Sanction of acts violating provisions on providing audit service of audit enterprises

Article 20. Sanction of acts violating provisions on providing audit service of audit enterprises

dich-vu-thanh-lap-cong-ty-nuoc-ngoai1. A fine of between VND 10,000,000 and 20,000,000 shall be imposed for organizations which are not granted certificates of eligibility for providing audit service but fail to do procedures for deleting trade of audit service in the certificate of enterprise registration, or certificate of business registration, or certificate of investment within 6 months from the nearest day of changing business registration.

2. A fine of between VND 20,000,000 and 30,000,000 shall be imposed for organizations which are not eligible for providing audit service in accordance with regulation but use phrase of “audit” in their name.

3. A fine of between VND 40,000,000 and 50,000,000 shall be imposed for organizations providing audit service while they have not yet been granted certificates of eligibility for providing audit service.

4. A fine of between VND 40,000,000 and 50,000,000 shall be imposed for audit organizations which still continue providing services as prescribed in Clause 1 Article 40 of the Law on Independent Audit after they have been revoked certificates of eligibility for providing audit service.

5. Remedial measures: Forcible remittance of illicit earnings from the commission of administrative violations specified in Clause 3, Clause 4 of this Article.

Article 21. Sanction of acts violating provisions on suspension of providing audit service

1. Deprive of right to use of certificates of eligibility for providing audit service for a period of between 12 months and 24 months shall be imposed for audit organizations which still continue providing services as prescribed in Clause 1 Article 40 of the Law on Independent Audit after they have been suspended provision of audit service.

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

SECTION 3. ACTS VIOLATING PROVISIONS ON MANAGEMENT AND USE OF CERTIFICATES OF AUDITORS, UPDATING OF KNOWLEDGE FOR AUDITOR

Article 22. Sanction of acts violating provisions on dossier of participating in exam and participation in auditor examination

1. A warning or fine of between VND 500,000 and 1,000,000 shall be imposed for individuals forging, making false statement about diplomas, certificates and other documents in their dossiers so as to be eligible for participating in exam to obtain certificates of auditor.

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2. A fine of between VND 3.000,000 and 5,000,000 shall be imposed for organizations certified inconsistently with reality about documents in dossier so as to be eligible for participating in exam to obtain certificates of auditor.

3. A fine of between VND 10,000,000 and 20,000,000 shall be imposed for individuals conducting one of the following violations:

a) To let other person taking in exam under their name to obtain certificates of auditor;

b) To taking in exam under name of other person in exam to obtain certificates of auditor;

4. Remedial measures:

a) Forcible destruction of all documents, diplomas, or certificates forged, with false statements in dossier of taking in exam to obtain certificate of auditor for violation specified in clause 1 of this Article;

b) Forcible remittance of illicit earnings from the commission of administrative violations specified in point b Clause 3 of this Article.