29 Jul REGULATIONS ON CHIEF ACCOUNTANT OF A COMPANY IN VIETNAM(Last Updated On: September 6, 2022)
WHO IS A CHIEF ACCOUNTANT?
- The chief accountant is the head of a unit’s accounting apparatus and in charge of the execution of accounting works therein.
- Chief accountant 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 this Article, 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, and perform the chief accountant’s rights and obligations as the required Standards and conditions for chief accountant.
STANDARDS AND CONDITIONS CHIEF ACCOUNTANT?
A chief accountant must meet the standards below:
- 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 work; the holder of an associate degree in accounting must have at least 03 years’ experience of accounting work.
RIGHTS AND OBLIGATIONS OF CHIEF ACCOUNTANT?
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 this Law;
- Make financial statements in accordance with accounting regimes and accounting standards.
The chief accountant has the right to perform accounting works independently.
Chief accountant 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 above, also have the right to:
- Offer opinions in writing about employment, reassignment, pay raise, commendation, and disciplinary actions for accountant, 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 competent authority. In this case, the chief accountant is not responsible for the implementation of such a
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