What penalties are imposed on violations against regulations on management and the use of auditor certificates?

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What penalties are imposed on violations against regulations on management and the use of auditor certificates?

Pursuant to Article 38, Decree 41/2018/ND-CP, violations against regulations on management and use of auditor certificates shall be penalized as follows:

1. A fine ranging from VND 5,000,000 to VND 10,000,000 shall be imposed on the individual who commits one of the following violations:

a) Tampering with the auditor certificate’s contents;

b) Allowing an external entity to rent, borrow and use one’s own auditor certificate for the purpose of registration of audit practice or registration of audit practice at a unit other than that specified in the full-time labor contract.

2. A fine ranging from VND 10,000,000 to VND 20,000,000 shall be imposed on the enterprise that rents, borrows, or uses an auditor certificate of a person who is not working as a full-time employee or not working at all for one’s own unit for the purpose of registration of audit practice.

3. A fine ranging from VND 20,000,000 to VND 30,000,000 shall be imposed for forging auditor certificates.

4. Additional penalties:

a) Any of the violations mentioned in Point a, Clause 1, and Clause 3 of this Article shall result in confiscation of evidence;

b) The audit practitioner committing the violation mentioned in Point b, 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.

5. Remedial Measure:

Return illegal profits earned by the violation mentioned in Point b, Clause 1 of this Article.

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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