The Ministry of Finance has proposed amendments to the Accounting Law, aiming to reduce professional risks for accountants and enhance their job security. The proposed changes come in response to recent economic crimes where leaders of organizations have evaded responsibility, leaving accountants vulnerable to the consequences.
Many accountants have become unwitting accomplices to leadership malfeasance, forced to obey their superiors’ orders. The current Accounting Law lacks provisions to protect accountants who wish to report misconduct or reserve the right to disagree with their superiors’ directives.
To address this issue, the Ministry of Finance suggests including standards, rights, and responsibilities for accountants in the law. These provisions would grant accountants professional independence in accounting practices and allow them to formally express dissent through written documents or other verifiable means. If an accountant disagrees with a superior’s decision and has documented their objection, they would not be held accountable for any wrongdoing resulting from following the superior’s orders.
This proposed regulation aims to empower accountants to confidently voice their concerns when they identify instructions that contradict professional principles and ethics. By doing so, accountants can actively contribute to preventing corruption and misconduct within their organizations.
The Ministry of Finance proposes regulations to reduce risks for accountants. Illustrative image: LVN.
Additionally, the Ministry of Finance suggests enhancing decentralization and delegation of authority to improve state management in accounting. They propose clarifying the functions and tasks of the Ministry of Finance, other ministries, the State Bank, and provincial People’s Committees in state accounting management.
Specifically, the Ministry of Finance is responsible for state accounting management and developing and submitting accounting development strategies and policies to the government for approval. They are also tasked with issuing legal documents, Vietnamese accounting standards, professional ethics standards, accounting regimes, and other legal documents related to accounting.
The Ministry of Finance is also responsible for issuing Vietnamese accounting standards, professional ethics standards for accounting, accounting regimes, and other legal documents related to accounting. Other ministries and ministerial agencies are expected to coordinate with the Ministry of Finance in state accounting management within their respective sectors and fields of responsibility.
The State Bank is responsible for formulating and issuing accounting regulations or legal documents applicable to credit institutions and branches of foreign credit institutions under its management, ensuring compliance with the accounting standards stipulated in this Law.
The People’s Committees at the provincial level are responsible for directing and managing accounting practices for accounting units within their localities, as prescribed by the Law on Accounting.
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