Penalties for violations against regulations on audit approvals

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

a) Carrying out auditing works without independence, sufficient professional skills and meeting requirements in accordance with regulations of law;

b) Carrying out auditing works when the client and audited unit have requirements that violate the code of ethics, professional requirements or regulations of law.

2. Remedial Measure:

Return illegal profits earned by violations mentioned in Clause 1 of this Article.

Article 46. Penalties for violations against regulations on audit contracts

1. A warning shall be imposed on the auditing firm making audit contracts which do not have sufficient contents with its clients or audited units.

2. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed on the auditing firm making audit contracts with their clients or audited unit after auditing.

3. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed on the auditing firm that fails to make audit contracts with their clients or audited unit when auditing.

Article 47. Penalties for violations against regulations on confidentiality

1. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed for revealing information relevant to audit documents, clients and audited units, except when it is permitted by the client and audited unit, or regulated by law.

2. A fine ranging from VND 10.000.000 to VND 20.000.000 on auditing firms for failure to create and operate an internal control system for ensuring the confidentiality obligations are fulfilled.

3. A fine ranging from VND 30.000.000 to VND 40.000.000 shall be imposed for using information relevant to audit documents, clients and audited units to infringe the interests of the State, public interests, rights and lawful interests of agencies, organizations and individuals.

4. Additional penalties:

a) The audit practitioner committing the violation mentioned in Clause 3 of this Article shall have his/her certificate of audit practice registration suspended for 3-6 months from the day the decision on penalty imposition comes into effect;

The auditing firm committing the violation mentioned in Clause 3 of this Article shall have its certificate of eligibility to provide audit services suspended for 6-12 months from the day the decision on penalty imposition comes into effect.

5. Remedial Measure:

Return illegal profits earned by violations mentioned in Clauses 1 and 3 of this Article.