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Vietnam’s National Assembly reviewed amendments to the Accounting Law and Independent Audit Law on November 13. Lawmakers supported scrapping accounting service business licenses but called for clear rules on post-licensing oversight, suspension periods and the right to respond, so that suspensions do not disrupt clients’ financial reporting and tax obligations.
Vietnam’s National Assembly reviewed draft amendments to the Accounting Law and Independent Audit Law on November 13. A lawmaker said some companies submit financial statements with different figures to tax authorities and banks, and proposed a verification system requiring company consent, along with clearer accountability for signatories and accounting software suppliers.
Vietnam’s National Assembly reviewed proposed amendments to the Accounting Law and Independent Audit Law on November 13. Lawmakers warned that businesses could submit different financial reports to tax authorities and banks, risking lost tax revenue and a buildup of bad loans. They proposed a report verification system requiring business consent and tighter oversight of accounting software and falsified data.
