Decision No. 59/2004/QD-BTC Issuing Regulations on Examination and Issuance of Certified Public Accountant Certificate and Accounting Practice Certificate

 

Pursuant to …;

Issuing Regulations on Examination and Issuance of Auditor Certificate and Accounting Practice Certificate and Accounting Practice Certificate

THE MINISTER OF FINANCE

Pursuant to the Law on Accounting No. 03/2003/QH11 dated June 17, 2003;

Pursuant to Decree No. 128/2004/ND-CP dated May 31, 2004 of the Government detailing and guiding the implementation of certain provisions of the Accounting Law applicable in state accounting activities and Decree No. 129/2004/ND-CP dated May 31, 2004 of the Government detailing and guiding the implementation of certain provisions of the Accounting Law applicable in business operations;

Pursuant to Decree No. 105/2004/NĐ-CP dated March 30, 2004 of the Government on Independent Auditing;

Pursuant to Decree No. 77/2003/ND-CP dated July 1, 2003 of the Government on the functions, tasks, powers, and organizational structure of the Ministry of Finance;

Upon the proposal of the Director of the Accounting and Auditing Department and the Director of the Cadre and Civil Servant Organization Department,

DECISION:

Article 1: This Decision promulgates the "Regulations on Examination and Issuance of Auditor Certificate and Accounting Practice Certificate" attached hereto.

Article 2: This Decision shall take effect fifteen days from the date of publication in the Official Gazette and shall replace Decision No. 53/2002/QD-BTC dated April 23, 2002 of the Minister of Finance promulgating the Regulations on Examination and Issuance of Auditor Certificate.

Article 3: The Directors of the Accounting and Auditing Department and the Cadre and Civil Servant Organization Department, the Chairman of the National State Auditor and Accountant Practice Examination Board, and the Heads of relevant units shall be responsible for implementing this Decision.

 

REGULATIONS

Examination and Issuance of Auditor Certificateand Accounting Practice Certificate

(Attached to Decision No. 59/2004/QD-BTC dated July 9, 2004 of the Minister of Finance)

PART I
GENERAL PROVISIONS

Article 1: Eligible Candidates

Vietnamese citizens or foreigners permitted to reside in Vietnam who meet the examination eligibility conditions stipulated in Article 2 of these Regulations may participate in the examination for auditors and practicing accountants.

Article 2: Examination Eligibility Conditions

1. Individuals seeking the "Auditor Certificate" must satisfy the following conditions:

a) Have a clear record, possess professional ethics characterized by honesty and integrity, not fall within the categories prohibited from practicing accounting or auditing under the law;

b) Hold a bachelor's degree in finance and banking or accounting and auditing, and have at least five years of practical experience in finance, accounting, or auditing, or at least four years of practical experience as an audit assistant in an auditing firm;

c) Possess a computer proficiency certificate at level B or higher;

d) Possess a foreign language proficiency certificate at level C or higher in one of the five commonly used languages: English, Russian, French, Chinese, or German;

đ) Submit a complete application form and examination fee in accordance with the provisions of Article 3 of these Regulations.

2. Individuals already holding an "Accounting Practice Certificate" wishing to take the examination for the "Auditor Certificate" must meet the following conditions:

a) Must meet the conditions specified in points a, d, đ of Clause 1 of this Article;

b) Must have held the Accounting Practice Certificate for at least two years.

3. Individuals seeking the "Accounting Practice Certificate" must meet the following conditions:

a) Must meet the conditions specified in points a, c, đ of Clause 1 of this Article;

b) Hold a bachelor's degree in finance or accounting and have at least five years of practical experience in finance or accounting.

4. Foreigners wishing to participate in the examinations must meet the conditions specified in Clauses 1, 2, and 3 of this Article, and also must have been permitted to reside in Vietnam for at least one year.

Article 3: Examination registration dossier and examination fees

1. Examination registration dossier:

1.1. For first-time candidates applying for the Auditor Certificate or Accounting Practice Certificate, the examination registration dossier shall include:

a) Examination registration form;

b) Curriculum vitae with confirmation from the labor management organization or the People's Committee of the locality where the candidate resides;

c) Copies of diplomas/certificates as stipulated in points b, c, d of Clause 1, Article 2 of this Regulation, confirmed by the issuing organization or notarized by a competent authority;

d) Three color photographs measuring 4x6 cm taken within six months, two envelopes with stamps affixed and clearly marked with the candidate’s name, address for receiving examination notifications, schedules, and results;

đ) For foreign candidates, a copy of the passport issued by their home country, confirmed by the labor management organization;

