How will violations against accounting and independent audit regulations be penalized?

The forms of penalties for violations in the field of accounting and independent audit are stipulated in Article 4, Decree 41/2018/ND-CP, particularly:

1. Primary penalties:

For each administrative violation regulated by this Decree, the violator will receive either:

a) a warning; or

b) a fine.

2. Additional penalties:

Depending on the nature and seriousness of the violation, the entity who commits administrative violations regulated by this Decree may also incur one or several additional penalties as specified below:

a) Suspension of certificate of registration for accounting practice or certificate of registration for auditing practice for 3-6 months.

b) Suspension of certificate of eligibility for providing accounting services or certificate of eligibility for providing audit services for 1-2 months;

c) Suspension from running refresher courses for 1-3 months;

d) Confiscation of evidence of administrative violations.

As an established company in the field of tax and legal consulting, Vinasc hopes to adequately inform our customers to help them mitigate the risk during operation in Vietnam. Should there be any further concerns, please contact Vinasc’s Customer Care department for timely support.