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THE GOVERNMENT
OF VIETNAM
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THE SOCIALIST
REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
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No. 228/2025/ND-CP
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Hanoi, August 18,
2025
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DECREE
PRESCRIBING
PENALTIES FOR ADMINISTRATIVE VIOLATIONS AGAINST REGULATIONS ON INDEPENDENT
AUDIT
Pursuant to the Law on Government Organization
No. 63/2025/QH15;
Pursuant to the Law on Penalties for
Administrative Violations No. 15/2012/QH13; the Law providing amendments to the
Law on Penalties for Administrative Violations No. 67/2020/QH14; the Law
providing amendments to the Law on Penalties for Administrative Violations No.
88/2025/QH15;
Pursuant to the Law on Independent Audit No.
67/2011/QH12;
Pursuant to the Law providing amendments to Law
on Securities, Law on Accounting, Law on Independent Audit, Law on State
Budget, Law on Management and Use of Public Property, Law on Tax
Administration, Law on Personal Income Tax, Law on National Reserves, and Law
on Penalties for Administrative Violations No. 54/2024/QH15;
At the request of the Minister of Finance of
Vietnam;
The Government promulgates a Decree prescribing
penalties for administrative violations against regulations on independent
audit.
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GENERAL PROVISIONS
Article 1. Scope
This Decree deals with administrative violations,
prescriptive periods for imposition of penalties, penalties, fines, remedial
measures, power to make records and power to impose penalties for
administrative violations against regulations on independent audit.
Article 2. Regulated entities
1. Vietnamese and foreign organizations and individuals
(hereinafter referred to as “entities”) that commit administrative violations
against regulations on independent audit.
2. The organizations incurring penalties for
administrative violations against regulations on independent audit as
prescribed herein include:
a) Audit firms, branches of foreign audit firms in
Vietnam;
b) Enterprises that are duly established and
operating under the law of Vietnam; their branches and representative offices;
foreign audit firms; branches and representative offices of foreign enterprises
operating in Vietnam;
c) Professional associations and training
institutions in audit field.
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Article 3. Prescriptive periods
1. The prescriptive period for imposition of
penalties for a violation in independent audit field is 05 years.
2. Determination of prescriptive periods for
imposition of penalties for violations in independent audit field:
a) The prescriptive period of an ongoing
administrative violation in independent audit field shall commence to run from
the day on which the violation is discovered by the on-duty competent person;
b) The prescriptive period of a terminated
administrative violation shall commence to run from the day on which the
commission of violation ends.
Article 4. Penalties
1. Primary penalties:
When committing any administrative violation in
independent audit field, the violating entity shall incur one of the following
primary penalties:
a) Warning; or
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2. Additional penalties:
Depending on the nature and severity of each
administrative violation in independent audit field, the violating entity may
face the following additional penalties:
a) Suspension of audit practicing certificate for a
fixed period of 01 - 24 months;
b) Suspension of certificate of eligibility to
provide audit services or suspension of provision of audit services for a fixed
period of 01 - 24 months;
c) Confiscation of exhibits and/or
instrumentalities of the administrative violations (hereinafter referred to as
“exhibits and/or instrumentalities”).
3. Determination of aggravating circumstances,
mitigating circumstances, and specific fines for each administrative violation
in independent audit field shall be carried out in accordance with the Law on
Penalties for Administrative Violations, and Degree elaborating and introducing
measures for implementation of the Law on Penalties for Administrative
Violations.
4. In case an entity repeatedly commits any of the
administrative violations prescribed herein, such repetition of the violation
shall be considered as an aggravating circumstance.
5. Any entity that commits an administrative
violation in independent audit field shall, depending on the nature and
severity of the violation, adequately incur penalties and remedial measures
against that violation as prescribed, be subject to the State’s regulatory
measures as prescribed in the Law on Independent Audit, and face criminal
prosecution in accordance with regulations of the Criminal Code.
Article 5. Remedial measures
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a) Enforced purchase of professional liability
insurance or establishment of professional risk reserve funds as prescribed by
law on independent audit;
b) Enforced establishment and operation of internal
control systems;
c) Enforced establishment of websites; correction
of false or misleading information, adequate disclosure and updating of
information;
d) Enforced return of illegal profits earned from
administrative violations to state budget;
dd) Enforced return of forged auditor certificates,
audit practicing certificates, certificates of eligibility to provide audit
services, or certificates of eligibility to provide transboundary audit
services in Vietnam to authorities/persons that issued such certificates;
e) Enforced return of auditor certificates, audit
practicing certificates, certificates of eligibility to provide audit services,
or certificates of eligibility to provide transboundary audit services in
Vietnam which have been issued or erased or altered to authorities/persons that
issued such certificates;
g) Enforced re-submission of documents containing
false or inaccurate information or which have been fraudulent, forced, altered,
erased or falsified to competent authorities/persons for the purposes of
obtaining auditor certificates, audit practicing certificates, certificates of
eligibility to provide audit services, or certificates of eligibility to
provide transboundary audit services in Vietnam; approval for provision of
refresher training courses for auditors; authorization to audit public interest
entities or approval of provision of transboundary audit services;
h) Enforced return of auditor certificates, audit
practicing certificates, certificates of eligibility to provide audit services,
or certificates of eligibility to provide transboundary audit services in
Vietnam which have expired or been invalidated or are subject to revocation to
authorities/persons that issued such certificates;
i) Enforced completion of procedures for modification
or reissuance of certificate of eligibility to provide audit services;
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l) Enforced establishment of a joint venture with
an enterprise eligible to provide audit services when providing transboundary
audit services in Vietnam;
m) Enforced submission or provision of adequate
reports, explanations and information/documents; enforced submission or
provision of additional reports, explanations and information/documents as
prescribed;
n) Enforced compliance with Vietnam’s audit
standards and Vietnam’s code of professional ethics for accountants and
auditors;
o) Enforced revocation of certificates of
completion of refresher training course issued to persons who did not attend
the course;
p) Enforced issuance of certificates of completion
and written confirmations to trainees and auditors teaching refresher training
courses upon completion of each course;
q) Enforced completion of procedures for removal of
audit services from business lines in case an application for certificate of
eligibility to provide audit services is refused;
r) Enforced conclusion of audit contracts as
prescribed;
s) Prohibition of auditors from applying for audit
practicing certificates for a period of 01 - 24 months.
2. Implementation of such remedial measures shall
comply with the Law on Penalties for Administrative Violations, and Degree
elaborating and introducing measures for implementation of the Law on Penalties
for Administrative Violations.
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b) Violating entities must promptly implement
remedial measures and submit reports on such implementation of remedial
measures to the persons who issued penalty imposition decisions within 10
working days from the day on which such a decision is signed.
Article 6. Fines
1. The maximum fine for an administrative violation
in independent audit field imposed upon an individual is VND 1.000.000.000; that
imposed upon an organization is VND 2.000.000.000.
2. The fines prescribed in Chapter II hereof are
imposed upon organizations, except those prescribed in clause 2 Article 7;
clause 1, clause 3 Article 9; clause 2, clause 3, clause 4, clause 5 Article 10;
clause 1 Article 18; clause 1, clause 2, clause 4 Article 21; point h clause 1,
clause 2 Article 22; Article 36; clause 1, clause 2, clause 3, clause 4 Article
38 which are imposed upon individuals.
3. The fine imposed upon an organization is twice
as much as that imposed upon an individual for committing the same violation.
Chapter II
PENALTIES AND FINES FOR VIOLATIONS AGAINST REGULATIONS
ON INDEPENDENT AUDIT
Section 1. VIOLATIONS AGAINST REGULATIONS ON
AUDITOR CERTIFICATE EXAMS AND REFRESHER TRAINING COURSES FOR AUDITORS
Article 7. Violations against regulations on
required documents for auditor certificate exams
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2. A fine ranging from VND
40.000.000 to VND 60.000.000 shall be imposed for providing false information,
altering or forging qualifications/certificates and other documents included in
the application to gain eligibility for the auditor certificate exam, if not
liable to criminal prosecution as prescribed by the Criminal Code.
3. Additional penalty:
The exhibits and/or instrumentalities used for
committing the violation in clause 2 of this Article shall be confiscated.
4. Remedial measures:
a) Enforced return of illegal profits earned from
the violation in clause 2 of this Article to state budget;
b) Enforced return of altered or forged
qualifications/certificates and other documents to the authority or person that
issued auditor certificates if the violation in clause 2 of this Article is
committed.
Article 8. Violations against regulations on
provision of refresher training courses for auditors
1. A warning shall be
imposed upon an organization eligible to provide refresher training courses for
practicing auditors and audit practicing applicants as prescribed by the
Ministry of Finance of Vietnam for commission of one of the following
violations:
a) Failing to monitor and take attendance of the
refresher training course’s trainees;
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c) Failing to issue certificates of completion to
trainees and written confirmations to auditors teaching refresher training
courses upon completion of each course;
d) Failing to issue certificates of completion to
trainees and written confirmations to auditors teaching refresher training
courses upon completion of each course.
