New regulation on registration and management of accounting practice

New regulation on registration and management of accounting practice 18/10/2007 03:46:00 323

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For the purpose of accelerating the development of accounting services, in order to improve the quality of services as well as to protect legal rights of organizations and enterprises using these services, the Government - in Decree 129/2004/NĐ-CP - has delegated the Ministry of Finance to provide guidance on registration and management of companies and individuals practicing accounting services. Accordingly, circular 72/2007/TT-BTC was promulgated on 28 June 2007 by the Ministry of Finance stipulating in detail the principals and procedure of registration and management of accounting practice applied to individuals and companies that register to provide accounting services.

 

To implement this Circular, a conference on registration and management of accounting practice was organized on 12 October 2007 in Hanoi

 

At the conference, representative of Ministry of Finance introduced the new regulation on registration and management of accounting practice. Accordingly, accounting companies and companies that provide accounting services have to register the list of practising staffs, and individuals providing accounting services have to register to Vietnam Accounting and Auditing Association. Accounting companies and individuals can provide accounting services after fulfilling the registration of accounting practice and get confirmation of VAA…

 

To implement this regulation, Mr. Ha Ngoc Son, Chairman of Vietnam Accounting and Auditing (VAA) - the organization that is delegated to do the registration and management of accounting practice, presented a plan on schedule and measures to implement the registration and management.

 

Accordingly, until the end of 2007 all companies and individuals that provide accounting services in any form have to register of accounting practice to the VAA. Registration documents can be sent directly to the VAA’s headquarters or through its provincial offices.

 

After evaluating registration documents, by the end of December 2007 VAA will make official announcement of 3 lists:

 

            - The list of companies and individuals that meet all requirements as stipulated by laws and are allowed to provide accounting services.

 

            - The list of companies and individuals that have yet met requirements as stipulated by laws but are still allowed to continue conducting business in the transitional period 

 

            - The list of companies and individuals that have yet met requirements as stipulated by laws and are not allowed to provide accounting services.

 

In 2008 and 2009, the VAA will continue to receive and evaluate new registration, the second time or additional registration from companies and individuals as stipulated in circular 72.

 

The list of companies and individuals being entitled to provide accounting services will be annually made public and sent to central and local State agencies for supervision.

 

By registration of accounting practice, it is expected that companies and individuals operating in this field will be improved in terms of both professional ethics and skills, thus enhancing the quality of economic-financial information, making the business environment more transparent and sustainable. /.

 

E-MoF