THE MINISTRY OF FINANCE

Circular No. 72/2007/TT-BTC dated June 27, 2007 of the Ministry of Finance on guiding the registration and management of accounting practice

CIRCULAR

GUIDING THE REGISTRATION AND MANAGEMENT OF ACCOUNTING PRACTICE

Pursuant to the June 17, 2003 Law on accounting No. 03/2003/QH 11;

Pursuant to the Government’s Decree No. 129/2004/ND-CP dated May 31, 2004, detailing and guiding the implementation of a number of articles of the accounting law, applicable to business activities;

Pursuant to the Government’s Decree No. 77/2003/ND-CP dated July 01, 2003, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

The Ministry of Finance provides and guides the registration and management of accounting practice as follows:

1- General provisions

Annually, accounting service enterprises and other enterprises registered provision of accounting services (collectively referred to as accounting service enterprises) must registered list of accounting practitioners; individuals providing accounting services must register practice with the Ministry of Finance or the professional association of accounting and audit already been authorized by the Ministry of Finance (hereinafter abbreviated to professional association(s)).

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1.2. Accounting service enterprises, individuals providing accounting service are only entitled to provide accounting service after they have been registered the accounting practice and had confirmation of professional association(s) as prescribed in point 1.1 mentioned above. Individuals providing accounting service, after they have registered accounting practice and been confirmed by professional association(s), are collectively referred to as accounting practitioners. Individuals practicing accounting and persons registered the accounting practice in accounting service enterprises are collectively referred to as accounting practitioners.

1.3. When providing service, the accounting practitioners must produce certificate of accounting practice issued by the Ministry of Finance. When signing on documents related to the provided service, the accounting practitioners must clearly state full name and number of certificate of accounting practice.

1.4. If an accounting practitioner infringes law or infringes discipline or professional ethic, he/she will be handled in accordance with law and deleted name in list of practice registration.

1.5. Accounting service enterprises, individuals providing accounting service failing to register practice or failing to comply with provisions in this Circular will be sanctioned administrative violations in accordance with current regulations.

1.6. Enterprises, organizations, agencies have demand of accounting service such as acting as accountant, acting as chief accountant, setting up an accounting system,... (as prescribed in Article 43 of the Government’s Decree No. 129/2004/ND-CP, detailing and guiding the implementation of a number of articles of the accounting law, applicable to business activities) are only permitted to sign contracts of accounting service with the accounting and audit service enterprises, and individuals providing accounting service already registered practice and confirmed by occupational association(s) as prescribed in this Circular.

1.7. The Ministry of Finance is state management agency in accounting. Professional association(s) may be authorized by the Ministry of Finance to perform registration and management of accounting practice as prescribed in this Circular.

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