VIETNAM ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS (REVISED AND AMENDED) (Approved as attached to Decision No. 852/QD-BNV dated 11 August 2015 by Minister of Home Affairs)

MINISTRY OF

HOME AFFAIRS

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THE SOCIALIST REPUBLIC OF VIETNAM

Independence – Freedom – Happiness

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STATUTE

Of

VIETNAM ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS

(REVISED AND AMENDED)

(Approved as attached to Decision No. 852/QD-BNV dated 11 August 2015 by Minister of Home Affairs)

 

Chapter I

 GENERAL PROVISIONS

Article 1. Appellation and logo

1. Appellation in Vietnamese: Hội Kiểm toán viên hành nghề Việt Nam.

2. Appellation in English: Vietnam Association of Certified Public Accountants.

3. Appellation in abbreviation: VACPA.

4. The logo of the Association is registered for copyright under applicable laws.

Article 2. Professional statement and objectives

Vietnam Association of Certified Public Accountants (hereafter in this Charter referred to as the Association) is the professional body of Vietnamese citizens holding certificates of auditors and audit firms in Vietnam. The Association is voluntarily established  to assemble and unite its members for mutual support to perform productively and contribute to maintain, develop and upskill practicing auditors, improve the quality of accounting and auditing services, and uphold reputation and professional credentials and ethics for it to be regionally and internationally recognized as a professional body. The Association also aims to help provide transparency into corporate economic and financial data, protect the interests of users of financial data of audited companies and organizations in accordance with applicable laws, and contribute to the country’s social and economic development. 

Article 3. Legal status and headquarters

1. The Association is a legal entity with its own seal and bank accounts; it operates in accordance with Vietnam’s laws and its Charter that has been approved by competent authorities.

2. The Association has its headquarters in Hanoi with representative offices established in cities and provinces directly under the central government in accordance with applicable laws.

Article 4. Scope and areas of activities  

1. The Association operates on a nation –wide basis  in the field of independent audit.

2. The Association is subject to state management by Ministry of Finance for its independent audit profession and by other relevant ministries in accordance with applicable laws.

Article 5. Organization and operation principles

1. The association is a voluntary and self-governed body.

2. It operates on the principles of democracy, equality, independence, integrity  and transparency.

3. It operates on a self-financed basis.

4. It is a not-for-profit organization.

5. It complies with Vietnam’s Constitution and laws and its ownCharter.

Chapter II

 RIGHTS AND OBLIGATIONS 

Article 6. The Association’s rights

 

1. Communicating about the Association’s professional statement andobjectives.

2. Representing its members in internal and external interactions relating to its function and obligations. Establishing collaborative relationships, and participating in local and international forums and workshops in accordance with applicable laws.

3. Protecting legal rights and interests of its members in line with its professional statement and objectives and in accordance with applicable laws.

4. Participating in programs, projects and research studies; providing consulting services, critical challenges and social evaluation at the requests of government authorities; providing public services in areas pertaining to the Association’sfunctions; and delivering vocational training and vocational impartation in accordance with applicable laws.

5. Providing feedback and inputs to legal normative documents pertaining to the Association’s operation  in accordance with applicable laws and recommendations to competent government authorities on matters concerning the Association’s development and operation areas; Participating in the development, revision and amendment of policies promulgated by government authorities concerning independent audit and finance; Delivering training including Continue Profession Development training for auditors, practicing auditors and interested public members in accordance with applicable laws; and providing other services in accordance with applicable laws.

6. Coordinating with other stakeholders to deliver against the Association’s mandate.

7. Tracking and monitoring the execution of post-review recommendations by reviewed members; establishing legal affiliated subsidies in accordance with applicable laws.

8. Raising fund from membership fees and other sources of revenues from business and service activities accordance with applicable laws to fund its own operating expenses.

9. Receiving legal funding support from local and international individuals and organizations in accordance with applicable laws and receiving government funding support to conduct activities closely linked with any mandate assigned by the Government (if any).

10. Joining relevant international organizations; signing and executing international agreements in accordance with applicable laws; and reporting to the authority permitting the Association to be established and other relevant government authorities on joining relevant international organizations; signing and executing international agreements. .

11. Compiling and publishing technical manuals, journals, newsletters and magazines in service of the Association’s members and its own operation accordance with applicable laws and itsCharter.