2. A fine ranging from VND
5.000.000 to VND 10.000.000 shall be imposed upon an organization eligible to
provide refresher training courses for practicing auditors and audit practicing
applicants as prescribed by the Ministry of Finance of Vietnam for commission
of one of the following violations:
a) Providing refresher training courses for
auditors against the contents/curriculum registered with the Ministry of
Finance of Vietnam;
b) Submitting post-course reports on the refresher
training course for auditors to the Ministry of Finance of Vietnam after the
prescribed deadline;
c) Sending a pre-course notification of the
course’s contents, curriculum, duration, location, lecturers’ details and
number of practicing auditors registered for the course to the Ministry of
Finance after the prescribed deadline; or sending a notification of any changes
in such contents to the Ministry of Finance of Vietnam after the prescribed
deadline;
d) Submitting consolidated reports on provision of
refresher training courses for auditors after the prescribed deadline;
dd) Providing false information or forging
documents to gain eligibility to provide refresher training courses for
auditors, if not liable to criminal prosecution as prescribed by the Criminal
Code;
e) Failing to adequately retain documents on
refresher training courses for auditors as prescribed;
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3. A fine ranging from VND
10.000.000 to VND 20.000.000 shall be imposed upon an organization eligible to
provide refresher training courses for practicing auditors and audit practicing
applicants as prescribed by the Ministry of Finance of Vietnam for commission
of one of the following violations:
a) Failing to submit post-course reports on the refresher
training course for auditors to the Ministry of Finance of Vietnam;
b) Failing to send a pre-course notification of the
course’s contents, curriculum, duration, location, lecturers’ details and
number of practicing auditors registered for the course to the Ministry of
Finance; or failing to send a notification of any changes in such contents to
the Ministry of Finance of Vietnam;
c) Failing to submit consolidated reports on
provision of refresher training courses for auditors;
d) Providing refresher training courses for
practicing auditors and audit practicing applicants for the purpose of
recording time spent on knowledge improvement before obtaining certificate of
eligibility from the Ministry of Finance;
dd) Reporting incorrect number of trainees attending
the refresher training course or incorrect information on time spent on the
course by trainees;
e) Submitting reports on refresher training courses
as if they were provided despite the course not being provided;
g) Issuing certificates of completion of refresher
training course to persons who did not attend the course;
h) Failing to publish information, as prescribed by
the Ministry of Finance of Vietnam, on its website.
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The exhibits and/or instrumentalities used for
committing the violation in point dd clause 2 of this Article shall be
confiscated.
5. Remedial measures:
a) Enforced return of illegal profits earned from
the violation in point dd clause 2, or point d, e or g clause 3 of this Article
to state budget;
b) Enforced revocation of certificates of
completion of refresher training course issued to persons who did not attend
the course if the violation in point g clause 3 of this Article is committed;
c) Enforced issuance of certificates of completion
and written confirmations to trainees and auditors teaching refresher training
courses upon completion of each course, if the violation in point c clause 1 of
this Article is committed;
d) Enforced return of fraudulent or forged
documents which are used to gain eligibility to provide refresher training
courses for auditors to competent authorities/persons, if the violation in
point dd clause 2 of this Article is committed.
Section 2. VIOLATIONS AGAINST REGULATIONS ON
APPLICATION FOR AUDIT PRACTICE
Article 9. Violations against regulations on
management and use of auditor certificates
1. A fine ranging from VND
10.000.000 to VND 20.000.000 shall be imposed upon an individual for committing
one of the following violations:
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b) Allowing others outside his/her working entity
to rent, borrow and use his/her auditor certificate for the purpose of applying
for audit practice; or
c) Applying for audit practice at a unit other than
the one where he/she is working under a full-time employment contract.
2. A fine ranging from VND
30.000.000 to VND 40.000.000 shall be imposed upon an enterprise for renting,
borrowing and using an auditor certificate of a person who is not its employee
or who is not working for it as a full-time employee for the purpose of
applying for audit practice.
3. A fine ranging from VND
40.000.000 to VND 60.000.000 shall be imposed for forging auditor certificates,
if not liable to criminal prosecution as prescribed by the Criminal Code.
4. Additional penalties:
a) The exhibits and/or instrumentalities used for
committing any of the violations in point a clause 1 and clause 3 of this
Article shall be confiscated.
b) The practicing auditor who commits the violation
in point b clause 1 of this Article shall have his/her audit practicing
certificate suspended for a fixed period of 12 - 24 months counting from the
effective date of the penalty imposition decision.
5. Remedial measures:
a) Enforced return of illegal profits earned from
any of the violations in points b, c clause 1, and clause 3 of this Article to
state budget;
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c) Enforced return of audit practicing certificates
to the authorities or persons that issued such certificates, if any of the
violations in points b, c clause 1 and clause 2 of this Article is committed.
Article 10. Violations against regulations on
application for audit practice
1. A fine ranging from VND
30.000.000 to VND 40.000.000 shall be imposed for certifying inaccurate
information/documents in the submitted application to obtain an audit practicing
certificate.
2. A fine ranging from VND
40.000.000 to VND 60.000.000 shall be imposed for providing false information
in the submitted application to obtain an audit practicing certificate.
3. A fine ranging from VND
80.000.000 to VND 100.000.000 shall be imposed for forging documents in the
submitted application to obtain an audit practicing certificate, if not liable
to criminal prosecution as prescribed by the Criminal Code.
4. A fine ranging from VND
200.000.000 to VND 250.000.000 shall be imposed for the second violation of
forging of documents in the submitted application to obtain an audit practicing
certificate, including cases of recidivism, if not liable to criminal
prosecution as prescribed by the Criminal Code.
5. A fine ranging from VND
400.000.000 to VND 500.000.000 shall be imposed for the third or subsequent
violation of forging of documents in the submitted application to obtain an
audit practicing certificate, including cases of recidivism, if not liable to
criminal prosecution as prescribed by the Criminal Code.
6. Additional penalty:
The exhibits and/or instrumentalities used for
committing any of the violations in clauses 2, 3, 4 and 5 of this Article shall
be confiscated.
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Enforced return of the issued audit practicing
certificate and documents containing inaccurate information, fraudulent or
forged documents in the submitted application for audit practicing certificate
to the authority or person that issued such a certificate, if any of the
violations in clauses 2, 3, 4 and 5 of this Article is committed.
Article 11. Violations against regulations on
management and use of audit practicing certificates
1. A fine ranging from VND
5.000.000 to VND 10.000.000 shall be imposed for returning audit practicing
certificates to the Ministry of Finance after the prescribed deadline.
2. A fine ranging from VND
10.000.000 to VND 20.000.000 shall be imposed for failing to return audit
practicing certificates to the Ministry of Finance.
3. A fine ranging from VND
40.000.000 to VND 50.000.000 shall be imposed for using expired or invalidated
audit practicing certificates to provide accounting and/or independent audit
services;
4. Remedial measures:
a) Enforced return of illegal profits earned from
the violation in clause 3 of this Article to state budget;
b) Enforced return of audit practicing certificates
to the authorities or persons that issued such certificates, if the violation
in clause 2 or clause 3 of this Article is committed.
Section 3. VIOLATIONS AGAINST REGULATIONS ON
ELIGIBILITY REQUIREMENTS FOR PROVISION OF AUDIT SERVICES AND SUCH PROVISION OF
AUDIT SERVICES
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1. A fine ranging from VND
20.000.000 to VND 40.000.000 shall be imposed for certifying inaccurate
documents in the submitted application to obtain a certificate of eligibility
to provide audit services.
2. A fine ranging from VND
40.000.000 to VND 60.000.000 shall be imposed for providing inaccurate
information in the submitted application to obtain a certificate of eligibility
to provide audit services.
3. A fine ranging from VND
150.000.000 to VND 200.000.000 shall be imposed for forging documents in the
submitted application to obtain a certificate of eligibility to provide audit
services, if not liable to criminal prosecution as prescribed by the Criminal
Code.
4. A fine ranging from VND
300.000.000 to VND 400.000.000 shall be imposed for the second violation of
forging documents in the submitted application to obtain a certificate of
eligibility to provide audit services, including cases of recidivism, if not
liable to criminal prosecution as prescribed by the Criminal Code.
5. A fine ranging from VND
600.000.000 to VND 800.000.000 shall be imposed for the third or subsequent
violation of forging documents in the submitted application to obtain a
certificate of eligibility to provide audit services, including cases of
recidivism, if not liable to criminal prosecution as prescribed by the Criminal
Code.
