What are the rights and obligations of chief accountants in Vietnam?

What are the rights and obligations of chief accountants in Vietnam? - Tuan Hai (Binh Thuan)

Who is the chief accountant?

Pursuant to Article 53 of the Law on Accounting 2015, the chief accountant is the head of a unit’s accounting apparatus and in charge of execution of accounting works therein.

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 specified in Clause 1 of Article 53 of the Law on Accounting 2015, 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.

Where the chief accountant is replaced by another accountant, such accountant must satisfy the standards and conditions specified in Clause 1 Article 54 of the Law on Accounting 2015, and perform the chief accountant’s rights and obligations specified in Article 55 of the Law on Accounting 2015.

What are the rights and obligations of chief accountants in Vietnam?

What are the rights and obligations of chief accountants in Vietnam? (Internet image)

Standards for chief accountants in Vietnam

Pursuant to Clause 1, Article 54 of the Law on Accounting 2015, a chief accountant must meet the standards below:

- Meet the standards specified in Clause 1 Article 51 of the Law on Accounting 2015;

- 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.

Rights and obligations of chief accountants in Vietnam

Pursuant to Article 55 of the Law on Accounting 2015, the responsibilities and rights of the chief accountant are stipulated as follows:

(1) A chief accountant has the responsibility to:

- Comply with regulations of law on accounting and finance of accounting units;

- Organize the operation of the accounting apparatus in accordance with the Law on Accounting 2015;

- Make financial statements in accordance with accounting regimes and accounting standards.

(2) The chief accountant has the right to perform accounting works independently.

(3) 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 rights specified in Clause (2), also have the right to:

- Offer opinions in writing about employment, reassignment, pay raise, commendation, and disciplinary actions for accountants, warehouse-keepers, and treasurers;

- Request relevant departments of the accounting unit to provide adequate documents related to the chief accountant’s accounting works and financial supervision works in a timely manner;

- Preserve his/her opinions in writing if they are at odds with that of the decision maker;

- Submit written reports to the legal representative of the accounting unit on discovered violations against regulations of law on finance and accounting in the unit. If the decision has to be complied with, the report shall be sent to the person superior to the decision maker or a competent authority. In this case the chief accountant is not responsible for the implementation of such decision.

Mai Thanh Loi

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