1.2. For candidates reapplying for subjects previously failed or continuing to take remaining subjects or to meet the total score requirement as stipulated in Clause 3, Article 7 of this Regulation, the dossier shall include:

a) Examination registration form;

b) Copy of the Examination Score Certificate issued by the Examination Board;

c) Photographs and envelopes as prescribed in point 1.1 of this Article;

1.3. For candidates holding the Accounting Practice Certificate who wish to apply for the Auditor Certificate, the dossier shall include:

a) Examination registration form;

b) Curriculum vitae with confirmation from the labor management organization or the People's Committee of the locality where the candidate resides;

c) Copy of the Accounting Practice Certificate confirmed by a notary public;

d) Copy of the Foreign Language Certificate at level C or higher confirmed by the issuing organization or notarized by a competent authority;

đ) Photographs and envelopes as prescribed in point 1.1 of this Article;

2. The examination registration dossier is issued by the Examination Board according to a unified model. Candidates must submit the dossier to the Examination Board at least thirty days before the examination date.

3. Examination fees are calculated per subject and announced by the Examination Board for each examination period.

Article 4: Examination Content

1. Candidates applying for the Auditor Certificate must pass eight subjects as follows:

(1) Economic Law;

(2) Finance;

(3) Money and Credit;

(4) Accounting;

(5) Auditing;

(6) Financial Activity Analysis;

(7) Computer Science (Level B);

(8) Foreign Language (Level C).

2. Candidates applying for the Accounting Practice Certificate must pass five subjects as follows:

(1) Economic Law;

(2) Finance;

(3) Money and Credit;

(4) Accounting;

(5) Computer Science (Level B).

3. Candidates holding the Accounting Practice Certificate who wish to apply for the Auditor Certificate must continue to take three remaining subjects from those required for the Auditor Certificate, including:

(1) Auditing;

(2) Financial Activity Analysis;

(3) Foreign Language (Level C).

4. The content and requirements for each subject are specified in Appendix No. 01 attached to this Regulation.

5. Candidates applying for the Auditor Certificate may register for at least four subjects as stipulated in Clause 1 of this Article on their first attempt. Candidates applying for the Accounting Practice Certificate may register for at least three subjects as stipulated in Clause 2 of this Article on their first attempt.

Article 5: Examination Format

For each subject in Clauses 1, 2, 3, 4, 5, 6 of Article 4 and Clauses 1, 2, 3, 4 of Article 4 of this Regulation, candidates must complete a written exam within a maximum of 180 minutes. For the Computer Science and Foreign Language subjects, candidates must complete a written exam within a maximum of 120 minutes and also participate in practical computer-based testing and oral foreign language examinations within a maximum of 30 minutes.

Article 6: Organization of Examination Periods

1. The Examination Board organizes at least one examination annually in the third quarter of each year. At least three months prior to the examination date, the Examination Board officially announces on mass media the conditions, criteria, time, location, and other necessary information related to the examination period.

2. To prepare for the examination, candidates may attend vocational training courses organized by the Vietnam Association of Accountants and Auditors, universities, or training centers registered and approved by the Ministry of Finance to organize according to a unified program prescribed by the Ministry of Finance.

3. Within the latest forty-five days following the end of the examination period, the Examination Board must announce the examination results and notify the candidates.

Article 7: Examination results, retention of examination results, and exemption from examination

1. Subjects meeting requirements: These are subjects scoring 5 points or higher on a scale of 10 points.

2. Retention of examination results: Subjects meeting requirements are retained for three years starting from the first examination session. During the retention period, candidates may take additional examinations for unattempted subjects or retake subjects that did not meet requirements. Each subject can be attempted a maximum of three examination sessions.

Candidates who have met all eight subjects specified in Clause 1, Article 4, or all five subjects specified in Clause 2, Article 4, or all three subjects specified in Clause 3, Article 4 of this Regulation but whose total examination scores do not meet the point requirement set forth in Clause 3 of this Article shall be allowed to select subjects that have not been attempted three times to register for supplementary examinations to increase their scores.

3. Achieving examination results:

a) Candidates taking the Certified Public Accountant Certificate examination who meet all eight subjects and achieve a total score of 50 points or more are considered to have met the examination requirements and will be recognized as qualified by the Examination Board. In cases where they are exempted from the foreign language subject, they must meet all seven subjects and achieve a total score of 44 points or more;

b) Candidates taking the Certified Accountant Practice Certificate examination who meet all five subjects and achieve a total score of 32 points or more are considered to have met the examination requirements and will be recognized as qualified by the Examination Board;

c) Candidates with a Certified Accountant Practice Certificate taking the transition examination for the Certified Public Accountant Certificate who meet all three subjects and achieve a total score of 20 points or more are considered to have met the transition examination requirements and will be recognized as qualified by the Examination Board.

