Forms of sanctioning administrative violations

Article 4. Forms of sanctioning administrative violations

accounting services company in vietnam11. For each act of administrative violation in domains of accounting, independent audit, organizations and individuals violated must suffer one of following principal sanctioning forms:

a) Impose warning;

b) Fine:

The maximum fine levels in accounting will be VND 30,000,000 for individuals and VND 60,000,000 for organizations. The fine levels defined in Articles from 7 thru 16 Chapter 2 of this Decree will be the fine levels applicable to individuals. For the same act of administrative violation, the fine level for infringing organizations will be twice as the fine level for individual.

The maximum fine levels in dependent audit will be VND 50,000,000 for individuals and VND 100,000,000 for organizations.

c) Deprive of the right to use practice permits or certificates or operation suspension for a definite period in independent audit:

– Suspension of provision of audit service applicable to audit organization for up 12 months from the effective day of sanction decision;

– Suspension of practicing audit applicable to the practice auditors for up 12 months from the effective day of sanction decision;

– Suspension of updating knowledge for auditors for up 06 months from the effective day of sanction decision;

accounting services company in vietnam– Suspension of providing through-border audit service in Vietnam of foreign audit enterprises for up 24 months from the effective day of sanction decision;

– Deprive of the right to use certificates of registration for practicing audit for up 24 months from the effective day of sanction decision;

– Deprive of the right to use certificates of eligibility for provision of audit service for up 24 months from the effective day of sanction decision;

2. Apart from principal sanctioning forms prescribed in Clause 1 of this Article, depending on nature and seriousness of violations, organizations and individuals violating administratively in accounting may also be forced to apply the following additional sanctioning forms:

a) Deprive of the right to use the accountancy practice certificates for persons practicing accountancy from 1 month to 3 months; suspension of provision of accounting service for organizations providing accounting service from 1 month to 3 months;

b) Confiscation of accounting vouchers, accounting books, financial statements.