6. Additional penalty:
The exhibits and/or instrumentalities used for
committing any of the violations in clauses 2, 3, 4 and 5 of this Article shall
be confiscated.
7. Remedial measures:
a) Enforced return of illegal profits earned from
any of the violations in clauses 2, 3, 4 and 5 of this Article to state budget;
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Article 13. Violations against regulations on
management and use of certificate of eligibility to provide audit services
1. A fine ranging from VND
10.000.000 to VND 20.000.000 shall be imposed upon an enterprise for committing
one of the following violations:
a) Returning its certificate of eligibility to
provide audit services which is subject to revocation to the Ministry of
Finance after the prescribed deadline;
b) Following procedures for re-issuance of
certificate of eligibility to provide audit services after the prescribed deadline.
2. A fine ranging from VND
20.000.000 to VND 30.000.000 shall be imposed upon an enterprise for the
commission of one of the following violations:
a) Failing to return its certificate of eligibility
to provide audit services which is subject to revocation to the Ministry of
Finance;
b) Altering or erasing contents of the certificate
of eligibility to provide audit services;
c) Leasing out or lending certificate of
eligibility to provide audit services;
d) Failing to follow procedures for modification of
certificate of eligibility to provide audit services upon occurrence of
changes;
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3. A fine ranging from VND
150.000.000 to VND 200.000.000 shall be imposed for forging certificate of
eligibility to provide audit services, if not liable to criminal prosecution as
prescribed by the Criminal Code.
4. A fine ranging from VND
400.000.000 to VND 500.000.000 shall be imposed for the second violation of
forging certificate of eligibility to provide audit services, including cases
of recidivism, if not liable to criminal prosecution as prescribed by the
Criminal Code.
5. A fine ranging from VND
800.000.000 to VND 1.000.000.000 shall be imposed for the third or subsequent
violation of forging certificate of eligibility to provide audit services,
including cases of recidivism, if not liable to criminal prosecution as
prescribed by the Criminal Code.
6. Additional penalties:
a) The exhibits of the violations prescribed in
point b clause 2, clause 3, 4 and 5 of this Article shall be confiscated;
b) Provision of audit services by an audit firm
that commits the violation in clause 3 of this Article shall be suspended for a
fixed period of 01 - 03 months counting from the effective date of the penalty
imposition decision (if the audit firm possesses a certificate of eligibility
to provide audit services and is eligible to provide audit services at the time
of violation detection);
c) Provision of audit services by an audit firm
that commits the violation in clause 4 of this Article shall be suspended for a
fixed period of 3 - 6 months counting from the effective date of the penalty
imposition decision (if the audit firm possesses a certificate of eligibility
to provide audit services and is eligible to provide audit services at the time
of violation detection);
d) Provision of audit services by an audit firm
that commits the violation in clause 5 of this Article shall be suspended for a
fixed period of 06 - 12 months counting from the effective date of the penalty
imposition decision (if the audit firm possesses a certificate of eligibility
to provide audit services and is eligible to provide audit services at the time
of violation detection).
7. Remedial measures:
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b) Enforced return of forged, erased or altered
certificate of eligibility to provide audit services to the authority or person
that issued such a certificate, if any of the violations in point b clause 2,
clauses 3, 4 and 5 of this Article is committed;
c) Enforced completion of procedures for
modification or re-issuance of certificate of eligibility to provide audit
services, if the violation in point d or dd clause 2 of this Article is
committed;
d) Enforced return of the certificate of
eligibility to provide audit services subject to revocation to the authority or
person that issued such a certificate, if the violation in point a clause 2 of
this Article is committed.
Article 14. Violations against regulations on
provision of audit services committed by audit firms
1. A fine ranging from VND
40.000.000 to VND 50.000.000 shall be imposed upon an enterprise for the
commission of one of the following violations:
a) Using the phrase “kiểm toán” ("audit
services") in its name despite its ineligibility to provide audit
services;
b) Failing to follow procedures for removing audit
services from its business lines in case its application for certificate of
eligibility to provide audit services is refused.
2. A fine ranging from VND
150.000.000 to VND 200.000.000 shall be imposed upon an enterprise for the
commission of one of the following violations:
a) Providing audit services without obtaining a
certificate of eligibility to provide audit services;
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c) Continuing provision of the services specified
in clause 1 Article 40 of the Law on Independent Audit after receiving a
request for termination of audit services or having its certificate of
eligibility to provide audit services revoked;
d) Providing audit services against the issued
certificate of eligibility to provide audit services.
3. Additional penalties:
a) The enterprise that commits the violation in
point a or b clause 2 of this Article shall have its certificate of eligibility
to provide audit services suspended for a fixed period of 01 - 03 months
counting from the effective date of the penalty imposition decision (if the
audit firm possesses a certificate of eligibility to provide audit services and
is eligible to provide audit services at the time of violation detection);
b) The enterprise that commits the violation in
point d clause 2 of this Article shall have its certificate of eligibility to
provide audit services suspended for a fixed period of 01 - 03 months counting
from the effective date of the penalty imposition decision.
4. Remedial measures:
a) Enforced return of illegal profits earned from
the violation in clause 2 of this Article to state budget;
b) Enforced completion of procedures for removal of
audit services from business lines of the enterprise that commits the violation
in point b clause 1 of this Article;
c) Enforced return of the certificate of
eligibility to provide audit services to the authority or person that issued
such a certificate, if the violation in point a, b or d clause 2 of this
Article is committed.
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1. A fine ranging from VND
20.000.000 to VND 40.000.000 shall be imposed for certifying inaccurate or
forged documents in the submitted application to obtain an authorization to
audit public interest entities.
2. A fine ranging from VND
40.000.000 to VND 60.000.000 shall be imposed for providing false statements in
the submitted application to obtain an authorization to audit public interest
entities.
3. A fine ranging from VND
150.000.000 to VND 200.000.000 shall be imposed for forging documents in the
submitted application to obtain an authorization to audit public interest
entities, if not liable to criminal prosecution as prescribed by the Criminal
Code.
4. A fine ranging from VND
300.000.000 to VND 400.000.000 shall be imposed for the second violation of
forging documents in the submitted application to obtain an authorization to
audit public interest entities, including cases of recidivism, if not liable to
criminal prosecution as prescribed by the Criminal Code.
5. A fine ranging from VND
600.000.000 to VND 800.000.000 shall be imposed for the third or subsequent
violation of forging documents in the submitted application to obtain an
authorization to audit public interest entities, including cases of recidivism,
if not liable to criminal prosecution as prescribed by the Criminal Code.
6. Additional penalties:
a) The exhibits and/or instrumentalities used for
committing any of the violations in clauses 2, 3, 4 and 5 of this Article shall
be confiscated;
b) Provision of audit services by the audit firm
that commits the violation in clause 3 of this Article shall be suspended for a
fixed period of 03 - 06 months counting from the effective date of the penalty
imposition decision;
c) Provision of audit services by the audit firm
that commits the violation in clause 4 of this Article shall be suspended for a
fixed period of 06 - 12 months counting from the effective date of the penalty
imposition decision;
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7. Remedial measures:
a) Enforced return of illegal profits earned from
any of the violations in clauses 2, 3, 4 and 5 of this Article to state budget;
b) Enforced re-submission of documents containing
false statements or which have been fraudulent or forced in the submitted
application to obtain an authorization to audit public interest entities to the
authority or person that granted such authorization, if any of the violations
in clauses 2, 3, 4 and 5 of this Article is committed.
Section 4. VIOLATIONS AGAINST REGULATIONS ON
AUDIT WORKS
Article 16. Violations against regulations on
purchase of professional liability insurance for practicing auditors or
establishment of professional risk reserve funds
1. A fine ranging from VND
10.000.000 to VND 20.000.000 shall be imposed upon an audit firm for purchasing
professional liability insurance for its practicing auditors or establishing a
professional risk reserve fund against the Ministry of Finance’s regulations.
2. A fine ranging from VND
20.000.000 to VND 40.000.000 shall be imposed upon an audit firm for failing to
purchase professional liability insurance for its practicing auditors or
failing to establish a professional risk reserve fund.
3. Remedial measure:
Enforced purchase of professional liability
insurance or establishment of professional risk reserve fund as prescribed by
the Law on Independent Audit, if the violation in clause 1 or clause 2 of this
Article is committed.
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1. A fine ranging from VND
40.000.000 to VND 50.000.000 shall be imposed for the commission of one of the
following violations:
a) Carrying out audits without meeting professional
capacity or eligibility requirements as prescribed by law;
b) Carrying out an audit at a client or audited
entity’s request which is found contrary to the code of professional ethics,
professional requirements or regulations of law.
2. Remedial measure:
Enforced return of illegal profits earned from the
violation in clause 1 of this Article to state budget.
