Accounting, Auditing and Bookkeeping Services (CPC 862)
1. Legal Based
- WTO, FTAs, AFAS
- Law on Independent Auditing No. 67/2011 / QH12 dated March 29, 2011
- Accounting Law No. 88/2015 / QH13 dated 20/11/2015
- Decree 17/2012 / ND-CP dated 13/3/2012
- Decree 174/2016 / ND-CP dated December 30, 2016
2. Detailing Conditions
2.1. WTO, FTAs, AFAS: None.
2.2. Vietnam’s Regulations
2.2.1. Accounting services
a) Form of enterprise:
The foreign accounting firm provides accounting services in Vietnam in the following forms:
- contributing capital to the accounting firm which is already established and operating in Vietnam in order to set up accounting service business;
- establishment of a branch of a foreign accounting firm;
- Provide cross-border services according to the Government’s regulations.
b) Ownership ratio:
- An organization member is entitled to contribute up to 35% of the charter capital of a limited liability company providing accounting services with two or more members. In case there are many organizations contributing capital, the total capital contribution ratio of these organizations must not exceed 35% of the charter capital of the accounting service limited liability company with two or more members.
- An accounting service limited liability company must have at least 2 capital contributors who are accountants registered to practice at the company. Capital contributed by practicing accountants must account for more than 50% of the company’s charter capital.
c) Scope of activities: working as accountant, chief accountant, making financial statements, accounting consultant and other jobs within the content of accounting work in accordance with this Law for the clients who are organizations and individuals.
2.2.2. Auditing service
a) Investment form:
Foreign auditing firms perform auditing activities in Vietnam in the following forms:
- Contributing capital with auditing firms that are established and operating in Vietnam;
- Establishment of branch of foreign auditing firms;
- Providing auditing service across border in accordance with Government regulations.
b) Ownership ratio
- A member being an organization is entitled to contribute capital up to 35% of the charter capital of the audit limited liability company with two or more members. Where there are many organizations contributing capital, the total contributed capital of these organizations must not exceed 35% of the charter capital of the audit limited liability company with two or more members.
- Capital contributed by practicing auditors must account for over 50% of the corporate charter capital.
c) Scope of activities:
- Auditing services, including: auditing financial statements, performance audits, compliance auditing, auditing reports on settlement of completed projects, auditing financial statements for tax purposes and auditing work other math.
- Financial report review service, financial information and other assurance services.
- Other services: Consulting economy, finance, tax; Consulting on business management, transformation and restructuring; Consulting on information technology application in management of enterprises and organizations; Accounting services in accordance with the law on accounting; Asset price appraisal and business risk assessment; Services fostering knowledge of finance, accounting and auditing;
- Other related financial services, accounting, tax as prescribed by law.
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