How will violations against regulations on purchase of professional liability insurance for audit practitioners or setting up professional risk reserve fund be penalized?
Pursuant to Article 44, Decree 41/2018/ND-CP, violations against regulations on purchase of professional liability insurance for audit practitioners or setting up professional risk reserve fund shall be penalized as follows:
1. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed on the auditing firm purchasing professional liability insurance for audit practitioners or setting up professional risk reserve funds against the Ministry of Finance’s regulations.
2. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed on the auditing firm that fails to purchase professional liability insurance for audit practitioners or set up professional risk reserve funds.
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.