Article 18. Violations against regulations on
provision of audit or review services to public interest entities
1. A fine ranging from VND
40.000.000 to VND 60.000.000 shall be imposed upon a practicing auditor for
committing one of the following violations:
a) Carrying out audit or signing the auditor’s
report or review report for public interest entities before obtaining an
authorization to audit public interest entities from the Ministry of Finance.
b) Signing the auditor’s report or review report
for public interest entities when his/her authorization to audit public
interest entities is suspended or invalidated.
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a) an audit firm for carrying audit for a public
interest entity despite the fact that it is not allowed to do so; or
b) a public interest entity for using provide audit
or review services rendered by an audit firm that fails to obtain an
authorization from the Ministry of Finance; or
c) a public interest entity for using audit or
review services rendered by or continuing performing the audit or review
service contract signed with an audit firm that have its authorization to audit
public interest entities suspended or invalidated.
3. A fine ranging from VND
80.000.000 to VND 100.000.000 shall be imposed upon an audit firm for providing
audit or review services for public interest entities before obtaining an
authorization to audit public interest entities from the Ministry of Finance or
when its authorization is suspended or invalidated.
4. Remedial measure:
Enforced return of illegal profits earned from the
violations in clause 1, point a clause 2, and clause 3 of this Article to state
budget.
Article 19. Violations against regulations on
audit contracts
1. A fine ranging from VND
5.000.000 to VND 10.000.000 shall be imposed upon an audit firm for entering
into an audit contract which does not have adequate mandatory contents with its
client or audited entity.
2. A fine ranging from VND
30.000.000 to VND 40.000.000 shall be imposed upon an audit firm for entering
into an audit contract after completing the audit of a client or audited
entity.
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4. Remedial measure:
Enforced conclusion of audit contracts with clients
or audited entities as prescribed, if any of the violations in clauses 1, 2 and
3 of this Article is committed.
Article 20. Violations against regulations on
information confidentiality
1. A fine ranging from VND
40.000.000 to VND 60.000.000 shall be imposed upon an audit firm for failing to
build and operate an internal control system serving its fulfillment of
information confidentiality obligations.
2. A fine ranging from VND
60.000.000 to VND 80.000.000 shall be imposed for revealing information
relevant to audit documents, clients and/or audited entities, unless permitted
by clients and/or audited entities or otherwise prescribed by laws.
3. A fine ranging from VND
80.000.000 to VND 100.000.000 shall be imposed for using information relevant
to audit documents, clients and/or audited entities to infringe the interests
of the State, public interests, rights and lawful interests of regulatory
authorities and/or other entities.
4. Additional penalties:
a) The practicing auditor who commits the violation
in clause 3 of this Article shall have his/her audit practicing certificate
suspended for a fixed period of 12 - 24 months counting from the effective date
of the penalty imposition decision;
b) The enterprise that commits the violation in
clause 3 of this Article shall have its certificate of eligibility to provide
audit services suspended for a fixed period of 06 - 12 months counting from the
effective date of the penalty imposition decision.
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a) Enforced return of illegal profits earned from
the violation in clause 2 or clause 3 of this Article to state budget;
b) Enforced establishment and operation of an
internal control system as prescribed, if the violation in clause 1 of this
Article is committed;
c) Enforced return of the audit practicing
certificate to the authority or person that issued such a certificate, if the
violation in clause 3 of this Article is committed;
d) Enforced return of the certificate of
eligibility to provide audit services to the authority or person that issued
such a certificate, if the violation in clause 3 of this Article is committed.
Article 21. Violations against regulations on
auditor’s reports
1. A fine ranging from VND
5.000.000 to VND 10.000.000 shall be imposed upon an auditor for committing one
of the following violations:
a) Signing auditor’s reports ultra vires;
b) Signing an auditor’s report before the signing
date of the audited financial statements.
2. A fine ranging from VND
10.000.000 to VND 20.000.000 shall be imposed upon an auditor for signing
auditor’s reports for the same audited entity (that is not a public interest
entity) for a consecutive period of more than 05 years.
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a) Appointing its practicing auditors to sign
auditor’s reports ultra vires;
b) Releasing an auditor’s report which has been
signed before the signing date of the audited financial statements;
c) Making an auditor’s report which does not bear
adequate signatures of the in-charge practicing auditor;
d) Failing to fully explain qualified opinions
included in the auditor’s report by the prescribed deadline at the request of a
competent authority or owner representative of the audited entity.
4. A fine ranging from VND
30.000.000 to VND 40.000.000 shall be imposed upon an auditor who is not a
practicing auditor for signing auditor’s reports.
5. A fine ranging from VND
40.000.000 to VND 50.000.000 shall be imposed for failing to explain qualified
opinions included in the auditor’s report at the request of a competent
authority or owner representative of the audited entity.
6. A fine ranging from VND
50.000.000 to VND 60.000.000 shall be imposed upon an audit firm for appointing
a practicing auditor to sign auditor’s reports for the same audited entity
(that is not a public interest entity) for a consecutive period of more than 05
years.
7. A fine ranging from VND
60.000.000 to VND 80.000.000 shall be imposed upon an audit firm for appointing
a person who is not a practicing auditor to sign auditor’s reports.
8. Additional penalties:
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b) The enterprise that commits the violation in
clause 6 of this Article for the second time or any subsequent instances,
including cases of recidivism, shall have its certificate of eligibility to
provide audit services suspended for a fixed period of 01 - 03 months counting
from the effective date of the penalty imposition decision.
9. Remedial measures:
a) Enforced return of the audit practicing
certificate to the authority or person that issued such a certificate, in case
of second or subsequent commission of the violation in clause 3 of this
Article, including cases of recidivism;
b) Enforced return of the certificate of
eligibility to provide audit services to the authority or person that issued
such a certificate, in case of second or subsequent commission of the violation
in clause 6 of this Article, including cases of recidivism;
c) Prohibition of the auditor from applying for
audit practicing certificate for a period of 06 - 12 months counting from the
day on which a competent authority concludes that he/she commits the violation
in clause 2 of this Article for the second time or subsequent instances,
including the cases of recidivism (if he/she is not a practicing auditor at the
time of violation detection).
Article 22. Violations against regulations on
independence
1. A fine ranging from VND
10.000.000 to VND 20.000.000 shall be imposed for the commission of one of the
following violations:
a) Providing false information on qualifications,
experience and ability to provide audit services of practicing auditors, audit
firms or branches in Vietnam of foreign audit firms;
b) Purchasing, receiving, giving or holding shares
or stakes of an audited entity, regardless of quantity;
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d) Receiving or demanding any payments or other
benefits from audited entities other than service fees and agreed-upon costs
specified in the signed audit contracts, if not liable to criminal prosecution
as prescribed by the Criminal Code;
dd) Harassing or deceiving clients and/or audited
entities;
e) Interfering in business operations of clients
and/or audited entities during an audit;
g) Collecting debts for audited entities;
h) Holding the position of manager, executive,
member of the control board, or chief accountant of a public interest entity of
which the auditor has conducted the audit within less than 12 months from the
completion of the audit.
2. A fine ranging from VND
30.000.000 to VND 40.000.000 shall be imposed for the commission of one of the
following violations:
a) Carrying out audits in prohibited cases as
specified in regulations of law;
b) Concurrently working for two or more audit firms
and/or branches in Vietnam of foreign audit firms;
c) Contributing capital to two or more audit firms;
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dd) Conducting audits of and/or signing auditor's
reports for the same public interest entity for a consecutive period of more
than 05 years.
3. A fine ranging from VND
60.000.000 to VND 80.000.000 shall be imposed upon:
a) a public interest entity for accepting a
practicing auditor to conduct audit of its financial statements for a
consecutive period of more than 05 years; or
b) an audit firm for appointing a practicing
auditor to conduct audit of and/or sign auditor’s reports for financial
statements of the same public interest entity for a consecutive period of more
than 05 years.
4. A fine ranging from VND
400.000.000 to VND 500.000.000 shall be imposed upon an audit firm for colluding
with audited entities to falsify accounting documents, financial statements
and/or audit documents or providing false audit results.
5. A fine ranging from VND
800.000.000 to VND 1.000.000.000 shall be imposed upon an audit firm for the
second or subsequent commission of the violation of colluding with audited
entities to falsify accounting documents, financial statements and/or audit
documents or providing false audit results, including cases of recidivism.
6. A fine which is twice
as much as that specified in clause 4 or 5 of this Article shall be imposed
upon an audit firm conducting audit of a public interest entity for committing
the same violation as prescribed in the corresponding clause.