12. Performing other operations pertaining to independent auditing accordance with applicable laws.

 

Article 7. The Association’s obligations and responsibilities

1. Ensuring compliance with applicable laws and regulations concerning the Association’s organization and operation.  Organizing its  operation in accordance with approvedCharter; Not taking advantage of its activities to the prejudice of national security, social order and ethics, fine customs, national traditions, and legal rights and interests of any individual or organization.

2. Rallying, uniting and encouraging its members on-going improvement of technical capacity, expertise, reputation and professional ethics of auditors; Arranging and coordinating activities across members for the shared interests of the Association; Adhering to the Association’s professional statement and objectives in order to develop areas pertaining to its operation areas and contribute to the development of Vietnam.

3. Disseminating knowledge, conducting  training and professional sharing, providing counseling and support for members; Offering guidance to ensure members’ compliance with Government’s laws, policies and regimes as well as the Association’s Charter and regulations.

4. Representing its members in providing inputs and recommendations to competent authorities concerning policies and directions related to the Association’s operation areas in accordance with applicable laws.

5. Resolving internal disputes, complaints and whistle-blowing within the Association in accordance with applicable laws. Offering support to its members in developing professional relationships and collaborations across its members,  listening and seeking suitable resolutions to disputes across the members in order to minimize unfair competition in the independent audit service market.

6. Developing and executing commitments amongst its members with regards to professional ethics, service quality, and a level and healthy business environment for audit firms; providing support to its members to improve their reputation and service quality; protecting and developing independent audit as a profession in Vietnam.

7. Managing and using the Association’s sources of funding in accordance with applicable laws.

8. Providing consistent management of membership; tracking  the  compliance with accounting and audit policies and regulations,  members’ service quality; reporting to competent state authorities to deal with members’ non-compliance.

9. Submitting reports to Ministry of Finance on an annual basis on the status and outcomes of missions executed as assigned to the Association by competent state authorities.

10. Conducting rewards and consequences management in accordance with the Association’s Charter as well as rewards and consequences regimes applicable to members and to staff of the Association and applicable laws; organizing reviews and experience-sharing sessions on audit practice; submitting to Ministry of Finance and Ministry of Home Affairs annual reports of the Association’s activities, decisions and resolutions of the Association in accordance with applicable laws and at request.

11. Performing of other missions at the request of competent state authorities. 

 

Chapter III

MEMBERS

Article 8. Members and membership criteria  

1. Members of the Association include:

a)  Full members: Any Vietnamese citizen and/or organization who is active in the field of independent audit and who meets the eligibility criteria specified under Clause 2 of this Article and approves of the Association’s Charter and wishes join the Association on a voluntary basis may become a full member of the Association;

b) Associate  members:

- Any Vietnamese citizen who meets the eligibility criteria specified under Clause 3 of this Article and agrees with  the Association’s Charter and wishes to join the Association on a voluntary basis shall be acknowledged by the Association as an associate member;

- Vietnamese citizens and/or organizations who are eligible to become  full members but only wishes to become associate members, agree with the Association’s Charter and wish to join the Association on a voluntary basis shall be acknowledged by the Association as an associate member;

c) Honorary members:  Vietnamese citizens who have good reputation and competency in  accounting and auditing and being recognized as great  contributors to the development of the Association shall be honored by the Association as its honorary member.

2. Criteria for  full member:

a) Criteria for individuals : Vietnamese citizens who have received certificate of auditor (CPA) from the Minister of Finance and possess professional credentials and ethics;

b) Criteria fororganisations : audit firms which are established in accordance with applicable laws and operate in Vietnam, represented by a Vietnamese citizen holding the highest position in the firm or an authorized person who is qualified to represent the firm as a full member of the Association.

3. Criteria for an associate member:

a) Vietnamese citizens who have been awarded foreign CPA certificate  and  possess suitable professional credentials and ethics;

b) Vietnamese academic professors, lecturers,  researchers, or accounting and auditing professionals of management level with positive influences on the operation of the Association, should possess  professional credentials and ethics .

4. Associate members and honorary members are entitled to neither self-nomination, nomination, election of members of the Executive Board or the Supervisory Board nor voting rights pertaining to any matters of the Association.

Article 9. Rights of members

1. The Association protects legal rights and interests of its members as they practice their profession in accordance with applicable laws.

