Penalties for violations against regulations on audit documents

1. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for failure to document an audit.

2. Additional penalties:

a) The audit practitioner committing the violation mentioned in Clause 1 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 1 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.

Article 51. Penalties for violations against regulations on retention of audit documents

1. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed on the auditing firm for one of the following violations:

a) Failure to fully or safely retain audit documents, causing loss or damage to the audit documents during usage and retention periods;

b) Archiving audit documents later than 12 months after the audit statement’s publishing date;

c) Failure to design and implement policies and procedures for upholding confidentiality, safety, comprehensiveness, accessibility and restorability of audit documents as specified in audit standards;

d) Failure to design and implement policies and procedures for audit document retention for at least 10 years from the audit statement’s publishing date as specified in audit standards.

2. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed on the auditing firm for failure to retain physical or electronic audit documents.

Article 52. Penalties for 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 on the auditing firm for one of the following violations:

a) Deciding to destroy audit documents ultra vires;

b) Failure to establish a Destruction council, to apply the destruction method and procedure correctly, to make a list of audit documents to be destroyed and a report on destruction of audit documents when destroying these documents at the end of the retention period.

2. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed on the auditing firm for destroying audit documents before the end of the retention period.

Section 5. VIOLATIONS AGAINST REGULATIONS ON AUDITED UNITS

Article 53. Penalties for violations against regulations on selection of auditing firms and audit practitioners

1. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed on units hiring auditing firms if the auditing firm does not carry out auditing works in accordance with regulations of law.

2. A fine ranging from VND 30.000.000 to VND 40.000.000 shall be imposed on units hiring auditing firms that does not meet all requirements for provision of audit services as specified in regulations of law.

3. A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed on audited units for failure to undergo compulsory audit for financial statements, settlement reports of project completion, consolidated and general financial statements, and other auditing works as specified in regulations of the Law on Independent Audit and other relevant laws.