7. Additional penalties:
a) The practicing auditor that commits the
violation in point d clause 2 of this Article shall have his/her audit
practicing certificate suspended for a fixed period of 12 - 24 months counting
from the effective date of the penalty imposition decision (if the violating
individual is a practicing auditor at the time of violation detection);
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c) Provision of audit services by the enterprise
that commits the violation in clause 5 of this Article shall be suspended for a
fixed period of 3 - 6 months counting from the effective date of the penalty
imposition decision;
d) Provision of audit services by the audit firm
that conducts audit of a public interest entity and commits the same violation
as prescribed in clause 4 or 5 of this Article shall be suspended for a period
which is twice as long as that prescribed in point b or c of this clause.
8. Remedial measures:
a) Enforced return of illegal profits earned from
any of the violations in points a, b, d clause 2, clauses 4, 5 and 6 of this
Article to state budget;
b) Enforced return of the audit practicing
certificate to the authority or person that issued such a certificate, if the
violation in point d clause 2 of this Article is committed (if the violating
individual is a practicing auditor at the time of violation detection);
c) Prohibition of the auditor from applying for
audit practicing certificate for a period of 12 - 24 months counting from the
day on which a competent authority concludes that he/she commits the violation
in point d clause 2 of this Article (if he/she is not a practicing auditor at
the time of violation detection).
Article 23. Violations against regulations on
audit documents
1. A fine ranging from VND
150.000.000 to VND 200.000.000 shall be imposed for failing to make audit
documents on 01 audit.
2. A fine ranging from VND
400.000.000 to VND 500.000.000 shall be imposed upon an audit firm for the
commission of one of the following violations:
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b) Forging or providing false information in audit
documents, if not liable to criminal prosecution as prescribed by the Criminal
Code.
3. A fine which is twice
as much as that prescribed in clause 1 or 2 of this Article shall be imposed
for subsequent commission of such a violation as found during inspections.
4. A fine which is twice
as much as that prescribed in clause 1, 2 or 3 of this Article shall be imposed
upon the entity conducting audit of a public interest entity for committing the
same violation as prescribed in the corresponding clause.
5. Additional penalties:
a) The exhibits and/or instrumentalities used for
committing the violation in point b clause 2 or clause 4 of this Article shall
be confiscated;
b) Provision of audit services by the enterprise
that commits the violation in point b clause 2 of this Article shall be
suspended for a fixed period of 03 - 06 months counting from the effective date
of the penalty imposition decision;
c) Provision of audit services by the audit firm
that conducts audit of a public interest entity and commits the same violation
as prescribed in point b clause 2 of this Article shall be suspended for a
period which is twice as long as that prescribed in point b of this clause.
6. Remedial measure:
Enforced return of illegal profits earned from the
violation of forging or providing false information in audit documents, if not
liable to criminal prosecution as prescribed by the Criminal Code, as
prescribed in point b clause 2 or clause 4 of this Article to state budget.
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1. A fine ranging from VND
10.000.000 to VND 20.000.000 shall be imposed upon an audit firm for the
commission of one of the following violations:
a) Failing to adequately and safely manage and
retain audit documents, causing loss or damage to audit documents while they
are in use or during retention period;
b) Archiving audit documents more than 12 months
after the date of an auditor’s report;
c) Failing to establish and adopt policies and
procedures for maintaining confidentiality, security, comprehensiveness,
accessibility and recovery of audit documents in accordance with audit
standards;
d) Failing to establish and adopt policies and
procedures for retaining audit documents for a minimum duration of 10 years
from the date of an auditor’s report in accordance with audit standards.
2. A fine ranging from VND
30.000.000 to VND 40.000.000 shall be imposed upon an audit firm for failing to
retain physical or electronic audit documents.
Article 25. Violations against regulations on
destruction of audit documents
1. A fine ranging from VND
10.000.000 to VND 20.000.000 shall be imposed upon an audit firm for the
commission of one of the following violations:
a) Issuing a decision on destruction of audit
documents ultra vires;
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2. A fine ranging from VND
20.000.000 to VND 30.000.000 shall be imposed upon an audit firm for destroying
audit documents before the expiry of their prescribed retention period or
deliberately damaging audit documents.
Article 26. Violations against regulations on
publishing of transparency reports
1. A fine ranging from VND
10.000.000 to VND 20.000.000 shall be imposed upon an audit firm for the
commission of one of the following violations:
a) Publishing a transparency report which does not
bear the signature of its legal representative or authorized person;
b) Publishing information on its transparency
report or any changes therein after the prescribed deadline.
2. A fine ranging from VND
20.000.000 to VND 30.000.000 shall be imposed upon an audit firm for the commission
of one of the following violations:
a) Failing to build a website as prescribed;
b) Failing to publish and update adequate
information on transparency reports on its website;
c) Publishing false information on its transparency
reports.
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Enforced establishment of website; correction of
false information, publishing and updating of adequate information, if any of
the violation in clause 2 of this Article is committed.
Section 5. VIOLATIONS AGAINST REGULATIONS
COMMITTED BY AUDITED ENTITIES
Article 27. Violations against regulations on
selection of audit firms and practicing auditors
1. A fine ranging from VND
20.000.000 to VND 30.000.000 shall be imposed for hiring an audit firm in case
the audit firm is not allowed to perform audit works as prescribed by law.
2. A fine ranging from VND
30.000.000 to VND 40.000.000 shall be imposed for hiring an audit firm that
fails to meet eligibility requirements to provide audit services as prescribed
by law.
3. A fine ranging from VND
40.000.000 to VND 50.000.000 shall be imposed upon an audited entity for
failing to undergo statutory audits of financial statements, final statements
of finished projects, consolidated financial statements, general financial
statements and other audit works as prescribed by the Law on Independent Audit
and other relevant laws.
Article 28. Violations against regulations on
conclusion of contracts for audit of annual financial statements
1. A fine ranging from VND
5.000.000 to VND 10.000.000 shall be imposed upon an enterprise or organization
whose annual financial statements are subject to statutory audit for entering
into a contract for audit of financial statements which does not have adequate
mandatory contents.
2. A fine ranging from VND
10.000.000 to VND 20.000.000 shall be imposed upon an enterprise or
organization whose annual financial statements are subject to statutory audit
for entering into a contract for audit of financial statements after the
prescribed deadline.
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4. A fine ranging from VND
40.000.000 to VND 60.000.000 shall be imposed upon an enterprise or
organization whose annual financial statements are subject to statutory audit
for failing to enter into a contract for audit of financial statements when
carrying out an audit.
5. Remedial measure:
Enforced conclusion of audit contracts with audit
firms as prescribed, if any of the violations in clauses 1, 2, 3 and 4 of this
Article is committed.
Article 29. Violations against regulations on
audits
1. A fine ranging from VND
20.000.000 to VND 30.000.000 shall be imposed upon an audited entity for
providing inadequate or late explanations of qualified opinions included in the
auditor’s report at the request of a competent authority.
2. A fine ranging from VND
40.000.000 to VND 60.000.000 shall be imposed upon an audited entity for
failing to provide explanation of qualified opinions included in the auditor’s
report at the request of a competent authority.
3. A fine ranging from VND
60.000.000 to VND 80.000.000 shall be imposed upon an audited entity for
entering into an audit contract with an entity that fails to meet eligibility
requirements for audit practice.
4. A fine ranging from VND
80.000.000 to VND 100.000.000 shall be imposed upon an audited entity for
refusing to provide information and documents necessary for an audit at the
request of the practicing auditor or audit firm.
5. A fine ranging from VND
100.000.000 to VND 200.000.000 shall be imposed upon an audited entity for
committing one of the following violations:
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b) Threatening, taking revenge on, or forcing audit
participants in order to falsify audit results;
c) Concealing acts of violation against regulations
on finance and accounting;
d) Obstructing the performance of audit works and
limiting the scope of an audit;
dd) Providing false, inaccurate or inadequate
information/documents on an audit, or providing such information/documents in a
late manner.
6. A fine ranging from VND
200.000.000 to VND 400.000.000 shall be imposed upon an audited entity for the
second or subsequent commission of any of the violations in clause 5 of this
Article, including cases of recidivism.
7. A fine which is twice
as much as that prescribed in clause 3, 4, 5, or 6 of this Article shall be
imposed upon an audited entity that is a public interest entity for committing
the same violation as prescribed in the corresponding clause.
Article 30. Violations against regulations on
responsibilities of public interest entities
A fine ranging from VND 80.000.000 to VND
100.000.000 shall be imposed upon a public interest entity for committing one
of the following violations:
1. Failing to establish and
operate an internal control system.
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3. Selecting another
authorized audit firm to comment on its financial statements which have already
been audited by an authorized audit firm, unless otherwise permitted by law.
4. Failing to provide the
competent authority granting authorization to its audit firm with reasons for
selecting an authorized audit firm other than the one selected in the previous
year or for changing the current authorized audit firm (if any).
