Undertaking independent reviews of your accounting, tax and HR functions provides you with comfort that you are not risking everything to internal mistakes.
With most businesses in Vietnam, considerable trust is placed in the hands of the Chief Accountant, accounting staff in general, and the human resources team. However, it is common that the management of the business are not experts in these fields (especially in the Vietnamese context), and hope that compliance and reporting obligations are being met, let alone accurate accounting of business performance is being achieved. To provide reassurance and to enable timely identification and corrective action to be taken when issues arise, Domicile Corporate Services offer our Internal Compliance Reviews.
Reviews can either be regular or ad-hoc, and the focus can be tailored to meet the specific needs of the parent company or management.
Our team visits your offices each month and undertakes a 1-2 day review of all your compliance obligations and accounting reports. This includes general ledger records, CIT, PIT, Social Insurance, VAT invoices, Chief Accountant responsibilities and general lodgement compliance. Our report highlights the risks and non-compliance issues identified and provides recommendations to correct these.
At various times during a year our team undertakes an irregular review of all compliance obligations and accounting reports, in the same manner as the monthly review. This can be useful when there are changes in personnel within the business, or prior to a transaction or expansion of your business.