What penalties are imposed on violations against regulations on management and use of certificates of eligibility to provide audit services?

Pursuant to Article 42, Decree 41/2018/ND-CP, violations against regulations on management and use of certificates of eligibility to provide audit services shall be penalized as follows:

1. A warning shall be imposed on the enterprise committing one of the following violations:

a) Returning the certificate of eligibility to provide audit services to the Ministry of Finance less than 15 days after the specified deadline when the certificate is revoked;

b) Applying for reissuance of the certificate of eligibility to provide audit services 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 on the enterprise committing one of the following violations:

a) Returning the certificate of eligibility to provide audit services to the Ministry of Finance 15 days after the specified deadline or later when the certificate is revoked;

b) Failure to apply for modification of the certificate of eligibility to provide audit services when there are changes to the certificate that have to be done;

b) Failure to apply or applying for reissuance of the certificate of eligibility to provide audit services 15 days after the specified deadline or later;

d) Tampering with the certificate of eligibility to provide audit services’ contents;

dd) Leasing out or lending certificates of eligibility to provide audit services.

3. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed on the enterprise that fails to return the certificate of eligibility to provide audit services to the Ministry of Finance when the certificate is revoked.

4. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for forging certificates of eligibility to provide audit services.

5. Additional penalty:
Any of the violations mentioned in Point d, Clause 2 and Clause 4 of this Article shall result in confiscation of evidence.

6. Remedial Measure:

Return illegal profits earned by the violation mentioned in Point e, 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.