Sanction of acts violating provisions on selecting audit organization, the professional-practicing auditors for audit implementation

Article 34. Sanction of acts violating provisions on selecting audit organization, the professional-practicing auditors for audit implementation

dich-vu-thanh-lap-cong-ty-nuoc-ngoai1. A fine of between VND 20,000,000 and VND 30,000,000 for the audited units which hire audit organizations falling in cases of audit organizations banned providing audit service according to law.

2. A fine of between VND 30,000,000 and VND 40,000,000 for the audited units which hire audit organizations not eligible for providing audit service according to law.

3. A fine of between VND 40,000,000 and VND 50,000,000 for the audited units which fail to implement compulsory audit for financial statements, settlement reports of finished projects, the consolidated financial statements, the sum financial statements and other audit contents according to law on independent audit and other relevant laws.

Article 35. Sanction of acts violating provisions on conclusion of contract for auditing annual financial statement

1. A warning shall be imposed for enterprises, organizations being compulsory subjects to have to audit annual financial statements contracting for auditing the financial statements with insufficient content according to regulations.

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

a) Enterprises, organizations being compulsory subjects to have to audit annual financial statements contracting for auditing the financial statements later than the prescribed deadline;

b) Enterprises, organizations failing to conclude the audit contracts before auditing.

3. A fine of between VND 20,000,000 and 30,000,000 shall be imposed for enterprises, organizations being compulsory subjects to have to audit annual financial statements failing to conclude contracts for auditing the financial statements according to regulations.

Article 36. Sanction of acts violating provisions related to the audit

1. A warning shall be imposed for individuals, organizations refusing or failing to provide sufficiently, exactly, honestly, timely, objectively the necessary information, documents at the request of the professional-practicing auditors or audit organizations involving the audit.

2. A fine of between VND 10,000,000 and 20,000,000 shall be imposed for the audited units which fail to make explanations, or make explanations insufficiently and untimely about the excluded contents in audit reports at requests of competent agencies.

3. A fine of between VND 20,000,000 and 30,000,000 shall be imposed for organizations conducting one of the following violations:

Dịch vụ kế toán

Dịch vụ kế toán

a) Bribing, colluding with members participating in the audit, and audit organizations to falsify accounting documents, financial statements, audit dossier and audit reports;

b) Threatening, retaliating, coercing members participating in the audit with the aim to falsify the audit result.

c) Hiding violations on finance, accounting;

d) Interfering work and having acts to limit the scope of audit.

4. Remedial measures: Forcible correction of untrue information, information causing mistake, for violations specified at Points a and b, Clause 3 of this Article;

Article 37. Sanction of acts violating provisions on auditing the settlement report of finished projects

A fine of between VND 30,000,000 and 40,000,000 shall be imposed for enterprises, organizations implementing the national important projects, group-A projects funded by state capital, except for projects under state secret according to law, not required to perform audit for settlement reports of the finished projects.