How will violations against regulations on contracts for audit of annual financial statements be penalized?

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How will violations against regulations on contracts for audit of annual financial statements be penalized?

Vinascgroup

Pursuant to Article 54, Decree 41/2018/ND-CP, violations against regulations on contracts for audit of annual financial statements shall be penalized as follows:

1. A warning shall be imposed on enterprises and organizations which are required to have their annual financial statements audited entering into contracts for such audit without sufficient contents.

2. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed on enterprises and organizations which are required to have their annual financial statements audited entering into contracts for such audit later than the specified deadline.

3. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed on enterprises and organizations which are required to have their annual financial statements audited entering into contracts for such audit after the audit is done.

4. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed on enterprises and organizations which are required to have their annual financial statements audited failing to enter into contracts for such audit when auditing.

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.

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