limited liability companies owned by individuals, and other types of enterprises not funded by state budget and are extra-small enterprises defined in the law on provision of assistance for small and medium enterprises.

Thus, people falling into one of the 04 above-mentioned cases shall be prohibited from practicing accounting in Vietnam, and enterprises are also not allowed to arrange or hire accounting personnel who do not meet the criteria, conditions and especially those in one of these 04 cases. It can be seen that this regulation aims to create transparency and clarity in businesses, avoiding unfortunate consequences later.

Thu Ba

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