Close accounting books, conduct stocktaking, determine unpaid debts, and make a financial statement

Article 48. Accounting works in case of dissolution, shutdown, or bankruptcy of an accounting unit

Dịch vụ kế toán

Dịch vụ kế toán

1. The accounting unit that is dissolved or shut down shall:

a) Close accounting books, conduct stocktaking, determine unpaid debts, and make a financial statement;

b) Open an accounting book to monitor economic/financial transaction related to the dissolution or shutdown;

c) Transfer all accounting documents of the dissolved or shut down accounting unit to the superior accounting unit or an entity in charge of document retention in accordance with Article 41 of this Law.

2. Where an accounting unit is declared bankrupt, the declaring court shall appoint a person in charge of the accounting works specified in Clause 1 of this Article.

Article 49. Organization of accounting apparatus

1. Every accounting unit must organize the accounting apparatus, appoint accountants, or purchase external accounting services.

2. The organization of the accounting apparatus, appointment of accounting, the chief accountant, accounting practitioners, or purchase of accounting services or chief accountant’s services shall comply with regulations of the Government.

Article 50. Responsibilities of accounting unit’s legal representative

1. Organize the accounting apparatus, appointment of accountants, or decide to hire accounting firms or accounting households in accordance with this Law.

acconting-services2. Appoint the chief accountant or purchase chief accountant’s services in accordance with this Law, unless otherwise prescribed by other laws.

3. Organize and direct accounting works in the accounting unit in accordance with regulations of law on accounting and take responsibility for the damage caused by the legal representative’s misconduct; take joint responsibility for misconduct by others people under the legal representative’s management.

4. Organize internal accounting inspection and accounting inspection of inferior units.

Article 51. Standards, rights and obligations of accountants

1. Every accountant must meet the standards below:

a) Comply with professional ethics, be truthful, integrated, and abide by law.

b) Have professional accounting knowledge and skills.

2. Accountants have the right to perform accounting works independently.

3. Accountants must comply with regulations of law on accounting, perform given tasks, and take responsibility for their performance. When an accountant is replaced, the replaced accountant shall hand over his/her works and documents to the replacing accountant. The replaced accountant is still responsible for the accounting works done during his/her practice.

Article 52. People prohibited from practicing accounting

The following people are prohibited from practicing accounting:

1. Minors; people who completely or partly lose their civil capacity as declared by the court; people forcibly sent to reform schools or rehabilitation centers.

2. People banned from practicing accounting under an effective court’s judgment or decision; people undergoing criminal prosecution; people sentenced to imprisonment or were convicted of economic crimes or other crimes related to finance, accounting and have not had their criminal records expunged.

3. Parents, adoptive parents, spouses, children, siblings of the legal representative, head, Director, General Director, deputies of the head, Deputy Director, Deputy General Director in charge of finance – accounting, and the chief accountant of the same accounting unit, except for private enterprises, single-member limited liability companies owned by individuals, and other cases specified by the Government.

4. People holding the position of managers, executive officers, treasurers, warehouse-keepers, buyers or sellers of assets in the same accounting unit except for private enterprises, single-member limited liability companies owned by individuals, and other cases specified by the Government.