2. Members are provided with information related to the Association’s activities  and information on the promulgation, issuance and amendment of policies, regimes and laws, information on international accounting and auditing activities and others; they have the right to directly participate in the Association’s activities, training courses, CPD training, knowledge updates in finance, accounting and auditing; participate in study tours domestically or overseas  organizes or co-organizes by the Association in accordance with applicable laws.

3. Members are entitled to being involved in discussing and making decisions on the Association’s business directions in accordance to its regulations, making recommendations and suggestions to competent authorities concerning the Association’s business areas; and making recommendations to the Association on amendments and improvements to financial, accounting and auditing policies and regimes and other professional matters which the Association could request state authorities to realize.

4. Full members are entitled to self-nomination, nomination and election of members to the Executive Board and the Supervisory Board in accordance with the Association’s regulations. Being participated in or nominating ed a representative to participate and vote in the Association’s Nationwide   congresses. Full Members have the right to authorize other full  members to act on their behalf.

5. Members have right to  refer new members.

6. Members may receive acknowledgement and rewards in accordance to the Association’s regulations.

7. Individual members shall receive “Certificate of Membership of Vietnam Association of Certified Public Accountants” and institutional members shall receive “Certificate of Institutional Member Vietnam Association of Certified Public Accountants”.

8. Members are entitled to concessions e.g. discount or waiver of fee for services provided by the Association as specified in the membership benefit list issued by the Association.

9. Members shall be removed from the Association when considered to no longer have the ability to be its member.

10. The Association encourages and facilitates its members to become members of international professional bodies in line with their personal needs and qualifications.

Article 10. Obligations of members

1. Members shall comply strictly with the Party’s policies and directions, the State’s laws, and the Association’s Charter and regulations.

2. Members shall participate in the Association’s activities and events, and shall show solidarity and collaboration with other members to develop and grow the Association.

3. Members shall protect the Association’s reputation and shall not act in the Association’s name in transactions, except when assigned in writing by the leaders of the Association.

4. Members shall pay membership fee in full and in due course in accordance with the regulations of the Executive Board.

5. Members shall make on-going efforts to improve their technical expertise, professional skills, managerial experience, personal reputation and professional service quality.

6. Members shall preserve and uphold professional credentials and ethics and play an active role in communicating about and protecting the Association’s reputation.

7. Members shall actively provide information and reports with updates on any of their changes in accordance to the Association’s regulations.

Article 11. Membership fees

1. Annual membership fees shall be deliberated and decided by the Executive Board.

2. Membership fees for associate members are 50% (fifty percent) of full membership fees.

3. Honorary members and members who serve as permanent staff of the Association’s offices are exempted from membership fees.

Article 12. Process and authority for membership admission and dismissal

1. Process and authority for admission:

a) Any individual CPAs or audit firm who is eligible and qualified under the criteria set forth in Article 8 of the Charter and who wish to join as full or associate members of the Association shall submit an Application Form (attached with a copy of the certificate of auditor and a 3x4 photo in the case of an individual applicant; or a copy of business registration certificate and/or corporate registration certificate and/or investment certificate granted by a Department of Planning and Investment  together with a copy of audit service qualification certificate granted by Ministry of Finance (if any) and a copy of a certificate of auditor for one representative of the firm in the case of an institutional applicant). Applications can be submitted in hard copy to the office of the Association or online via the Association’s website. The Office of the Association shall consider and make recommendations to the President of the Association to decide on admission;

b) In order to become an honorary member under the recommendation of the Office of the Association, a request for admission of the candidate must be secured from at least two full members. The honorary member candidate shall submit a CV following the form specified by the Executive Board.

2. Dismissal:

a) Any individual member shall be subject to dismissal from the Association as consequence of discipline in the following cases:

- Violation of laws in independent audit to the extent when his/her certificate of auditor is revoked or when he/she is prohibited from participating in independent audit activities in accordance with the Law on Independent Audit;

- Violation of accounting and auditing professional ethics;

- Violation of the Association’s Charter or failure to adhere to resolutions and decisions by the Executive Board leading to reputational damages to the Association or other members;

- Failure to pay membership fee for more than one year after due;

b) Any member who is an audit firm shall be subject to dismissal from the Association as consequence of discipline in the following cases:

- The member’s audit service qualification certificate is revoked by a state authority; the member is prohibited from participating in audit activities;

- Failure to pay membership fee for more than one year after due;

c) Any member who is an audit firm shall no longer be a member of the Association when it is dissolved or declares bankruptcy or can no longer stay as a member due to any other objective reason;

d) Any member who wishes to discontinue its membership with the Association or any dead individual member shall be discontinued from being a member of the Association.