5. Failing to inform the
competent authority granting authorization to its audit firm of its detection
of violations against regulations of Law on Independent Audit committed by
practicing auditors and authorized audit firm.
6. Providing inaccurate
information/figures in audited financial statements at the request of competent
authorities.
7. Failing to explain or
provide information on audited financial statements at the request of competent
authorities.
8. Remedial measures:
a) Enforced correction of false or misleading
information, if the violation in clause 6 of this Article is committed;
b) Enforced provision of adequate and accurate
reports, explanations and information/documents, if any of the violations in
clauses 4, 5, 6, and 7 of this Article is committed.
Section 6. VIOLATIONS AGAINST REGULATIONS ON
PROVISION AND USE OF TRANSBOUNDARY AUDIT SERVICES
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1. A fine ranging from VND
40.000.000 to VND 60.000.000 shall be imposed upon a foreign audit firm for
altering or erasing documents in the submitted application to obtain a
certificate of eligibility to provide transboundary audit services in Vietnam.
2. A fine ranging from VND
150.000.000 to VND 200.000.000 shall be imposed upon a foreign audit firm for
committing one of the following violations:
a) Forging documents included in the application
for certificate of eligibility to provide transboundary audit services, if not
liable to criminal prosecution as prescribed by the Criminal Code;
b) Providing transboundary audit services in
Vietnam without obtaining a certificate of eligibility to provide transboundary
audit services in Vietnam;
c) Continuing to provide transboundary audit services
in Vietnam despite the provision of audit services being put on hold, suspended
or terminated, or the certificate of eligibility to provide transboundary audit
services in Vietnam being revoked.
3. Additional penalties:
a) The exhibits and/or instrumentalities used for
committing the violation in clause 1 or point a clause 2 of this Article shall
be confiscated.
b) The foreign audit firm that commits the
violation in point c clause 2 of this Article shall have its certificate of
eligibility to provide transboundary audit services in Vietnam suspended for a
fixed period of 03 - 06 months counting from the effective date of the penalty
imposition decision (if the foreign audit firm possesses a certificate of
eligibility to provide transboundary audit services in Vietnam and is eligible
to provide audit services at the time of violation detection).
4. Remedial measures:
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b) Enforced re-submission of forged, altered or
erased documents included in the submitted application for certificate of
eligibility to provide transboundary audit services to the authority or person
that issued such a certificate, if the violation in clause 1 or point a clause
2 of this Article is committed;
c) Enforced return of certificate of eligibility to
provide transboundary audit services in Vietnam to authority or person that
issued such a certificate, if the violation in point c clause 2 of this Article
is committed (if the foreign audit firm possesses a certificate of eligibility
to provide transboundary audit services in Vietnam and is eligible to provide
audit services at the time of violation detection).
Article 32. Violations against regulations on
methods for provision of transboundary audit services
1. A fine ranging from VND
40.000.000 to VND 60.000.000 shall be imposed upon a foreign audit firm for
committing one of the following violations:
a) Making payment and transfer of transboundary
audit service charges against Vietnam's regulations on foreign exchange
management;
b) Providing transboundary audit services in
Vietnam without concluding audit contracts as prescribed by Vietnam’s law.
2. A fine ranging from VND
60.000.000 to VND 80.000.000 shall be imposed upon:
a) a Vietnamese audit firm for establishing a joint
venture with an ineligible foreign enterprise to provide transboundary audit
services in Vietnam;
a) a foreign audit firm for establishing a joint
venture with an ineligible enterprise in Vietnam to provide transboundary audit
services in Vietnam;
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3. A fine ranging from VND
80.000.000 to VND 100.000.000 shall be imposed upon a foreign audit firm for
providing transboundary audit services in Vietnam without establishing a joint
venture with an eligible enterprise in Vietnam.
4. Additional penalty:
The foreign audit firm that commits the violation
in clause 3 of this Article shall have its certificate of eligibility to
provide transboundary audit services in Vietnam suspended for a fixed period of
06 - 12 months counting from the effective date of the penalty imposition
decision (if the foreign audit firm possesses a certificate of eligibility to
provide transboundary audit services in Vietnam and is eligible to provide
audit services at the time of violation detection).
5. Remedial measures:
a) Enforced return of illegal profits earned from
the violations in clause 1, clause 2, clause 3 of this Article to state budget;
b) Enforced establishment of a joint venture with
an ineligible enterprise in Vietnam when providing transboundary audit services
in Vietnam, if the violation in clause 2 or clause 3 of this Article is
committed;
c) Enforced return of certificate of eligibility to
provide transboundary audit services in Vietnam to authority or person that
issued such a certificate, if the violation in clause 3 of this Article is
committed (if the foreign audit firm possesses a certificate of eligibility to
provide transboundary audit services in Vietnam and is eligible to provide
audit services at the time of violation detection).
Article 33. Violations against regulations on
obligations of audit firms providing transboundary audit services
1. A fine ranging from VND
5.000.000 to VND 10.000.000 shall be imposed upon a foreign audit firm for
committing one of the following violations:
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b) Submitting audited annual financial statements
which must be accompanied with the auditor’s report issued by an independent
audit firm and local audit service authority’s reports on compliance with
regulations of law on provision of audit services and other relevant laws to
the Ministry of Finance after the prescribed deadline;
c) Submitting reports on performance of contracts
for provision of transboundary audit services in Vietnam to the Ministry of
Finance 15 days after the prescribed deadline.
2. A fine ranging from VND
10.000.000 to VND 20.000.000 shall be imposed upon a foreign audit firm for
committing one of the following violations:
a) Failing to notify the Ministry of Finance of its
failure to satisfy one of eligibility requirements for provision of
transboundary audit services;
b) Failing to submit audited annual financial
statements which must be accompanied with the auditor’s report issued by an
independent audit firm and local audit service authority’s reports on
compliance with regulations of law on provision of audit services and other
relevant laws to the Ministry of Finance;
c) Failing to submit reports, or submitting reports
containing false information, on performance of contracts for provision of
transboundary audit services in Vietnam.
3. A fine ranging from VND
80.000.000 to VND 100.000.000 shall be imposed upon a foreign audit firm for
committing one of the following violations:
a) Performing prohibited acts or providing audit
services in prohibited cases specified in regulations of Vietnam's Law on
Independent Audit;
b) Failing to comply with Vietnam’s audit standards
and code of professional ethics for accountants and auditors while providing
transboundary audit services in Vietnam;
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4. Additional penalty:
The foreign audit firm that commits the violation
in point a clause 3 of this Article shall have its certificate of eligibility
to provide transboundary audit services in Vietnam suspended for a fixed period
of 03 - 06 months counting from the effective date of the penalty imposition decision.
5. Remedial measures:
a) Enforced return of illegal profits earned from
the violation in point a clause 3 of this Article to state budget;
b) Enforced compliance with Vietnam’s audit
standards and code of professional ethics for accountants and auditors, if the
violation in point b clause 3 of this Article is committed while providing
transboundary audit services in Vietnam;
c) Enforced provision of reports and explanations
as prescribed, if the violation in point c clause 2 or point c clause 3 of this
Article is committed;
d) Enforced return of the certificate of
eligibility to provide transboundary audit services in Vietnam to the authority
or person that issued such a certificate, if the violation in point a clause 3
of this Article is committed.
Article 34. Violations against regulations on
establishment of joint ventures with foreign audit firms for provision of
transboundary audit services in Vietnam
1. A fine ranging from VND
20.000.000 to VND 40.000.000 shall be imposed upon an audit firm in Vietnam
that establishes a joint venture with a foreign audit firm for commission of
one of the following violations:
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b) Failing to provide adequate documents on the
audits carried out by the joint venture by the prescribed deadline at the
request of competent authorities;
c) Failing to provide competent authorities with
adequate and timely explanations as to auditor’s reports, audit documents and
other issues concerning the audits carried out by the joint venture established
with a foreign audit firm.
2. A fine ranging from VND
30.000.000 to VND 40.000.000 shall be imposed upon an audit firm in Vietnam
that establishes a joint venture with a foreign audit firm for commission of
one of the following violations:
a) Failing to retain documents on the audits
carried out by the joint venture established with the foreign audit firm providing
transboundary audit services in Vietnam;
b) Failing to provide documents on the audits
carried out by the joint venture established with the foreign audit firm
providing transboundary audit services in Vietnam at the request of competent
authorities;
c) Failing to provide competent authorities with
explanations as to auditor’s reports, audit documents and other issues
concerning the audits carried out by the joint venture established with the foreign
audit firm providing transboundary audit services in Vietnam;
d) Failing to submit reports to the Ministry of
Finance of Vietnam on the joint venture established with the foreign audit firm
for providing transboundary audit services in Vietnam.
