How will violations against regulations on announcement and notification obligations of approved auditing firms be penalized?

Pursuant to Article 56, Decree 41/2018/ND-CP, violations against regulations on announcement and notification obligations of approved auditing firms shall be penalized as follows:

1. A warning shall be imposed on the approved auditing firm that notify the authority with competence to authorize of changes in name, head office, field of practice, list of audit practitioners and changes that make the firm no longer eligible for approval 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 approved auditing firm that notify the authority with competence to authorize of changes in name, head office, field of practice, list of audit practitioners and changes that make the firm no longer eligible for approval 15 days after the specified deadline or later.

3. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed on the approved auditing firm that fails to notify the authority with competence to authorize of changes in name, head office, field of practice, list of audit practitioners and changes that make the firm no longer eligible for approval.

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 concern, please contact Vinasc’s Customer Care department for timely support.