3. Process for dismissal/ membership discontinuation:

a) Any member who wishes to discontinue being a member shall submit a discontinuation request letter to the Office of the Association via email or post office. The office of the Association shall submit such request to the Association President for deliberation and decision;

b) Other cases of dismissal or discontinuation shall be consolidated and submitted by the Office of the Association to the Executive Board to deliberate and make recommendation to the Association President for final decision. 

Chapter IV

       ORGANIZATION AND OPERATION

Article 13. Organizational structure

1. Nationwide Congress .

2. Executive Board (abbreviated as EB)

3. StandingBoard.

4. Inspection Board.

5. Offices of the Association.

6. Technical committees and organizations.

7. Center for Research and Advisory for Auditors.

 Article 14. Nationwide Congress of the Association

1. The highest leadership body of the Association is itsNationwide Congress, either term-based or extraordinary. The term-based Nationwide Congress is convened every five years by the Executive Board. The extraordinary Congress is convened at the request of at least two-thirds of the members of the Executive Board or by at least half of the total full members.

2. TheNationwide Congress, either term-based or extraordinary, shall be organized in the format of a congress. A congress is organized when more than half of the full members are present.

3. Missions of theNationwide Congress:

a) Discussing and approving final term review reports and directions and action plan  for new terms of the Association;

b) Discussing and approving the Association’s Charter (including amendment and revision) and any change in appellation, splitting, merger, consolidation and dissolution of the Association (if any);

c) Discussing and providing inputs and feedback to review reports produced by the Executive Board and financial statements of the Association for the preceding term and financial plans for the succeeding term;

d) Electing the Executive Board and Inspection Board;

đ) Other contents (if any);

e) Approving theNationwide Congress’s resolutions.

4. Voting principles for the Nationwide Congress:

a) The Nationwide Congress may vote by show of hands or by ballots. The format of voting shall be decided by the general assembly;

b) Any decision of the Nationwide Congress is only approved when it is voted for by more than half of the full members present at the Nationwide Congress.

Article 15. Executive Board

1. The Association’s Executive Board is elected by the Nationwide Congress  from the members of the Association and candidates entrusted and recommended by state authorities. The number of the Executive Board members, composition and qualifications shall be decided by the Nationwide Congress. When the Executive Board is elected, in case the last two candidates have the same number of vote casts, the final decision shall be made by the Nationwide Congress Presidium. The term of the Executive Board shall be the same with the term of the Nationwide Congress.

2. In between two Nationwide Congress terms, if one or more members of the Executive Board are requested to be dismissed or disciplined or move to a new job position that is no longer appropriate, at the request of the Standing Board, the Executive Board may dismiss and/or elect additional or replacement members of up to 30% (thirty percent) of the Executive Board members elected by the Nationwide Congress but may do so only with the agreement of at least two thirds of the Executive Board members. An Executive Board member who is nominated by a state authority shall be replaced with his/her successor when he/she ceases to work for such state authority. 

3. Executive Board missions and competences include:

a) Delivering against theNationwide Congress’s resolutions, the Association’s Charter and the Executive Board’s resolutions and provision of leadership for all activities of the Association in between twoNationwide Congress;  

b) Preparing and convening term-based or extraordinary Nationwide Congresses ;

c) Making decisions on the organizational structure of the Association; promulgating operating regulations for the Executive Board and the Standing Board and regulations on managing and using the Association’s funds and assets, regulations on managing and using the Association’s seal, regulations on rewards and consequences, and other internal regulations of the Association in line with its Charter and applicable laws;

d) Electing and dismissing President, Honorary President, Vice Presidents, Secretary General, Deputy Secretary General, members of the StandingBoard, and Heads and Deputy heads of technical committees; and electing additional members of the Executive Board and the Inspection Board;

đ) Approving interim and annual review reports including financial statements and action plans for the succeeding year, and making decision on annual membership fees.