4. Exemption from the foreign language subject for the following categories:

a) Holders of a bachelor's degree in Russian, French, Chinese, or German languages or graduates from universities in Russia, France, China, or Germany;

b) Men aged 50 or older, women aged 45 or older, holding a level C certificate or a bachelor's degree in one of the five commonly used languages specified in Clause 1, Article 2 of this Regulation.

Article 8: Revocation of examination results

After a three-year period from the first examination session, if one of the subjects has been attempted three times without meeting the requirements or if all subjects have met the requirements but the total examination score does not meet the point requirement set forth in Clause 3, Article 7 of this Regulation, previous examination results will be revoked. Candidates whose examination results are revoked and wish to continue participating in examinations must retake all subjects specified in Clauses 1, 2, or 3, Article 4 of this Regulation.

Chapter II
EXAMINATION BOARD FOR THE SELECTION OF STATE-CERTIFIED PUBLIC ACCOUNTANTS AND STATE-CERTIFIED ACCOUNTANT PRACTITIONERS, SUBJECT BOARDS, AND EXAMINATION DIRECTING BOARDS

Article 9. Examination Board for the Selection of State-Certified Public Accountants and State-Certified Accountant Practitioners

1. The Examination Board for the Selection of State-Certified Public Accountants and State-Certified Accountant Practitioners (hereinafter referred to as the Examination Board) shall be established by the Minister of Finance upon the proposal of the Director of the Accounting and Auditing Department and the Director of the Cadre Organization Department.

2. The Examination Board is responsible for organizing selection examinations for certified public accountants and certified accountant practitioners. For each examination session, the Examination Board must establish a Subject Board and an Examination Directing Board.

3. The Examination Board is permitted to use the seal of the Ministry of Finance during its operational period.

4. Members of the Examination Board are not allowed to provide tutoring or review guidance after announcing the examination plan, content, and program for that year.

Article 10: Organization of the Examination Council

1. The Examination Council consists of: The Chairman of the Examination Council is the Director of the Accounting and Auditing System Department of the Ministry of Finance; the Vice-Chairman of the Examination Council, Secretary Members, and other Council Members are representatives from state management agencies on accounting, training, scientific staff, professors, and doctoral specialists in Finance, Accounting, and Auditing. The maximum number of members of the Examination Council shall not exceed nine people. The term of office of the Examination Council is five years. In case one-third of the members of the Examination Council are absent, the Directors of the Accounting and Auditing System Department and the Cadre Organization Department shall submit to the Minister of Finance for the decision to supplement the members of the Examination Council.

2. The Office of the Examination Council is located at the Accounting and Auditing System Department of the Ministry of Finance.

3. The Examination Council has a Standing Committee to assist its operations, proposed by the Chairman of the Examination Council and decided by the Minister of Finance to establish. The maximum number of members of the Standing Committee shall not exceed five people.

Article 11: Duties and Powers of the Examination Council

1. To develop, improve, and concretize the content and program for each period of examination for auditing and accounting practitioners.

2. To prepare examination plans and publicly announce them through mass media.

3. To organize examinations for auditing and accounting practitioners and qualification tests for individuals holding Accounting Specialist Certificates and Foreign Auditors' Certificates.

4. To develop examination questions and answers for each examination period.

5. To receive and review candidate application files.

6. To review examination results, announce the results, and notify individual candidates of their scores.

7. To organize re-examinations if candidates request them.

8. To report annually to the Minister of Finance on examination plans and results of each examination period.

9. To compile lists of successful candidates and submit them to the Minister of Finance for issuance of "Auditor Certificate" and "Accounting Practice Certificate."

10. To proactively propose or participate in improving the Examination Regulations and Issuance of Auditor Certificates and Accounting Practice Certificates when required.

11. To resolve complaints and reports related to examination candidates and examination organization.

Article 12: Working System of the Examination Council

1. The Examination Council operates under a collective system. Decisions of the Examination Council must be made collectively, following the principle of voting with two-thirds of the members agreeing.

2. The Examination Council organizes one meeting before the examination period and one meeting after the examination period, convened by the Chairman of the Council. When necessary, the Chairman may convene extraordinary meetings.

3. The Examination Council is entitled to use official time to organize meetings and activities within its duties and powers. Members of the Council are entitled to remuneration drawn from examination fees, as decided by the Chairman.

4. The agenda and content of each meeting of the Examination Council must be notified in writing to the members five working days prior to the meeting.

