Amending regulations on management and inspection of accounting service activities

The Ministry of Finance has just issued Circular No. 18/2024/TT-BTC amending and supplementing a number of articles of the Circulars guiding the management and inspection of accounting service activities. This Circular takes effect from May 15, 2024.

Illustration photo. (Source: Internet)

According to the Circular, the subjects of annual knowledge update are practicing accountants and those who register to practice accounting services. For those newly granted an accountant certificate or an auditor certificate, they can register to practice accounting services until December 31 of the year following the year of granting the certificate without being required to update their knowledge. However, to continue to maintain the conditions for practicing accounting services in the year following the year of granting the certificate, from August 16 of the year of granting the certificate to August 15 of the year following the year of granting the certificate, the practitioner must have enough hours of knowledge update according to regulations.

The updated knowledge content includes: Vietnamese legal regulations on accounting and taxes; professional ethics standards on accounting; accounting practice experience; international accounting standards and international financial reporting standards. Relevant legal regulations on economics, finance, auditing; management skills; international auditing standards; other knowledge and information related to the profession.

Disclosure of information about practicing accountants

The Ministry of Finance periodically updates and publicizes on the Ministry of Finance's website before the 10th of each month the following information:

List of practicing accountants at each accounting service business enterprise and accounting service business household;

List of practicing accountants suspended from practicing accounting services;

List of practicing accountants whose Certificate of registration to practice accounting services has been revoked;

List of practicing accountants whose Certificate of registration to practice accounting services has expired or is no longer valid.

The Ministry of Finance will add or remove the name of practicing accountants from the public list of registered practicing accountants at each accounting service business enterprise or accounting service business household when the Certificate of registration to practice accounting services is granted, re-granted, expires or is no longer valid.

Inspect accounting service business units 3-5 times/year

The Circular clearly states that direct inspections are conducted every 3 years for accounting service business units with average accounting service revenue in the 3 consecutive years up to the time of inspection of 20 billion VND/year or more. Accounting service revenue includes revenue from: accounting services; chief accountant services; financial reporting preparation and presentation services and accounting consulting services according to annual performance reports.

Directly inspect at least once every 5 years for accounting service business units that are not subject to the above regulations. Determining the subject of inspection is based on the average annual accounting service revenue in the 3 previous years up to the time of inspection.

Every year, based on the period of periodic direct inspection of accounting service business activities, the Ministry of Finance reviews, makes an inspection plan, compiles a list of accounting service business units subject to direct inspection of accounting service business activities during the year and notifies each inspected entity at least 10 days before the start date of the inspection.

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