Sanction of acts violating provision on partnership in supply of the through-border audit service

Article 50. Sanction of acts violating provision on partnership in supply of the through-border audit service

Dịch vụ kế toán

Dịch vụ kế toán

Suspension of supply of audit service for a period of between 06 months and 12 months, from the effective day of sanction decision, for Vietnamese audit enterprises which enter into partnership with the foreign audit enterprises to conduct one of the following violations:

1. Failing to store all audit dossiers of the audit already been performed under partnership form.

2. Failing to supply or supply insufficiently, untimely the audit dossiers of the audit already performed under partnership form for functional agencies as being requested.

3. Failing to make explanations or making explanations insufficiently and untimely to functional agencies about the audit reports, audit dossiers and matters arising from the audit under form of partnership with foreign audit enterprises.

4. Failing to perform report on situation of performing partnership with foreign audit enterprises in supply of the through-border audit service according to regulation.

5. Failing to coordinate with the competent agencies in control of audit service quality for partnership contracts with foreign audit enterprises.

SECTION 11. ACTS VIOLATING PROVISIONS ON NOTICE AND REPORT

Article 51. Sanction of acts violating provisions on obligations in notice and report of audit organizations

1. A warning shall be imposed for audit enterprises failing to notify the Ministry of Finance in writing and enclosed copies of documents, about establishment or operational termination of facilities of overseas audit enterprises.

2. A fine of between VND 2,000,000 and 3,000,000 shall be imposed for audit enterprises, branches of audit enterprises notifying the Ministry of Finance later than the prescribed time limit when having changes about:

a) List of the professional-practicing auditors;

b) Name, address of head office of enterprises;

c) Name, address of head office of branches trading in audit service;

d) Temporarily stopping the audit service business operation;

dd) The operational termination of branches trading in audit service;

e) Annual reports on operational situation and irregular reports at the request of the Ministry of Finance.

3. A fine of between VND 3,000,000 and 5,000,000 shall be imposed for audit enterprises, branches of audit enterprises failing to notify the Ministry of Finance when having changes about:

a) List of the professional-practicing auditors;

b) Name, address of head office of enterprises;

c) Name, address of head office of branches trading in audit service;

d) Temporarily stopping the audit service business operation;

dd) The operational termination of branches trading in audit service;

e) Annual reports on operational situation and irregular reports at the request of the Ministry of Finance.

acconting-services4. A fine of between VND 5,000,000 and 10,000,000 shall be imposed for audit enterprises, branches of audit enterprises notifying the Ministry of Finance later than the prescribed time limit when:

a) Failing to ensure one of conditions specified in Article 21 and Article 31 of the Law on Independent Audit, and Articles 5, 6, 7, 8 of Government’s Decree No. 17/2012/ND-CP, dated March 13, 2012, detailing and guiding implementation of a number of articles of the Law on Independent Audit;

b) Changing Directors, or General Directors, legal representatives, the contribution capital rate of members;

c) Performing the division, separation, merger, consolidation, transform, or dissolution.

5. Suspension of trading in audit service for a period of 12 months, from the effective day of sanction decision, for audit enterprises, branches of audit enterprises which fail to notify the Ministry of Finance when: a) Failing to ensure one of conditions specified in Article 21 and Article 31 of the Law on Independent Audit, and Articles 5, 6, 7, 8 of Government’s Decree No. 17/2012/ND-CP, dated March 13, 2012, detailing and guiding implementation of a number of articles of the Law on Independent Audit;

b) Changing Directors, or General Directors, legal representatives, the contribution capital rate of members;

c) Performing the division, separation, merger, consolidation, transform, or dissolution.