What penalties are imposed on violations against regulations on management and use of certificates of audit practice registration?

Pursuant to Article 40, Decree 41/2018/ND-CP, violations against regulations on management and use of certificates of audit practice registration shall receive penalties as follows:

1. A warning shall be imposed for returning certificates of audit practice registration to the Ministry of Finance less than 15 days after the specified deadline.

2. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed for one of the following violations:

a) Returning certificates of audit practice registration to the Ministry of Finance 15 days after the specified deadline or later;

b) Using expired or invalid certificates of audit practice registration for accounting and independent audit practicing.

3. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed for failure to return certificates of audit practice registration to the Ministry of Finance.

4. Remedial Measure:

Return illegal profits earned by the violation mentioned in Point b, Clause 2 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 concern, please contact Vinasc’s Customer Care department for timely support.