Article 13: Duties and Powers of Members of the Examination Council

1. Chairman of the Examination Council:

- Is responsible for organizing and implementing the duties and powers of the Examination Council as stipulated in Article 11 of this Regulation;

- Assigns responsibilities to each member of the Examination Council;

- Decides on the establishment of Examination Subject Committees and Examination Steering Committees;

- Organizes the preparation and selection of examination questions and answers according to the prescribed content and program, ensuring absolute confidentiality of the questions and answers before the examination;

- Organizes examinations strictly and safely in accordance with this Regulation;

- Ensures the safe management of examination papers, organizes coding, opening, and managing codes, and handing over papers to the Head of the Examination Subject Committee for marking;

- Organizes the merging of codes and scoring of examination papers to be submitted to the Examination Council;

- Reports annually to the Minister of Finance on examination plans and results of each examination period;

- Issues certificates of successful candidates for auditors and accounting practitioners and certificates of examination scores for unsuccessful candidates;

- Based on this Regulation, establishes and announces examination room rules after approval by the Examination Council;

- Delegates authority to the Vice-Chairman of the Examination Council to manage the Council's work in his absence.

2. Vice-Chairman of the Examination Council:

- Assists the Chairman of the Examination Council in managing the Council's activities as assigned by the Chairman;

- Manages and resolves general matters of the Council when authorized by the Chairman.

3. Secretary Member of the Examination Council:

- Organizes the receipt of candidate application files and submits them to the Examination Council for review;

- Prepares necessary documents for the Examination Council and records minutes of Council meetings;

- Collects disciplinary violation records of candidates and submits them to the Examination Council for consideration;

- Performs other tasks assigned by the Chairman of the Examination Council.

4. Members of the Examination Council have the duty:

- To fulfill tasks assigned by the Chairman of the Examination Council to ensure that the Council's activities are carried out strictly;

- To strictly comply with the Examination Regulations and maintain the safety and confidentiality of all related materials;

- To participate and take charge of Examination Subject Committees.

Article 14: Examination Board

1. Each examination subject and assessment component specified in Chapter III of this Regulation must establish an Examination Board. The Examination Board shall be established by the Chairman of the Examination Council for a term of two years. Each Examination Board must have at least three members, including two members who are Council members.

2. Duties of Examination Board members:

2.1. Head of the Examination Board:

- Organize the development of examination content and review programs for each examination period according to the requirements of the Chairman of the Examination Council;

- Organize the drafting of examination questions and answers according to the requirements of the Chairman of the Examination Council, maintaining absolute confidentiality regarding the examination questions;

- Receive examination papers transferred by the Chairman of the Examination Council for marking;

- Organize marking in accordance with the provisions of Article 16 of this Regulation.

In case the Head of the Examination Board is absent, the Chairman of the Examination Council will appoint a substitute.

2.2. Members of the Examination Board:

Strictly and fully perform tasks assigned by the Head of the Examination Board.

Article 15: Examination Control Board

1. The Examination Control Board shall be established by the Chairman of the Examination Council for each examination session. The Examination Control Board must have at least three Council members and monitoring teams for each examination area. Each monitoring team consists of three to four people, including at least one Council member.

2. Duties of the Examination Control Board and Monitoring Teams:

2.1. Head of the Examination Control Board:

- Arrange and assign monitors inside and outside the examination room at each examination venue;

- Receive and store examination questions in accordance with regulations;

- Ensure transparency so that candidates know that the examination questions remain sealed. Organize the drawing of lots and announcement of examination questions;

- Suspend monitors and report to the Chairman of the Examination Council for consideration and decision on replacement when monitors violate examination rules. Organize the preparation of records for candidates who violate examination rules;

- Organize the collection, sealing, safekeeping, and transfer of examination papers to the Chairman of the Examination Council.

2.2. Examination Room Monitor:

- Record the candidate's registration number at their designated seat. Change the seating position of candidates after each examination subject;

- Check the admission card of candidates when entering the examination room and guide them to sit according to their registration number;

- Sign on the answer sheet and distribute it according to regulations. Each answer sheet must have two signatures from two monitors;

- Distribute examination questions to candidates;

- When candidates start answering, compare the photo in the admission card to identify the candidate;

- If required to answer questions from candidates, only provide general responses in front of the examination room;

- Only allow candidates to leave the examination room at the earliest two-thirds of the examination time (except for necessary reasons) and must report to the Head of the Examination Control Board;

- Remind and maintain order in the examination room;

- Collect all examination papers, require candidates to record the total number of answer sheets, sign the submission list, and hand over to the Head of the Examination Control Board;

- Prepare records for candidates who violate examination rules.

Article 16: Forms of Handling Violations of Examination Room Rules

1. Reprimand shall be applied to candidates who violate any of the following offenses:

a) Intentionally sitting in the wrong seat marked with their registration number;

b) Exchanging information with other candidates.