4. Operating principles for the Executive Board:

a) The Executive Board operates in accordance with its regulations and in compliance with applicable laws and the Association’sCharter;

b) The Executive Board holds at least 2 meetings every year. When needed, the Executive Board may also meet in an extraordinary manner as convened by the Association’s President or at the request of the Standing Board or at least two-thirds of the members of the Executive Board;

c) Meetings of the Executive Board must be attended by at least two-thirds of its members to be considered valid. The Executive Board may vote by show of hands or by ballots. The format of voting shall be decided by the Executive Board;

d) Any decision or resolution of the Executive Board is only approved when it is voted for by at least two-thirds of the members attending the meeting.

Article 16. Standing Board

1. The Standing Board of the Association is the standing body of the Executive Board and is elected by the Executive Board from its members. The Standing Board is composed of a President, Deputy Presidents and Members. The number of Standing Board members, composition and qualifications shall be decided by the Executive Board. The term of the Standing Board shall be the same with the term of the general assembly.

2. Standing Board missions include:

a) Providing support to the Executive Board in executing the Nationwide Congress’s resolutions and the Association’sCharter, executing the Executive Board’s resolutions and decisions, and providing leadership for all activities of the Association in between two meetings of the Executive Board;

b) Preparing and convening the Executive Board meetings;

c) Making decisions on the establishment of subsidiary bodies under the Association according to the Executive Board’s resolutions; stipulating the mandate, missions, competences and organizational structures and making decisions for appointment and dismissal of leaders and managers of such subsidiary bodies.

3. Operating principles of the Standing Board:

a) The Standing Board operates in accordance with regulations promulgated by the Executive Board and in compliance with applicable laws and the Association’sCharter;

b) The Standing Board holds one meeting every quarter, and may also meet in an extraordinary manner at the request of the Association’s President or at least half of the members of the Standing Board;

c) Meetings of the Standing Board must be attended by at least two-thirds of its members to be considered valid. The Standing Board may vote by show of hands or by ballots. The format of voting shall be decided by the Standing Board;

d) Any decision or resolution of the Standing Board is only approved when it is voted for by at least two-thirds of the members attending the meeting.

Article 17. Inspection Board

1. The Inspection  Board is composed of a Head, Deputy Head(s) (if any) and members, and is elected by theNationwide Congress. The numbers of the Inspection Board members, composition and qualifications shall be decided by the General Assembly. The term of the Inspection Board shall be the same as the term of the Nationwide Congress . In between two Nationwide Congress terms, in case any member of the Inspection Board is disciplined or moves to a new job position that is no longer appropriate, the Inspection  Board may elect an additional member.

2. Inspection Board term and competences include:

a) Tracking and monitoring the execution of the Association’s statute and resolutions by theNationwide Congress , the Executive Board and the StandingBoard, as well as the Association’s regulations in the operation of subsidiary bodies and among the Association’s members;

b) Reviewing financial and accounting management of the Association;

c) Deliberating and handling recommendations, complaints and whistle-blowing sent to the Association from institutional members and citizens.

3. Operating principles of the Inspection  Board: The Inspection Board operates in accordance with regulations promulgated by the   Inspection Board and in compliance with the applicable laws and the Association’sCharter.

Article 18. President and Vice President of the Association

1. The President of the Association is the legal representative of the Association and is legally responsible for all activities of the Association. The President is elected by the Executive Board from the members of the Executive Board. The qualifications for the Association’s President are stipulated by the Executive Board.

2. President’s missions and competences include:

a) Executing his/her missions and competences in accordance with the operating regulations of the Executive Board and the StandingBoard;

b) Undertaking the entire responsibility to the state authority permitting the establishment of the Association and other state authorities supervising the Association’s business areas as well as the Executive Board and the Standing Board for all activities of the Association. Providing steering and leadership for all activities of the Association in accordance with the Association’s Charter and resolutions and decisions by theNationwide Congress, the Executive Board and the StandingBoard;

c) Serving as the chairman in meetings of the Executive Board, leading the preparation and convocation of meetings of the Standing Board where the President serves as the chairman;

d) Signing the Association’s documents on behalf of the Executive Board and the StandingBoard;

đ) In the absence of the President, a Vice President is delegated in writing to lead and deal with the Association’s activities.