3. Additional penalty:
The foreign audit firm that commits the violation
in point b, c, or d clause 2 of this Article shall have its certificate of
eligibility to provide transboundary audit services in Vietnam suspended for a
fixed period of 06 - 12 months counting from the effective date of the penalty
imposition decision.
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a) Enforced provision of adequate explanations,
reports, and documents on the audits conducted by the joint venture for
competent authorities at their request, if any of the violations in points b, c
clause 1 and points b, c, d clause 2 of this Article is committed;
b) Enforced return of the certificate of
eligibility to provide transboundary audit services in Vietnam to the authority
or person that issued such a certificate, if the violation in point b, c, or d
clause 2 of this Article is committed.
Section 7. VIOLATIONS AGAINST REGULATIONS ON
NOTIFICATION AND REPORTING
Article 35. Violations against regulations on
notification and reporting committed by audit firms
1. A fine ranging from VND
5.000.000 to VND 10.000.000 shall be imposed upon an audit firm for the
commission of one of the following violations:
a) Notifying the Ministry of Finance of any changes
which have to be notified as prescribed in the Law on Independent Audit after
the prescribed deadline;
b) Submitting consolidated reports on maintenance
of fulfillment of eligibility requirements for audit practice by its practicing
auditors to the Ministry of Finance after the prescribed deadline;
c) Sending a written notification, in cases
prescribed by laws, to the Ministry of Finance of expiration or invalidation of
audit practicing certificates of its practicing auditors after the prescribed
deadline;
d) Notifying the Ministry of Finance of lost or
damaged certificate of eligibility to provide audit services after the
prescribed deadline;
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e) Submitting the annual performance report to the
Ministry of Finance of Vietnam after the prescribed deadline;
g) Submitting financial statements of the previous
year to the Ministry of Finance after the prescribed deadline;
h) Notifying the Ministry of Finance in writing of
resumption of audit services after the suspension period after the prescribed
deadline;
i) Submitting an application for termination of
provision of audit services to the Ministry of Finance after the prescribed
deadline;
k) Submitting periodical and ad hoc reports to the
Ministry of Finance after the prescribed deadline;
l) Notifying the Ministry of Finance in writing
after the prescribed deadline of the case where its practicing auditor is
banned from audit practice under a Court's judgment or decision in force; is
facing criminal prosecution; has been convicted of economic or title-related
crime in financial and accounting fields; is serving an administrative penalty
in the form of education in his/her commune, ward or town, or at a
rehabilitation center or educational institution;
m) Notifying the competent authority from which it
has obtained the authorization of changes in its name, head office, scope of
operations, list of practicing auditors, or other changes which make it
ineligible for such authorization after the prescribed deadline.
2. A fine ranging from VND
10.000.000 to VND 20.000.000 shall be imposed upon an audit firm for the
commission of one of the following violations:
a) Failing to notify the Ministry of Finance of
Vietnam of any changes which have to be notified as prescribed in the Law on
Independent Audit;
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c) Failing to send a written notification, in cases
prescribed by laws, to the Ministry of Finance of expiration or invalidation of
audit practicing certificates of its practicing auditors;
d) Failing to notify the Ministry of Finance of
lost or damaged certificate of eligibility to provide audit services;
dd) Failing to submit annual or ad hoc report on
maintenance of fulfillment of eligibility requirements for provision of audit
services to the Ministry of Finance of Vietnam;
e) Failing to submit annual performance report to
the Ministry of Finance as prescribed;
g) Failing to submit financial statements of the
previous year to the Ministry of Finance as prescribed;
h) Failing to notify the Ministry of Finance in
writing of resumption of audit services after suspension period;
i) Failing to submit an application for termination
of provision of audit services to the Ministry of Finance as prescribed;
k) Failing to give a written notification,
accompanied with copies of supporting documents, of establishment or
termination of operation of branches/offices of the foreign audit firm to the
Ministry of Finance;
l) Failing to submit periodical and ad hoc reports
to the Ministry of Finance as prescribed;
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3. A fine ranging from VND
30.000.000 to VND 40.000.000 shall be imposed upon an audit firm for failing to
notify the Ministry of Finance in writing of the case where its practicing
auditor is banned from audit practice under a Court's judgment or decision in
force; is facing criminal prosecution; has been convicted of economic or
title-related crime in financial and accounting fields; is serving an
administrative penalty in the form of education in his/her commune, ward or
town, or at a rehabilitation center or educational institution;
Article 36. Violations against regulations on
notification and reporting committed by practicing auditors
1. A fine ranging from VND
5.000.000 to VND 10.000.000 shall be imposed upon a practicing auditor for
notifying the Ministry of Finance after the prescribed deadline of the
following events:
a) He/she no longer works for or terminates his/her
full-time employment contract signed with the audit firm or the branch in
Vietnam of the foreign audit firm specified in his/her audit practicing
certificate;
b) His/her full-time employment contract signed
with the audit firm or the branch in Vietnam of the foreign audit firm expires
or is terminated or there are changes that make his/her employment contract no
longer full-time;
c) The work permit in Vietnam of a foreign
practicing auditor expires or is invalided;
d) He/she holds or suspends the holding of, as an
individual, the position of legal representative, Director (Deputy Director),
Chairperson of Board of Directors, Chairperson of the Board of Members, Chief
accountant (or accounting manager), accountant or internal auditor or another
position at an entity other than the registered audit firm, or his/her working
duration or position at such an entity is changed;
dd) Periodical or ad hoc provision of information
on his/her audit practice is requested by the Ministry of Finance.
2. A fine ranging from VND
10.000.000 to VND 20.000.000 shall be imposed upon a practicing auditor for
failing to send notification or report to the Ministry of Finance of Vietnam
when:
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b) His/her full-time employment contract signed
with the audit firm or the branch in Vietnam of the foreign audit firm expires
or is terminated or there are changes that make his/her employment contract no
longer full-time;
c) The work permit in Vietnam of a foreign
practicing auditor expires or is invalided;
d) He/she holds or suspends the holding of, as an
individual, the position of legal representative, Director (Deputy Director),
Chairperson of Board of Directors, Chairperson of the Board of Members, Chief
accountant (or accounting manager), accountant or internal auditor or another
position at an entity other than the registered audit firm, or his/her working
duration or position at such an entity is changed;
dd) Periodical or ad hoc provision of information
on his/her audit practice is requested by the Ministry of Finance.
Section 8. VIOLATIONS AGAINST REGULATIONS ON
AUDIT SERVICE QUALITY CONTROL
Article 37. Violations against regulations on
obligations regarding audit service quality control of audit firms and branches
of foreign audit firms
1. A fine ranging from VND
10.000.000 to VND 20.000.000 shall be imposed upon an audit firm for the commission
of one of the following violations:
a) Submitting reports on internal inspection of its
audit service quality to the Ministry of Finance or the State Securities
Commission of Vietnam after the prescribed deadline;
b) Submitting reports on error rectification and
implementation of the inspectorate’s requests to the inspecting authority after
the prescribed deadline;
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d) Failing to provide adequate information and
documents by the prescribed deadline at the request of competent
authorities/organizations during the control of audit service quality.
2. A fine ranging from VND
20.000.000 to VND 30.000.000 shall be imposed upon an audit firm for the
commission of one of the following violations:
a) Failing to submit reports on internal inspection
of its audit service quality to the Ministry of Finance or the State Securities
Commission of Vietnam;
b) Failing to submit reports on error rectification
and implementation of the inspectorate’s requests to the inspecting authority;
c) Failing to submit reports on performance of
independent audit works at the request of the Ministry of Finance of Vietnam or
the State Securities Commission of Vietnam;
d) Failing to provide information and documents at
the request of competent authorities/organizations during the control of audit
service quality.
3. A fine ranging from VND
30.000.000 to VND 40.000.000 shall be imposed upon an audit firm for the
commission of one of the following violations:
a) Failing to build a quality control system for
audit services, review services, financial information services, other
assurance services and related services;
b) Failing to formulate policies and procedures for
quality control of each audit;
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d) Failing to implement audit-level quality control
policies and procedures;
dd) Providing inaccurate or false information and
documents for competent authorities during the control of audit service
quality;
e) Failing to explain to and cooperate with
competent authorities during the control of audit service quality;
g) Failing to appoint qualified practicing auditors
and other related staff to work with the inspectorate;
h) Failing to sign the inspection record upon the
completion of the inspection.
4. Additional penalty:
The audit firm that commits the violation in Point
d Clause 2, Point dd or e Clause 3 of this Article shall have its certificate
of eligibility to provide audit services suspended for a fixed period of 01 -
03 months counting from the effective date of the penalty imposition decision.
5. Remedial measure:
Enforced provision of adequate reports,
explanation, and information/documents, if any of the violations in point d
clause 1, point c and point d clause 2, point dd and point e clause 3 of this
Article is committed.
