How should auditors update their knowledge? (Part I)

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How should auditors update their knowledge?

Enterprises need to constantly update knowledge for their audit system, as regulations are always changing, which requires proactiveness from learners of auditing. Pursuant to Article 37, Decree 41/2018/ND-CP, an entity violating against regulations on the provision of refresher training for auditors shall be penalized as follows:

1. A warning shall be imposed on the organization approved by the Ministry of Finance to run refresher courses for audit practitioners and audit practice registration applicants committing one of the following violations:

a) Submitting post-course reports on the auditor refresher course to the Ministry of Finance less than 15 days after the specified deadline;

b) Failure to monitor and take attendance of the refresher course’s trainees;

c) Failure to conduct a survey on trainees’ opinions of the refresher course using evaluation slips;

d) Failure to issue certificates to the refresher course’s trainees and confirmation papers to auditors teaching refresher courses at the end of each course;

dd) Failure to comply with regulations on the number of trainees per class;

e) Notifying the Ministry of Finance of the course’s contents, curriculum, time and place, lecturers’ details, the number of audit practitioners registering for the course before the course takes place, or the changes in those details less than 15 days after the specified deadline;

g) Submitting the annual consolidated report on the auditor refresher course to the Ministry of Finance less than 15 days after the specified deadline.

2. A fine ranging from VND 5,000,000 to VND 10,000,000 shall be imposed on the organization approved by the Ministry of Finance to run refresher courses for audit practitioners and audit practice registration applicants in the following cases:

a) The refresher course does not follow the contents and curriculum registered with the Ministry of Finance;

b) Submitting post-course reports on the auditor refresher course to the Ministry of Finance 15 days after the specified deadline or later;

c) Notifying the Ministry of Finance of the course’s contents, curriculum, time and place, lecturers’ details, the number of audit practitioners registering for the course before the course takes place, or the changes in those details 15 days after the specified deadline or later;

d) Submitting the consolidated report on the auditor refresher course 15 days after the specified deadline or later;

dd) Providing false information, forging documents to gain approval to organize auditor refresher courses;

e) Failure to retain documents on auditor refresher courses in full.

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