How will violations against regulations on audit documents be penalized?
Pursuant to Article 50, violations against regulations on audit documents shall be penalized as follows:
1. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for failure to document an audit.
2. Additional penalties:
a) The audit practitioner committing the violation mentioned in Clause 1 of this Article shall have his/her certificate of audit practice registration suspended for 3-6 months from the day the decision on penalty imposition comes into effect;
The auditing firm committing the violation mentioned in Clause 1 of this Article shall have its certificate of eligibility to provide audit services suspended for 6-12 months from the day the decision on penalty imposition comes into effect.
Article 51. Penalties for violations against regulations on retention of audit documents
1. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed on the auditing firm for one of the following violations:
a) Failure to fully or safely retain audit documents, causing loss or damage to the audit documents during usage and retention periods;
b) Archiving audit documents later than 12 months after the audit statement’s publishing date;
c) Failure to design and implement policies and procedures for upholding confidentiality, safety, comprehensiveness, accessibility and restorability of audit documents as specified in audit standards;
d) Failure to design and implement policies and procedures for audit document retention for at least 10 years from the audit statement’s publishing date as specified in audit standards.
2. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed on the auditing firm for failure to retain physical or electronic audit documents.
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.