3. The Association’s Vice Presidents are elected by the Executive Board from the members of the Executive Board. Qualifications for the Vice Presidents are stipulated by the Executive Board. The Vice Presidents assists the President in providing leadership for activities in the Association as assigned by the President and are responsible to the President and the laws for the areas of business assigned or delegated to them by the President. The Vice Presidents exercise their missions and competences in accordance with the operating regulations of the Executive Board and the Standing Board in line with the Association’s Charter and applicable laws.

Article 19. Honorary President of the Association

1. The Honorary President of the Association is a person with high reputation and significant influence on the profession, honored and invited by the Executive Board to participate in activities of the Association.

2. The Honorary President is not a member of the Executive Board, nor is he/she involved in directing and leading the activities of the Association.

3. The scope of competences of the Honorary President is stipulated by the Executive Board.

Article 20. Secretary General and Deputy Secretary General

1. The Secretary General is elected by the Executive Board to provide assistance to the President of the Association.

2. The Secretary General’s missions and competences include:

a) Providing direction and leadership for activities of the Head Office of the Association and dealing with daily operations of the Head Office;

b) Managing workload and activities between the Head Office of the Association and the Representative Office of the Association in Ho Chi Minh City;

c) Owning annual and term-wide planning and reporting of the Association as well as reports sent to the public, supervising bodies of which the Association is a member and state authorities as required by laws;

d) Being responsible to prepare for and organize meetings between the two Offices of the Association, meetings among the leaders of the Association, and meetings of the Standing Board and the Executive Board;

đ) Directly participating in some specific assignments as assigned and delegated by the President of the Association.

3. The Deputy Secretary General is elected by the Executive Board to provide assistance to the Secretary General. Missions of the Deputy Secretary General are assigned by the Secretary General.

Article 21. The Office of the Association

1. The Offices of the Association include the Head Office of the Association and the Representative Office of the Association in Ho Chi Minh City.

2. Missions of the Offices of the Association include:

a) Coordinating activities of the Association, the Executive Board, the StandingBoard , the technical committees and the Head Office of the Association and the Representative Office of the Association in Ho Chi Minh City, coordinating between the Center for Research and Advisory for Auditors and the two offices in providing training and advisory services nationwide under the overall direction of the President of the Association and the direct guidance of the Secretary General. Specific missions of the Offices are stipulated in the Association’s operating regulations;

b) Conducting on-going activities of the Association in the northern region and coordinating with the Representative Office of the Association in Ho Chi Minh City in dealing with relevant activities.

3. The Representative Office of the Association in Ho Chi Minh City performs on-going activities of the Association in the southern region and coordinates with the Office of the Association in dealing with relevant activities. 

Article 22. Technical committees

1. Staffing for the technical committees include members of the Executive Board and dedicated officers and staff members of the office of the Association.

2. The technical committees operate in accordance with regulations and under direct leadership of the Vice Presidents by area of supervision.

3. The missions of the technical committees include assigning human resources and executing activities within their areas of technical expertise. 

Chapter V

SPLITTING, MERGER, CONSOLIDATION, RE-APPELLATION AND DISSOLUTION

Article 23. Splitting, merger, consolidation, re-appellation and dissolution of the Association

1. Any splitting, merger, consolidation, re-appellation and dissolution of the Association shall follow the provisions of the Civil Code and relevant laws on associations, theNationwide Congress’s resolution and other relevant laws.

2. When the Association is considered to be ineffective and generate no benefits to its members, or to be troublesome and obstructive to its members, the Executive Board may decide to convene an extraordinary Nationwide congress as stipulated by Article 14, Clause 1, to discuss measures for improvement or dissolution of the Association.

3. If and when the Association is dissolved, the Standing Board and the Inspection Board shall undertake an inventory of assets and funds and shall report to the Executive Board, who will decide on how to handle any outstanding assets and funds and proceed with dissolution accordance with applicable laws.

Chapter VI

FUNDS AND ASSETS

Article 24. Funds and assets of the Association

1. Funds of the Association include:

a) Revenues of the Association, which are generated from:

- Application fees  and annual membership fees;

-           Revenues from the Association’s activities in accordance with applicable laws;

-           Funding and financial support from local and international individuals and organizations in accordance with applicable laws;

- Support from state agencies which are closely linked to missions assigned to the Association by the State (if any);

-           Other legal revenues.

b) Expenses of the Association, including:

-           Operating expenses to deliver against its missions: Expenditure on technical activities of the Association (CPD training and; and compiling and publishing books and technical documents for conferences and workshops), expenses for external relations and international cooperation, and expenses for marketing and communication;

-           Office rental and procurement of working facilities;

-           Compensations for people working with the Association in accordance with the regulations of the Executive Board and in line with applicable laws (salaries and allowances, travel expenses, insurance and benefits for full-time or part-time officers and staff members of the Association);

-           Rewards and other legal expenses in accordance with the regulations by the Executive Board.