The form of disciplinary reprimand shall be recorded by a member of the Examination Control Board in the monitoring team and announced immediately in the examination room. Candidates reprimanded in a subject will lose one-quarter of the points for that subject.

2. Warning shall be applied to candidates who violate any of the following offenses:

a) Having been reprimanded but continuing to violate examination room rules;

b) Exchanging rough notes or examination papers with others.

The form of disciplinary warning shall be recorded by a member of the Examination Control Board in the monitoring team and announced immediately in the examination room. Candidates warned in a subject will lose half of the points for that subject;

3. Suspension from examination shall be applied to candidates who violate any of the following offenses:

a) Having been warned but still intentionally violating examination room rules;

b) Being discovered carrying examination materials into the examination room.

The form of disciplinary suspension from examination shall be recorded by a member of the Examination Control Board in the monitoring team, confiscate the materials, report to the Head of the Examination Control Board for decision, and announce immediately in the examination room. Candidates suspended from an examination subject will receive zero marks for that subject;

4. In cases where candidates violating examination rules are recorded, they must sign the record. If the candidate does not sign the record, then two monitors must sign the record.

Article 17: Grading

1. Examination papers must be separated and marked with identification numbers for each subject before being handed over to the Subject Examination Board for grading.

2. The Chairman of the Examination Council shall organize the Subject Examination Boards to grade examinations centrally at the designated location, without taking examination papers home or to their offices for grading.

3. The grading process shall be conducted independently by two graders. Examination staff members (ESMs) shall base their grading solely on the content of the examination papers and the approved answers to the examination questions, which have been approved by the Chairman of the Examination Council.

4. Only valid examination papers, those completed on examination paper provided by the Examination Council and signed by two invigilators, will be graded. Papers completed on other paper than the examination paper, rough drafts, papers with different handwriting styles, papers containing inappropriate writings or drawings, or papers written in two different ink colors will not be graded.

5. The grading scale is a ten-point scale; partial points can be awarded up to 0.25 points but the total score will be rounded to the nearest 0.5 points. A passing score is 5 points or higher. The score for each subject is calculated as follows:

+ For written subjects: [Score ESM 1 + Score ESM 2] / 2

+ For foreign language and computer science subjects: [Written test score + Oral test score (or practical test score)] / 2. In this case, the oral test or practical test score is also calculated as [Score ESM 1 + Score ESM 2] / 2.

If the scores given by the two ESMs differ by more than 1 point, the two ESMs must discuss to reach an agreement; if they cannot agree, the Chairman of the Examination Council will review and decide.

Article 18: Reviewing Examination Results

The Examination Council shall review examination results based on the grading results of each subject and approve the list of successful candidates and unsuccessful candidates. The examination results shall be announced by the Chairman of the Examination Council after approval by the Examination Council.

Article 19: Rechecking Examination Papers

1. Within thirty days from the date of announcement of examination results, if an examinee submits a request for rechecking, the Examination Council shall organize the rechecking of the examination papers and notify the examinee of the results within fifteen days from the deadline for submitting rechecking requests. Requests for rechecking submitted after the specified period will not be processed.

2. Applicants requesting rechecking must pay the rechecking fee as notified by the Examination Council.

3. The rechecking of examination results shall be carried out by the Head of the Subject Examination Board and must be approved by the Chairman of the Examination Council. The Chairman of the Examination Council must inform the applicant of the rechecking results.

Article 20: Issuance of Examination Score Certificate

Those who have not taken all eight required subjects, five required subjects, or three required subjects and have not met the requirements will be issued an Examination Score Certificate (Annex No. 02) by the Chairman of the Examination Council. The Examination Score Certificate serves as the basis for applying to take the remaining subjects, retake failed subjects, or take additional exams to improve scores.

Chapter III
ORGANIZATION OF EXAMINATIONS FOR HOLDERS OF FOREIGN CERTIFICATES IN ACCOUNTING SPECIALIST OR AUDITOR

Article 21: Conditions for Participation and Content of Examinations

1. Individuals holding certificates from foreign organizations recognized by the Ministry of Finance of Vietnam as accounting specialists or auditors wishing to obtain the "Auditor Certificate" of Vietnam must sit for an examination on Vietnamese legal knowledge.

2. Individuals who have completed the training program for accounting specialists under the Accounting-Audit Project jointly organized by the Ministry of Finance of Vietnam and the European Union in Hanoi in 1998, and meet the conditions stipulated in Clause 1 of Article 2 of this Regulation, may participate in the examination on Vietnamese legal knowledge to obtain the Auditor Certificate as stipulated in Clause 1 of this Article.