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1. A fine ranging from VND
5.000.000 to VND 10.000.000 shall be imposed upon an auditor signing the
auditor’s report for having 1 dossier rated “unsatisfactory audit documents”.
2. A fine ranging from VND
10.000.000 to VND 20.000.000 shall be imposed upon an auditor signing the
auditor’s report for having 2 dossiers rated “unsatisfactory audit documents”.
3. A fine ranging from VND
20.000.000 to VND 30.000.000 shall be imposed upon an auditor signing the
auditor’s report for making serious professional errors or seriously violating
audit standards or code of professional ethics for accountants and auditors as
prescribed when having 1 - 2 dossiers rated “poor-quality audit documents which
contain serious errors”.
4. A fine ranging from VND
40.000.000 to VND 50.000.000 shall be imposed upon an auditor signing the
auditor’s report for making serious professional errors or seriously violating
audit standards or code of professional ethics for accountants and auditors as
prescribed when having more than 2 dossiers rated “poor-quality audit documents
which contain serious errors”.
5. A fine ranging from VND
60.000.000 to VND 80.000.000 shall be imposed upon an audit firm whose audit
service quality is rated “unsatisfactory”.
6. A fine ranging from VND
80.000.000 to VND 100.000.000 shall be imposed upon an audit firm whose audit
service quality is rated “unsatisfactory” after two consecutive inspections.
7. A fine ranging from VND
100.000.000 to VND 150.000.000 shall be imposed upon an audit firm that is
found to have made serious professional errors or seriously violated audit
standards or the code of professional ethics for accountants and auditors as
prescribed, when its audit service quality is rated “poor quality, with serious
errors”.
8. A fine ranging from VND
400.000.000 to VND 500.000.000 shall be imposed upon an audit firm that is
found to have made serious professional errors or seriously violated audit
standards or the code of professional ethics for accountants and auditors as
prescribed, when its audit service quality is rated “poor quality, with serious
errors” in the general conclusions of 2 consecutive inspections.
9. A fine ranging from VND
800.000.000 to VND 1.000.000.000 shall be imposed upon an audit firm that is
found to have made serious professional errors or seriously violated audit standards
or the code of professional ethics for accountants and auditors as prescribed,
when its audit service quality is rated “poor quality, with serious errors” in
the general conclusion of the third inspection or any subsequent consecutive
inspections.
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11. Remedial measures:
a) Prohibition of the auditor signing the auditor’s
reports from applying for audit practicing certificate for a fixed period of 06
months counting from the day on which a competent authority concludes that
he/she commits the violation in clause 3 of this Article (if he/she is not a
practicing auditor at the time of violation detection);
b) Prohibition of the auditor signing the auditor’s
reports from applying for audit practicing certificate for a fixed period of 12
months counting from the day on which a competent authority concludes that
he/she commits the violation in clause 4 of this Article (if he/she is not a
practicing auditor at the time of violation detection);
c) Prohibition of the auditor signing the auditor’s
reports for public interest entities from applying for audit practicing
certificate for a period which is twice as long as that prescribed in point a
or b of this clause when he/she is found to have committed the same violation
as prescribed in clause 3 or 4 of this Article (if he/she is not a practicing
auditor at the time of violation detection).
Chapter III
POWER MAKE RECORDS OF AND IMPOSE PENALTIES FOR
ADMINISTRATIVE VIOLATIONS AGAINST REGULATIONS ON INDEPENDENT AUDIT
Article 39. Power to make records of
administrative violations against regulations on independent audit
The following persons shall have the power to make
records of administrative violations against regulations on independent audit:
1. The persons that have the power to impose
penalties for administrative violations against regulations on independent
audit prescribed in this Decree.
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Article 40. Power to impose penalties of
Director General of Department of Accounting and Audit Management and
Supervision
1. Issue warning.
2. Impose a fine up to VND 1.000.000.000 upon an
individual and up to VND 2.000.000.000 upon an organization.
3. Confiscate the exhibits and instrumentalities
used for committing administrative violations.
4. Suspend audit practicing certificates,
certificates of eligibility to provide audit services or suspend provision of
audit services for a fixed period.
5. Impose the remedial measures specified in
Article 5 of this Decree.
Article 41. Power to impose penalties of
Chairpersons of provincial-level People’s Committees
1. Issue warning.
2. Impose a fine up to VND 1.000.000.000 upon an
individual and up to VND 2.000.000.000 upon an organization.
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4. Suspend audit practicing certificates,
certificates of eligibility to provide audit services or suspend provision of
audit services for a fixed period.
5. Impose the remedial measures specified in
Article 5 of this Decree.
Article 42. Power to impose penalties of
People’s Police Forces
a) Issue warning;
b) Impose a fine up to VND 1.000.000.000 upon an
individual and up to VND 2.000.000.000 upon an organization;
c) Confiscate the exhibits and instrumentalities
used for committing administrative violations;
d) Suspend audit practicing certificates,
certificates of eligibility to provide audit services or suspend provision of
audit services for a fixed period;
dd) Impose the remedial measures specified in
Article 5 of this Decree.
2. Directors of provincial-level Police Departments
shall have the power to:
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b) Impose a fine up to VND 1.000.000.000 upon an
individual and up to VND 2.000.000.000 upon an organization;
c) Confiscate the exhibits and instrumentalities
used for committing administrative violations;
d) Suspend audit practicing certificates,
certificates of eligibility to provide audit services or suspend provision of
audit services for a fixed period;
dd) Impose the remedial measures specified in
Article 5 of this Decree.
3. Heads of professional divisions of the following
authorities, including the Internal Political Security Department, the Police
Department for Administrative Management of Social Order, the Traffic Police
Department, the Department of Cybersecurity, Hi-tech Crime Prevention and
Control, and the Immigration Department, and heads of divisions affiliated to
provincial-level police departments, including: Internal Political Security
Divisions, Police Divisions for Administrative Management of Social Order,
Investigation Police Divisions for Social Order Crimes, Police Divisions for
Investigation into Corruption, Economy, Smuggling and Environment-related
Crimes, Police Divisions for Execution of Criminal Judgments and Judicial
Assistance, Immigration Divisions, and Economic Security Divisions, shall have
the power to:
a) Issue warning;
b) Impose a fine up to VND 800.000.000 upon an
individual and up to VND 1.600.000.000 upon an organization;
c) Confiscate the exhibits and instrumentalities
used for committing administrative violations;
d) Suspend audit practicing certificates,
certificates of eligibility to provide audit services or suspend provision of
audit services for a fixed period;
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Chapter IV
IMPLEMENTATION
Article 43. Effect
1. This Decree comes into force from August 18,
2025.
2. The following regulations on penalties for
administrative violations in independent audit field in the Government’s Decree
No. 41/2018/ND-CP dated March 12, 2018 prescribing penalties for administrative
violations against regulations on accounting and independent audit are
abrogated:
a) The phrase “kiểm toán độc lập” (“independent
audit”) in Article 1; clause 1, clause 3 Article 2; clause 2 Article 3; Article
4; Article 5; Article 6; Article 69; Article 70; clause 3 Article 71, is
removed;
b) Chapter III is abrogated.
3. The following regulations on penalties for
administrative violations in independent audit field in the Government’s Decree
No. 102/2021/ND-CP dated November 16, 2021 providing amendments to some
articles of decrees on penalties for administrative violations against
regulations on tax and invoicing; customs; insurance business and lottery
business; management and use of public property, thrift practice and
wastefulness combat; national reserve; state treasury; accounting and
independent audit are abrogated:
a) The phrase “kiểm toán độc lập” (“independent
audit”) in clause 1 Article 5 is removed;
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4. Administrative violations in independent audit
field which have been committed and terminated before the effective date of
this Decree but have been detected afterwards or are put under consideration
shall be handled in accordance with the Decrees in effect at the time of the violation
termination. Administrative violations in independent audit field which have
been committed before the effective date of this Decree and are ongoing after
that date shall be handled in accordance with provisions of this Decree.
5. If any violating entity files a complaint
against the decision on imposition of penalties for administrative violations
in independent audit field which has been issued or served before the effective
date of this Decree, such a complaint shall be settled in accordance with the
Government’s Decree No. 41/2018/ND-CP dated March 12, 2018 and the Government’s
Decree No. 102/2021/ND-CP dated November 16, 2021.
Article 44. Responsibility for implementation
1. The Minister of Finance shall organize the
implementation of this Decree.
2. Ministers, heads of ministerial agencies, heads
of Governmental agencies, Chairpersons of People’s Committees of provinces or
central-affiliated cities shall be responsible for the implementation of this
Decree./.
ON BEHALF OF
THE GOVERNMENT
PP. THE PRIME MINISTER
DEPUTY PRIME MINISTER
Ho Duc Phoc
Môi giới chuyên nghiệp
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