2. Assets of the Association include:

- Assets independently procured and/or constructed by the Association;

- Assets that the Association receives as gifts, sponsorships, grants, or financial lease assets;

- Assets from other legal sources of revenues (if any).

If any asset is damaged to the extent where it cannot be repaired for further use, the Head Office of the Association shall proceed with disposal of such asset in accordance with the Association’s financial regulations. The Head Office of the Association is responsible for managing, protecting and using assets effectively and for the right purposes in accordance with the Association’s regulations.

Article 25. Management of funds and assets of the Association

1. The funds and assets of the Association may only be used for the Association’s activities. All assets, revenues and expenses of the Association must be recorded and reflected in full and in a timely manner in the Association’s accounting books.

2. Any discrepancy between revenues and expenses may not be divided and distributed among the members and related individuals, but may only be used for activities for the development of the Association and the profession.

3. The Association’s finance and accounting are managed in accordance with its regulations on finance and accounting and in line with State’s laws on finance and accounting. The fiscal year of the Association starts on the 1st of January and ends on the 31st of December of a calendar year.

4. The Association’s annual financial statements must be audited by an independent audit firm and disclosed in meetings of the Executive Board and the term-based general assembly congress in accordance with financial regulations and resolutions of the Association and in line with applicable laws.

5. In the event of splitting, merger, consolidation and/or dissolution, the Association’s funds and assets shall be handled in accordance with applicable laws.

6. The Executive Board shall promulgate regulations on managing and using funds and assets of the Association to ensure transparency and thrift in line with applicable laws and the professional statement and purpose of the Association.

 

Chapter VII

REWARDS AND CONSEQUENCES

Article 26. Rewards

1. The Association shall acknowledge and reward its subsidiary bodies, members and staff with outstanding performance in developing the Association and/or the accounting/auditing profession, or request relevant competent bodies, agencies and/or professional associations of which the Association is a member to do so in accordance with applicable laws.

2. The Executive Board of the Association shall specify reward format, power and processes within the Association in accordance with applicable laws and the Association’s Charter.

Article 27. Discipline

1. The Association shall consider and impose discipline on its subsidiary bodies and members who violate laws and the Association’sCharter, rules and operating regulations in accordance with the Association’s regulations on competition, rewards and discipline and/or the member regulations.

2. Discipline  any subsidiary body, member, or staff of the Association who violates laws and the Association’sCharter, rules and operating regulations leading to damages of the reputation of the Association, or who violates professional ethics for accountants and auditors, or whose certificate of auditor or audit practice registration certificate is revoked, or who is prohibited from being involved in independent audit activities in accordance with applicable laws shall include reprimands, warnings, demotion and/or exclusion from the Association and such discipline shall be made public via the Association’s website. In case of material damages, discipline shall also include indemnity according to applicable laws.

3. The Executive Board of the Association shall specify the power and process to deliberate and impose discipline within the Association in accordance with applicable laws and the Association’sCharter.

 

Chapter VIII

EXECUTION

Article 28. Revision and amendment to the Association’s Charter

The power and competence to revise and amend this Charter lie solely in the hand of the Nationwide Congress of Vietnam Association of Certified Public Accountants. Any revision or amendment to the Charter must be voted for by at least two-thirds of the full  members attending the Nationwide Congress. 

Article 29. Validity

1. This (revised and amended) Charter of Vietnam Association of Certified Public Accountants includes eight chapters with 29 articles and has been approved by the Fourth Nationwide Congress of Vietnam Association of Certified Public Accountants on the 15th of April 2015 in Hanoi, and takes valid effect according to Minister of Home Affairs’ approval decision.

2. In pursuance of the laws on associations and the Association’s Charter , the Executive Board of Vietnam Association of Certified Public Accountants is responsible to provide guidance and execution of thisCharter./.


FOR AND ON BEHALF OF THE MINISTER VICE MINISTER

 

 

                                       Nguyen Duy Thang

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