3. The examination content includes the following parts:

(1) Economic laws, Law on Foreign Investment in Vietnam;

(2) Financial policies and taxes;

(3) Corporate accounting regulations;

(4) Regulations on auditing financial statements;

(5) Currency and credit.

4. The content and requirements for each part of the examination are specified in Annex No. 01 attached to this Regulation.

5. Individuals who have participated in and passed joint examinations between the Ministry of Finance of Vietnam and the Association of Chartered Certified Accountants (ACCA) are exempted from Parts (1) and (2) as stipulated in Clause 3 of this Article.

6. The language used in the examination is Vietnamese or English.

7. The maximum examination time is 180 minutes for all five parts.

Article 22: Registration Documents for the Examination

1. Application documents for registration to take the examination include:

a) Examination registration form;

b) A certified copy and a Vietnamese translation of the certificate: Professional Accountant Certificate or Foreign Auditor Certificate;

c) Three 4 x 6 color photographs taken within six months, two envelopes with stamps and clearly marked with the full name and address of the person to be notified of examination results;

d) A certified copy of the passport issued by the country of residence, confirmed by the labor management organization.

2. Application documents for the examination are issued by the Examination Board according to a unified model. Applicants must submit their application documents to the Examination Board at least thirty days before the examination date.

Article 23: Examination Results

1. The examination grading scale is a 100-point scale. Examination scores range from 1 point upwards.

2. An examination paper that meets the requirements is one that scores 70 points or higher, or 42 points or higher for those exempted from parts (1) and (2) of the examination. The examination results will be communicated to each examinee individually.

3. Those who achieve the examination results will be granted an Auditor Admission Certificate by the Chairman of the Examination Board (Annex No. 03).

4. Other provisions shall be implemented according to this Regulation.

Chapter IV
ISSUANCE OF THE ADMISSION CERTIFICATE, ISSUE AND REVOKE OF AUDITOR CERTIFICATE OR ACCOUNTING PRACTICE CERTIFICATE

Article 24: Issuance of Admission Certificate

1. Examinees who meet the examination requirements will be granted an "Auditor Admission Certificate" or "Accounting Practice Admission Certificate" by the Chairman of the Examination Board (Annex No. 03).

2. The Auditor Admission Certificate or Accounting Practice Admission Certificate has the value to obtain the "Auditor Certificate" (Annex 04) or "Accounting Practice Certificate" (Annex 05).

Article 25: Issuance of Auditor Certificate or Accounting Practice Certificate

1. Those who have been granted an Auditor Admission Certificate or Accounting Practice Admission Certificate as stipulated in Clause 1 of Article 24 of this Regulation will be submitted by the Chairman of the Examination Board to the Minister of Finance for issuance of the Auditor Certificate or Accounting Practice Certificate.

2. The Auditor Certificate and Accounting Practice Certificate have legal validity for registering to practice auditing and accounting in accordance with current laws on auditing and accounting practice.

3. Holders of the Auditor Certificate are permitted to register for auditing practice and provide auditing services, accounting services, and other services specified in Article 22 of Decree No. 105/2004/NĐ-CP dated March 30, 2004 of the Government on Independent Auditing and to register for accounting service business operations in accordance with Article 43 of Decree No. 129/2004/NĐ-CP dated May 31, 2004 of the Government detailing and guiding the implementation of certain provisions of the Accounting Law applicable to business activities.

4. Holders of the Accounting Practice Certificate are permitted to register for accounting service business operations in accordance with Article 43 of Decree No. 129/2004/NĐ-CP dated May 31, 2004 of the Government detailing and guiding the implementation of certain provisions of the Accounting Law applicable to business activities.

Article 26: Revocation of Auditor Certificate or Accounting Practice Certificate

1. Holders of the Auditor Certificate who violate Articles 15, 17, 18, 19 of Decree No. 105/2004/NĐ-CP mentioned above or violate Points 2, 3, 4, 5, 6 of Section A, Part II of Circular No. 64/2004/TT-BTC dated June 29, 2004 of the Ministry of Finance guiding the implementation of certain provisions of Decree No. 105/2004/NĐ-CP will not be allowed to continue auditing practice; if the violation is serious, their Auditor Certificate will be permanently revoked.

2. Holders of the Accounting Practice Certificate who violate Articles 42, 43, 44, 45 of Decree No. 129/2004/NĐ-CP mentioned above will not be allowed to continue accounting practice; if the violation is serious, their Accounting Practice Certificate will be permanently revoked.

