Regulations on enterprises providing accounting services according to Vietnamese law

What type of accounting service business is established? In what cases is an enterprise suspended from business?

1. In what form is an accounting service business established?

The types of accounting service business established as prescribed in Clause 1, Article 59 of the 2015 Accounting Law are as follows:

Accounting service business

1. Accounting service businesses are established in the following types:

a) Limited liability company with two or more members;

b) Partnership company;

c) Private enterprise.

2. Enterprises may only conduct business in accounting services when they ensure business conditions according to the provisions of this Law and are granted a Certificate of eligibility to conduct business in accounting services.

3. An accounting service business is not allowed to contribute capital to establish another accounting service business, except in the case of contributing capital to a foreign accounting service business to establish an accounting service business in Vietnam.

4. Foreign accounting service businesses conduct accounting service business in Vietnam in the following forms:

a) Contribute capital to accounting service businesses that have been established and operate in Vietnam to establish an accounting service business;

b) Establish a branch of a foreign accounting service business enterprise; outside;

c) Providing cross-border services according to Government regulations.

According to the above regulations, accounting service enterprises are established in the following types:

– Limited liability company with two or more members.

– Joint company name.

– Private enterprise.

2. In what cases is an accounting service enterprise suspended from business?

Enterprises providing accounting services are suspended from business in the case specified in Clause 1, Article 69 of the 2015 Accounting Law as follows:

Suspension of accounting services business and revocation of Certificate of eligibility for business in accounting services, Certificate of registration to practice accounting services

1. An enterprise providing accounting services is suspended from providing accounting services when falling into one of the following cases:

a) Failing to ensure one, several or all of the conditions specified in Article 60 of this Law for 03 consecutive months;

b) Committing professional violations or violating accounting standards, accounting professional ethics standards that cause serious consequences or are likely to cause serious consequences. actually causes serious consequences.

2. An enterprise providing accounting services will have its Certificate of eligibility to conduct business in accounting services revoked when falling into one of the following cases:

a) Making false declarations or fraudulent or falsifying records to qualify for a Certificate of eligibility to conduct business in accounting services;

b) Not providing accounting services for 12 consecutive months continuing;

c) Failure to correct errors or violations specified in Clause 1 of this Article within 60 days from the date of suspension;

d) Dissolution, bankruptcy or self-termination of accounting service business;

dd) Revocation of Business Registration Certificate, Investment Registration Certificate or other valuable documents equivalent value;

e) Falsifying or colluding, colluding to falsify accounting documents, financial reports and providing false information and reported data;

g) Forging, erasing, or modifying the Certificate of eligibility to conduct business in accounting services.

…

Accordingly, an enterprise providing accounting services is suspended from business when in one of the following cases:

– Failure to ensure one, some or all of the conditions specified in Article 60 of this Law for 03 consecutive months.

– There are professional violations or violations of accounting standards or accounting professional ethics standards that cause serious consequences or have a real possibility of causing serious consequences.

Note: In case an enterprise providing accounting services fails to correct the above violations or violations within 60 days from the date of suspension, the enterprise’s Certificate of eligibility to conduct business in accounting services will be revoked.

3. When changing the list of accountants, within what time must an accounting service business notify the Ministry of Finance?

The time limit within which an accounting service business must notify the Ministry of Finance when changing the list of accountants is specified in Clause 1, Article 66 of the 2015 Accounting Law as follows:

Changes that must be notified to the Ministry of Finance main

1. Within 10 days from the date of change in one of the following contents, an accounting service enterprise must notify in writing to the Ministry of Finance:

a) List of accountants practicing at the enterprise;

b) Failure to ensure one, some or all of the accounting service business conditions specified in Article 60 of the Law this;

c) Name and address of the head office of the enterprise;

d) Director or general director, legal representative, capital contribution ratio of members;

đ) Temporary suspension of accounting service business;

e) Establishment, termination of operations or change of name and address of branch headquarters accounting service business branch;

g) Carry out division, separation, merger, consolidation, conversion, dissolution.

…

Thus, when changing the list of accountants, the accounting service business must notify the Ministry of Finance within 10 days from the date of change.