Responsibilities and Rights of the Chief Accountant Under the Law

The responsibilities and rights of the chief accountant are prescribed in Article 55 of the Accounting Law 2015 (not amended by Law No. 56/2024/QH15). The chief accountant is the head of the accounting apparatus, responsible for organizing accounting work and having professional independence in accounting matters. Each accounting unit has only one chief accountant — a joint stock company cannot have 02 chief accountants in parallel.

1. Responsibilities of the chief accountant

Under Clause 1, Article 55, the chief accountant has the following responsibilities: (i) implementing accounting and finance law provisions in the accounting unit; (ii) organizing and managing the accounting apparatus in accordance with the Accounting Law; (iii) preparing financial statements in compliance with the accounting regime and accounting standards. In addition, chief accountants of state agencies, organizations, public service units using the state budget and enterprises in which the State holds over 50% of charter capital also have the task of assisting the legal representative in financial supervision at the accounting unit; and are subject to the leadership of the legal representative.

2. Rights of the chief accountant

Under Clause 2, Article 55, the chief accountant has the right to professional independence in accounting. For chief accountants of state agencies, public service units using the state budget and enterprises in which the State holds over 50% of charter capital, in addition to the above right, they also have: the right to provide written opinions to the legal representative on the recruitment, transfer, commendation and discipline of accountants, storekeepers and cashiers; to require departments to provide accounting documents fully and promptly; to reserve professional opinions in writing when disagreeing with the decision-maker; and to report in writing when detecting violations of finance and accounting law.

3. Can a joint stock company have 02 chief accountants?

No. The chief accountant is the head of the accounting apparatus — as the “head”, there can be only one person. Arranging 02 chief accountants with parallel responsibilities and powers would overlap in signing accounting vouchers, responsibility for data and bank transactions. Where the workload is large, the company may arrange a deputy accounting manager or general accountant to assist, or hire chief accountant services under Article 56 when an appointment cannot be made.

Notes on applying current legal regulations

The content of this article is presented for reference purposes, helping readers understand the legal issue at an overview level. Where advice is needed, you should contact an ANT Legal lawyer via 0966.475.966 for review and advice before proceeding.

Common risks to note

– Arranging 02 chief accountants in parallel.
– Chief accountant lacking professional independence.
– Failing to reserve professional opinions in writing when disagreeing.

How can ANT Legal help?

ANT Legal assists in advising on the organization of the accounting apparatus and appointment conditions for chief accountants. For prompt advice, please contact our lawyers via 0966.475.966.

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