ANNEX NO. 01

CONTENT AND REQUIREMENTS FOR EACH SUBJECT
(Attached to Decision No. 59/2004/QD-BTC dated July 9, 2004 of the Minister of Finance)

I. THE SUBJECTS INCLUDE:

1. Economic Law;

2. Finance;

3. Money and Credit;

4. Accounting;

5. Auditing;

6. Financial Activity Analysis;

7. Computer Science (Level B);

8. Foreign Language (Level C).

II. CONTENT AND REQUIREMENTS FOR EACH SUBJECT

1. Economic Law

(1) State and Law:

+ State apparatus and the legal status of the state apparatus;

+ Nature and role of law;

+ Legal system.

(2) State Management of Economy:

+ Characteristics of state economic management;

+ State agencies responsible for economic management and their legal status;

+ Legal status of business entities.

(3) Law on State-Owned Enterprises; Enterprise Law; Law on Foreign Investment in Vietnam:

+ Provisions on establishment and dissolution of enterprises;

+ Business subjects and classification of business subjects;

+ Types of enterprises and their legal status.

(4) Economic Contracts:

+ General characteristics of economic contracts;

+ Execution of economic contracts;

+ Performance, modification, suspension of economic contracts;

+ Legal responsibility in economic contracts.

+ Disputes and resolution of economic contract disputes.

(5) Labor Law:

+ Employment contracts;

+ Legal status of employees and employers;

+ Disputes and resolution of labor disputes.

(6) Civil Law:

+ Execution of civil contracts;

+ Ownership rights;

+ Legal responsibility for civil contracts.

(7) State Budget Law:

+ Tasks and powers at various levels in establishing and approving the state budget;

+ Contents of revenue and expenditure of the state budget at various levels;

+ Procedures for preparing the budget estimate, implementing the budget, and finalizing the state budget.

(8) Law on Encouraging Domestic Investment; Bankruptcy Law; Law on Resolution of Economic Disputes.

2. Money and Credit

(1) Money and credit interest rates:

+ Money;

+ Credit;

+ Forms of credit;

+ Payment and forms of payment;

+ Interest rates on credit;

+ Role of credit interest rates in adjusting economic and social development.

(2) Banks and bank activities:

+ Central Bank

- Functions of the Central Bank;

- Tasks (formulating and enforcing monetary policy);

- Assets of the Central Bank (Liabilities, Assets);

- Balance sheet of the Central Bank.

+ Commercial banks and credit funds

- Concept of commercial banks;

- Operations of commercial banks;

- Evaluation of commercial bank performance.

(3) Non-bank organizations and their activities

+ Insurance companies;

+ Financial companies;

+ Securities companies;

+ National Treasury;

+ Leasing companies;

+ Companies buying and selling debts and surplus assets of enterprises;

+ Funds: Development Support Fund; Postal Savings...

3. Finance

(1) New perceptions on business capital, capital flows, financial markets, channels for generating business capital in a market economy:

+ Forms of raising capital for business development;

+ Establishment and utilization of depreciation reserves for fixed assets;

+ Preservation and development of business capital;

+ Content of mechanisms for granting usage rights, responsibility for preserving and developing production and business capital for State-owned Enterprises;

(2) Contents of tax laws and budget revenues of the State Budget;

(3) Financial mechanisms of each type of enterprise (State-owned Enterprises, enterprises operating under the Enterprise Law, Foreign Investment Law in Vietnam, etc.);

(4) Costs, revenue, profit:

+ Break-even point, determination of break-even point;

+ Revenue;

+ Present value and future value of costs and income;

+ Reserve funds in enterprises;

+ Profit and economic funds in enterprises;

+ Efficiency of investment capital;

+ Selection of investment options;

(5) Reform of State-owned Enterprises:

+ Shareholding reform of State-owned Enterprises;

+ Conversion of State-owned Enterprises into limited liability companies or partnerships;

+ Sale, lease, or transfer of State-owned Enterprises;

(6) State Budget revenue and expenditure and financial activities of units using State Budget funds and those not using State Budget funds;

4. Accounting

(1) Accounting laws

+ Accounting Law and guiding documents;

+ Vietnamese accounting standards;

+ Accounting regulations;

(2) Content of accounting work:

+ Accounting vouchers;

+ Accounting accounts and ledgers;

+ Financial reports;

+ Accounting inspection and asset inventory;

+ Preservation and storage of accounting documents;

(3) Organization of accounting staff and personnel;

(4) Professional accounting activities;

(5) Practical enterprise accounting:

+ Accounting for elements of production and business processes (Fixed assets, inventory, labor and wages);

+ Cost accounting and product pricing;

+ Finished goods accounting, sales, revenue, profit, and profit distribution;

+ Cash capital accounting, payment transactions, sources of capital, and enterprise funds;

+ Methods of preparing and checking financial reports;

(6) Practical state accounting:

+ Money and equivalent money accounting;

+ Source fund accounting, reserve funds, surplus and deficit;

+ Internal and external payment accounting;

