How will violations against regulations on responsibilities of units with public interest be penalized?

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How will violations against regulations on responsibilities of units with public interest be penalized?

Pursuant to Article 60, Decree 41/2018/ND-CP, violations against regulations on responsibilities of units with public interest shall be penalized as follows:

A fine ranging from VND 10,000,000 to VND 20,000,000 shall be imposed on the unit with public interest committing one of the following violations:

1. Failure to create and operate an internal control system.

2. Failure to carry out the internal audit as specified in regulations of law.

3. Select an approved auditing firm to comment on a financial statement that has already been audited by another approved auditing firm, except when it is allowed as specified in regulations of law.

4. Failure to notify the authority with competence to authorize auditing firms of the reason for changing to an auditing firm different from the previous year and the reason for changing the auditing firm carrying out auditing works (if any).

5. Failure to notify the discovery of audit practitioners and approved auditing firms’ violations against the Law on Independent Audit to the authority with competence to authorize auditing firms .

6. Providing false information relevant to audited financial statements upon request of the competent authority.

7. Failure to explain and provide information relevant to audited financial statements upon request of the competent authority.

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.

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