Sanction of acts violating provisions on disclosure of transparency reports

Article 42. Sanction of acts violating provisions on disclosure of transparency reports

dich-vu-thanh-lap-cong-ty-nuoc-ngoai1. A warning shall be imposed for audit organizations conducting one of the following violations:

a) Failing to disclosure and update full information in transparency report on their websites according to regulations;

b) The transparency report has no signature of legal representative of audit organization or authorized person when announcing;

c) Disclosing information in the transparency report later than 90 days in comparison with deadline from the ending day of financial year.

2. A fine of between VND 5,000,000 and 10,000,000 shall be imposed for audit organizations conducting one of the following violations:

a) Failing to make website according to regulations;

b) Disclosing false information in transparency report.

3. Remedial measures: Forcible correction of false information announced.

Article 43. Sanction of acts violating provisions on dossier of registration for participation in audit for units with public interests

1. A fine of between VND 5,000,000 and VND 10,000,000 for individuals and audit organizations conducting one of the following violations in order to accept audit for units with public interests:

a) To make untrue statements in dossier requesting for acceptance of audit for units with public interests;

b) To forge, make false statements in dossier requesting for acceptance of audit for units with public interests;

c) To certify on untrue documents, forged documents, documents of false statements in dossier requesting for acceptance of audit for units with public interests.

2. Remedial measures: Forcible remittance of illicit earnings from the commission of administrative violations specified in Clause 1 of this Article.

Article 44. Sanction of acts violating provisions related to the responsibilities of units with public interests

Dịch vụ kế toán

Dịch vụ kế toán

A fine of between VND 10,000,000 and 20,000,000 shall be imposed for units with public interests conducting one of the following violations:

1. Failing to formulate and operate the system of internal control.

2. Failing to organize the internal audit as prescribed by law;

Article 45. Sanctions of acts violating provisions on independence

1. A fine of VND 5,000,000 and 10,000,000 shall be imposed for individuals who have performed audit for units with public interest, at present time, hold positions of management, administration, member of control board, chief accountant of those units with public interests, and duration from the day of ending audit to the day of holding such positions is less than twelve months.

2. A fine of between VND 20,000,000 and VND 40,000,000 shall be imposed for units with public interests accepting the professional-practicing auditors who have performed audit of financial statements in 5 consecutive financial years.

3. Suspension of audit practice for a period of between 03 months and 06 months, from the effective day of decision on sanction, for the professional-practicing auditors who have made audit for units with public interests for 5 consecutive financial years.

4. Suspension of business in audit service for a period of between 03 months and 06 months, from the effective day of decision on sanction, for the audit organizations arranging the professional-practicing auditors who have performed audit of financial statements for one unit with public interests for 5 consecutive financial years.