Rights and Obligations of Members

Members of the LCPAA have rights and obligations as follows:

1. Participate in the LCPAA congress as called and held by the LCPAA;
2. Elect and be elected as LCPAA Council members according to the requirements specified in Article 11 – Category of the LCPAA’s membership (except legal entity ordinary members, associate members and honorary members);
3. Express opinion, ask questions about the operations of the LCPAA Council; 
4. Vote to approve business plans and issues which are brought forward for discussion at the LCPAA Congress (except legal entity ordinary members, associate members and honorary
5. members);
6. Strictly practice professional standards and reinforce ethics for professional accountants and auditors;
7. Participate in activities that are held by the LCPAA;
8. Protect the reputation and legitimate interests of the LCPAA;
9. Promptly pay LCPAA annual membership fee (except honorary members). In the case of legal entity ordinary member, it is required to submit annual financial statements to the LCPAA;
10. Be protected fairly by regulations;
11. Access to resources including support from the LCPAA in improving knowledge, skills and expertise about professional accounting and auditing;
12. Receive information about activities and professional training conducted by the LCPAA on accounting and independent auditing; and
13. To voluntarily discontinue membership with the LCPAA. 

Membership Certification

After being accepted as an LCPAA member, all members will be listed in the membership register book by each category of the LCPAA membership.
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List of ordinary and practicing associate members will be publicly published. 

End of Membership

 The membership of the LCPAA will cease in any of the following cases:
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- Death 
- Resignation from membership
- Violation of laws, ethics or this bylaw.
 
When a member is no longer able or not eligible to be an LCPAA member, the name of that member will be deregistered and removed from the register book. This will be publicly announced.

Rewards for Good Performers

​LCPAA members or persons sponsoring, supporting and assisting the LCPAA to achieve exemplary perfomance in implementing this bylaw and other related regulations will be rewarded or granted other appropriate allowances for tasks performed. 

Sanctions against violators

​Any member who violates this bylaw and other related regulations will be subject to disciplinary sanctions according to the seriousness of the violation such as, warning, penalty, compensation payment for damage caused, expulsion from the LCPAA and removal of membership and prosecution under criminal laws which  the disciplinary committee will set out in details for the approval of the LCPAA president.

​Independent Audit Law  N°.51/NA dated 22 July 2014 

​Article 41 Requirements for Accounting Firm Practicing License

​An individual wishing to obtain an accounting firm practicing license shall meet the following requirements:

• No 2 . Be member of the Chamber of Professional Accountants and Auditors; 

​Article 43 Requirements for Audit Firm Practicing License

An individual and legal entity wishing to obtain audit firm practicing license shall meet the following requirements:

• No 2 . Be member of the Chamber of Professional Accountants and Auditors; 

​Article 46 Suspension of Accounting or Audit Firms’ Practicing License

The practicing licenses of accounting and audit firms may be suspended in any of the following cases:

• No 6: In default with the payment of State obligations and membership fees due to the Chamber of Professional Accountants and Auditors. 

​Article 50 Rights and Obligations of Accounting Firms 

​Accounting firms have the following rights and obligations: No 9: Participate in developing the accounting and audit professions in Lao PDR;

​Article 51 Rights and Obligations of Audit Firms 

​Audit firms have following rights and obligations:
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No 8 : Report on audit service and other audit-related service fees during audit performance to the Chamber of Professional Accountants and Auditors and the Ministry of Finance; 

​Article 53 Application for Statutory Auditor

​An auditor wishing to become a statutory auditor shall submit his/her application form with the attached documents:
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No 3: Copy of Chamber of Professional Accountants and Auditors membership certificate;

​Article 56 Withdrawal of Statutory Auditor License 

A statutory auditor’s license will be withdrawn if the audit firm at which he/she works has had its audit firm practicing license withdrawn as stated in Article 47 of this Law.
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After such withdrawal, the Ministry of Finance shall notify in writing the statutory auditor, the audit firm, the Chamber of Professional Accountants and Auditors and the public through public media.