Sanction of acts violating provision on conditions for supply of through-border audit service

Article 46. Sanction of acts violating provision on conditions for supply of through-border audit service

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Suspension of providing through-border audit service in Vietnam for 24 months from the effective day of sanction decision, for foreign audit enterprises conducting one of the following violations:

1. Supplying through-border audit service in Vietnam when have not yet registered with the Ministry of Finance of Vietnam in order to be granted certificate of eligibility for business in through-border audit service in Vietnam.

2. Supplying the through-border audit service when failing to maintain fully one of conditions according to regulations.

3. Forging, erasing, or modifying dossier requesting for registration of supplying the through-border audit service.

Article 47. Sanction of acts violating provisions applicable to enterprises, organizations involving use of through-border audit service

A fine of between VND 20,000,000 and 30,000,000 shall be imposed for enterprises, organizations paying and transferring money involving supply of through-border audit service not in form of money transfer through allowed credit institutions as prescribed by law on foreign exchange of Vietnam.

Article 48. Sanction of acts violating provision on form of supplying service through borders

Suspension of supply of through-border audit service in Vietnam for a period of between 12 months and 24 months, from the effective day of sanction decision, for foreign audit enterprises, suspension of business in audit service for a period of between 06 months and 12 months, form the effective day of sanction decide for audit enterprises in Vietnam conducting one of the following violations:

1. Failing to enter into partnership with audit enterprises in Vietnam which are eligible to supply the audit service when supplying the through-border audit service.

2. Entering into partnership with audit enterprises in Vietnam which are not eligible to supply the audit service when supplying the through-border audit service.

3. Entering into partnership with foreign audit enterprises in order to supply the through-border service when do not ensure fully conditions for trading in audit service as prescribed.

4. Failing to enter into an audit contract as prescribed by Vietnamese law when supplying the through-border audit service.

5. The audit contracts involving supply of through-border audit service have no full signatures of legal representatives of foreign audit enterprises, audit enterprises in Vietnam and units subject to audit.

6. Failing to make a partnership contract involving supply of through-border audit service according to regulations.

7. The partnership contracts fail to clearly divide duties of foreign audit enterprises and Vietnamese enterprises in supply of the through-border audit service.

8. Failing to assign the professional-practicing auditors in charge of audit work parts under duties of each party according to regulations.

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9. The audit reports have no signatures of the legal representatives of foreign audit enterprises, Vietnamese audit enterprises and the professional-practicing auditors in charge of the audit work part under duty of each enterprise in co-auditing contracts.

10. The audit contracts, partnership contracts, audit dossiers and audit reports are not made concurrently in both of languages of Vietnamese and English.

Article 49. Sanction of acts violating provision on obligations of enterprises supplying the through-border audit service

1. A fine of between VND 40,000,000 and 50,000,000 shall be imposed for foreign audit enterprises conducting one of the following violations:

a) Failing to submit financial statements of the preceding year according to regulations or failing to submit properly with deadline;

b) Reporting untimely, insufficiently according to the set form on situation of performing contracts of supplying the through-border audit service arisen in Vietnam;

c) Failing to perform other obligations of audit enterprises according to provisions in the Law on Independent Audit of Vietnam.

2. Suspension of supply of through-border audit service in Vietnam for a period of between 12 months and 24 months, from the effective day of sanction decision, for foreign audit enterprises conducting one of the following violations:

a) Violating the prohibited acts, cases banned performing audit as prescribed in the Law on Independent Audit of Vietnam;

b) Failing to abide by the Vietnamese audit standards when supply the through-border audit service in Vietnam;

c) Failing to report or reporting untruthfully on situation of performing contracts of supplying the through-border audit services arisen in Vietnam;

d) Failing to assign the responsible persons representing enterprises to report, make explanations for functional agencies of Vietnam related to audit contracts, audit dossiers, audit reports and other matters involving supply of the through-border services in Vietnam.