What is the time limit for imposition of penalties for accounting and independent audit?

Audit and accounting are important jobs determining the transparency of the enterprise. Violations in these fields will incur intrinsic risks as well as administrative penalties within the time limit stipulated in Article 3, Decree 41/2018/ND-CP as follows:

1. The time limit for imposition of penalties for administrative violations in the field of accounting is 2 years.

2. The time limit for imposition of penalties for administrative violations in the field of independent audit is 1 year.

3. Time limits for imposition of penalties for administrative violations specified in Clauses 1 and 2 of this Article:

a) For completed administrative violations, the time limit starts on the time of completion of that violation;

a) For ongoing administrative violations, the time limit starts on the time of discovery of that violation;

4. In case of penalties for administrative violations committed by individuals being transferred from presiding authorities, the time limit shall be determined in accordance with Clauses 1, 2 and 3 of this Article. The time the presiding authority spends on handling the case counts towards the time limit.

5. During the period specified in Clauses 1, 2 and 3 of this Article, if the violator deliberately evades or obstructs the penalty imposition, the time limit will be reset to the date on which the violator stops evading or obstructing the penalty imposition.

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.