Remedial measures

Entities who commit administrative violations regulated by this Decree, in addition to incurring penalties specified in Article 4 of this Decree, may also be required to:

1. Add missing contents of accounting records;

2. Destroy forged or falsified accounting records;

3. Make records for economic/financial transactions that have not had those before;

4. Destroy the excess accounting records.

5. Add missing contents of accounting books;

6. Adjust the accounting book to the actual data in case of no accounting record backing up the existing figures or the accounting book’s figures do not match those of the accounting records;

7. Adjust the accounting book to the actual data if the accounting books’ figures lack continuity between consecutive years;

8. Add omitted assets and liabilities belonging or related to the accounting unit to the accounting book;

9. Restore the accounting book;

10. Make and present financial statements which conform to accounting regulations and standards;

11. Submit and disclose the audit statement attached to the financial statement;

12. Rectify false or misleading information;

13. Appoint or hire accountants, chief accountants and accounting managers who meet all standards and conditions;

14. Return illegal profits earned by administrative violations.

Article 6. Fines

1. The maximum fine for an administrative violation regulated by this decree committed by an individual is VND 50.000.000; the maximum fine for an administrative violation committed by an organization is VND 100.000.000.

2. The fines specified in Chapter II of this Decree are imposed upon organizations except cases specified in Clause 1 of Articles 7; 8; 9; 10; 11; 13; 14; 15; 16; 17; Article 19; Clauses 1 and 3 of Articles 21; 22; Articles 23; 24; 26; 33; 34; Clauses 1 and 3 of Article 36; Clauses 1 of Article 38; Clauses 2 and 3 of Article 39; Clauses 1 and 2 of Article 48; Clause 1 of Article 57; Clauses 1 and 2 of Article 61; Article 67, which are fines that apply to individuals. For organizations with the same violations, the fines will double those of individuals.

3. The maximum fines the persons specified in Chapter III of this Decree may impose are fines for one administrative violation committed by an individual. The maximum fine imposed upon an organization for the same violation is twice the maximum fine imposed on an individual.

Chapter II

PENALTIES AND FINES FOR ACCOUNTING-RELATED VIOLATIONS

Section 1. VIOLATIONS IN ACCOUNTING WORKS

Article 7. Penalties for violations against accounting law’s general provisions

1. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed for one of the following violations:

a) Misapplication of regulations on letters and numbers in accounting;

b) Misapplication of regulations on monetary units in accounting;

c) Misapplication of regulations on accounting periods;

d) Misapplication of applicable accounting regulations.

2. A fine of VND 20.000.000 to VND 30.000.000 shall be imposed for promulgating or publishing accounting standards, audit standards or accounting regulations ultra vires.

Article 8. Penalties for violations against regulations on accounting records

1. A fine ranging from VND 3.000.000 to VND 5.000.000 shall be imposed for one of the following violations:

a) Accounting record forms having insufficient mandatory content;

b) Tampering with accounting records;

c) Red or faded signatures on accounting records;

d) Using signature stamps on accounting records;

dd) Expense records do not have signatures on all copies.

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

a) The accounting record having insufficient copies as specified in the regulations;

b) Signing accounting records which have insufficient contents;

c) Signing accounting records ultra vires;

d) Inconsistent signatures or signatures not matching those in the signature registry;

dd) Accounting records having insufficient signatures as specified in those records;

e) Failure to translate accounting records in foreign language to Vietnamese;

g) Loss or damage of accounting documents and records while in use.

3. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for one of the following violations:

a) Forging or providing false information in accounting records but not serious enough for criminal prosecution;

b) Forging or providing false information in accounting records by means of collusion or coercion but not serious enough for criminal prosecution;

c) Inconsistency in the contents of copies of accounting records for the same transaction;

d) Failure to make accounting records for every economic/financial transaction;

dd) Make multiple accounting records for an economic/financial transaction;

e) Spending without sufficient signatures on the expense records as specified in the law on accounting.

4. Remedial measures:

a) Make sure the forms of accounting records mentioned in Point a, Clause 1 of this Article have sufficient mandatory content;

b) Destroy forged or falsified records in case of the violation specified in Point a, Clause 3 of this Article;

c) Make records for economic/financial transactions without them in the cases specified in Point d, Clause 3 of this Article;

d) Destroy the economic/financial transaction’s multiple records in case of the violation specified in Point e, Clause 3 of this Article.