5. Auditing

(1) Auditing laws:

+ Auditing Decrees and guiding documents;

+ Vietnamese auditing standards system;

(2) General issues in auditing:

+ Concept of auditing, types of auditing;

+ Objectives of independent auditing, role of independent auditing in a market economy;

+ Standards, conditions, and responsibilities of auditors;

+ Auditing firms, establishment and operation conditions; rights and responsibilities of auditing firms;

(3) Basic concepts:

+ Database;

+ Accounting systems and internal control systems;

+ Audit plan;

+ Control testing;

+ Substantive testing;

+ Accounting estimates;

+ Risk, fraud, error, materiality, etc.;

(4) Auditing methods, techniques, and procedures:

+ Sequence of steps in an audit and content of each step (audit preparation, audit execution, reporting results);

+ Basic audit procedures;

+ Content and procedures of auditing specific areas (cash, bank deposits, receivables, inventory, production costs, sales, financial results, tax obligations, year-end balances, accounting estimates, etc.);

(5) Practical financial statement auditing:

+ Preparing an audit plan;

+ Sequence of conducting an audit;

+ Situations in financial statement auditing and auditor's opinions;

+ Audit working papers, sufficient and appropriate evidence evaluation;

+ Auditing final project settlement reports, program, and project settlements;

+ Preparing an audit report;

6. Financial activity analysis

(1) Tasks and methods of financial activity analysis;

(2) Analysis of enterprise financial status:

+ Analysis of asset and capital structure;

+ Analysis of self-financing capability;

+ Analysis of capital availability for production and business;

+ Analysis of capital utilization efficiency;

+ Analysis of debt situation and payment ability;

+ Analysis of break-even point and selection of investment options;

+ Analysis of fixed asset acquisition and utilization;

+ Analysis of cash flow;

7. Information Technology

(1) Windows Operating System:

+ Directories and files;

+ Basic commands;

(2) MS WINDOWS and basic applications;

(3) Microsoft Word Program:

+ Working commands, block working;

+ Creating tables, setting print pages;

(4) Microsoft EXCEL and basic applications;

(5) FOXBASE/FOXPRO Data Management System:

+ FOXPRO data file structure;

+ Command files, search, modify information;

(6) Computers, computer networks, internet, web pages;

(7) Practical word processing or accounting ledger entry on computers;

8. Foreign Language

- Requirement: Level C or higher;

- Skills: Listening, speaking, reading, writing, translation;

APPENDIX NO. 02

CERTIFICATE OF INSURANCE OR OTHER FINANCIAL SECURITY

AUDITING EXAMINATION RESULTS YEAR ...(*);

Pursuant to Decision number... dated... of the Chairman of the Examination Board for Auditors and Licensed Accountants recognizing the results of the Auditor examination year... organized at...

THE EXAMINATION BOARD FOR AUDITORS AND LICENSED ACCOUNTANTS AT NATIONAL LEVEL CERTIFIES:

Mr./Ms.:...

Year of birth:... Registration number: ...

Place of work: ...

Examination scores for subjects in the examination year... as follows:

The examination score certificate has validity for filing registration to take other unexamined subjects, retake subjects that have not met requirements, or take examinations to meet the minimum total score requirement for those who have not been selected;

(*) Or: examination score for licensed accountant;

 

ANNEX NUMBER 03

 

CERTIFICATE OF INSURANCE OR OTHER FINANCIAL SECURITY

SELECTED AUDITOR (*)

Mr./Ms.: ...

Year of birth:... Place of origin: ...

Place of work: ...

HAS BEEN SELECTED IN THE NATIONAL AUDITOR EXAMINATION (*)

Held in month... year... at... Achieved grade:...

Deputy Minister of Finance

ANNEX NO. 04

 

AUDITOR'S CERTIFICATE

AUDITORS CERTIFICATE

MINISTER OF FINANCE

Issued to Mr./Ms.

..............................................................

Date of birth...

Place of origin (Nationality)...

Achieved grade:... in the Auditors Certificate examination organized by the Ministry of Finance in month..., year...

Has passed the Auditors Certificate (AC) examination organized by the Ministry of Finance on with grade ...

HANOI, DAY MONTH YEAR...

ANNEX NO. 05

ACCOUNTING PRACTICE CERTIFICATE
ACCOUNTING PRACTICE CERTIFICATE
MINISTER OF FINANCE

Issued to Mr./Ms.

Date of birth.

Place of origin (Nationality)

Achieved grade:... in the Accounting Practicing Certificate examination organized by the Ministry of Finance in month..., year

Has passed the Accounting Practising Certificate (APC) examination organized by the Ministry of Finance on with grade...

HANOI, DAY MONTH YEAR