Sanction of acts violating provisions on accounting examination

Article 11. Sanction of acts violating provisions on accounting examination

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1. A fine of between VND 5,000,000 and 10,000,000 for any of the following acts:

a) Failing to observe the accounting examination decisions of competent bodies;

b) Failing to supply or supplying insufficiently to the examination teams accounting records related to the examination contents.

2. A fine of between VND 10,000,000 and 15,000,000 for any of the following acts:

a) Failing to observe or incompletely observing the conclusions of the examination teams;

b) Failing to conduct accounting examinations of subordinate accounting units for three consecutive years.

Article 12. Sanction of acts violating provisions on preservation and archival of accounting records

1. A warning or a fine of between VND 500,000 and 1,000,000 for one of the following acts:

a) Putting accounting records into archives more than 12 months later than the set deadline;

b) Archiving insufficient accounting records according to regulations;

c) Insecurely preserving accounting records, causing damage or loss to accounting records during the archival duration.

2. A fine of between VND 5,000,000 and 10,000,000 for any of the following acts:

a) Using accounting records in the archival duration not according to regulations;

b) Failing to carry out inventory, classification, restoration of lost or damaged accounting records.

3. A fine of between VND 10,000,000 and 20,000,000 for any of the following acts:

a) Destroying accounting records before the expiry of the prescribed archival duration;

b) Destroying accounting records without setting up a destruction council, without strictly observing the method of destruction and without making destruction minutes according to regulations.

Article 13. Sanction of acts violating provisions on property inventory

1. A warning or a fine of between VND 500,000 and 1,000,000 for one of the following acts:

a) Failing to make reports summing up the inventory results according to regulations;

b) Failing to identify the cause of discrepancies; failing to reflect in accounting books discrepancies between figures obtained from actual inventory and those of accounting books and the results of handling such discrepancies.

2. A fine of between VND 3,000,000 and VND 5,000,000 shall be imposed for act of failing to inventory property at the end of the annual accounting period or failing to inventory property in other cases according to regulations.

3. A fine of between VND 5,000,000 and 10,000,000 shall be imposed for acts of forging, or making false statements on, property inventory results.

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Article 14. Sanction of acts violating provisions on organization of accounting apparatuses, arrangement of accountants or hire of accountants

1. A fine of between VND 5,000,000 and 10,000,000 for any of the following acts:

a) Failing to organize an accounting apparatus; failing to arrange accountants or hire accounting service-providing organizations or individuals to perform the accounting work according to regulations;

b) Arranging accountants who are banned by law from working as accountants;

c) Arranging accountants who fail to satisfy the prescribed criteria, conditions;

d) Hiring organizations or individuals that fail to meet the criteria, conditions for practicing accountancy or fail to register business according to regulations to provide accounting services for the units.

2. A fine of between VND 10,000,000 and 20,000,000 for any of the following acts:

a) To arrange persons who are responsible for managing the accounting units concurrently working as accountants, storekeepers, cashiers or purchasing or selling property, except for private enterprises and individual business households;

b) Arranging chief accountants who fail to meet the prescribed criteria or conditions;

c) Hiring chief accountants who fail to meet the prescribed criteria or conditions;