Background:
The Accounting Law defines accountant as an adequately qualified person hired by the entity to undertake accounting activities and prepare financial statements.According to Article 50 of the Accounting Law, an accountant must have minimum secondary qualifications in accounting and “possess professional ethics,
integrity and good sense of law.” Article 53 requires that a chief accountant has at least 2 years of experience with a university degree and 3 years of experiencewith secondary qualification in accounting.
Since 1994, the Ministry of Finance has been responsible for promulgation of standards and setting the program for training, developing and examination ofauditors and accountants.
Candidates wishing to become Certified Practical Auditors or Certified Practical Accountants must undergo an examination. The examination for certifiedAccountants and auditors includes 8 subjects: Economic Law, Corporate Finance, Accounting, Auditing, Tax, Financial Analysis, Informatics and English.Individuals with an auditor certificate are members of VACPA (a member association of VAA). According to MoF regulations, candidates who wish to takethese examinations must have 5 years of practical experience. This must be confirmed in writing by an employer as part of the necessary dossier to be submitted prior to sitting the CPA examinations.
Although it has no right to promulgate education regulations, VAA is obliged to participate directly in the formulation of training and development programs and participates as a member of the Examination Council, holding examinations and marking examination papers. Based on the promulgated education regulations (accounting and auditing), VAA holds chief accountant training and certification courses. It also offers training classes for the people taking examinations to become Certified Practical Auditors or Certified Practical Accountants and provides professional development for existing members.
In Vietnam, the MOF has the responsibility and authority to promulgate CPD regulations. The requirement for holders of CPA Vietnam certificates is that they
must attend 40 - 45 hours of knowledge update in one year. The requirement on CPD is applied only to the holders of CPA VN certificates and not to all VAAmembers.
It is the responsibility of VAA to inspect and supervise the members with CPA certificates and hold knowledge update courses for its members in order to meetthe above requirement.