ADMINISTRATIVE PENALTIES IN THE ACCOUNTING AREA

Create at: 10/10/2019 11:28

PENALTIES FOR ACCOUNTING VIOLATIONS

SERIAL	VIOLATION	PENALTY LEVEL
I	Violations against regulations on organization of the accounting apparatus, arrangement of accountants or hiring of accountants (Article 17)
1	No organization of the accounting apparatus	A fine of from 10,000,000 VND to 20,000,000 VND
2	Failing to appoint people to work as accountants, chief accountants or hire organizations or individuals providing accounting services to act as accountants or chief accountants as prescribed	A fine of from 10,000,000 VND to 20,000,000 VND
3	The appointment of people to work as chief accountants does not meet the prescribed criteria and conditions	A fine of from 20,000,000 VND to 30,000,000 VND
II	Violations against regulations on hiring accounting services (Article 17)
1	Hire an organization or individual that is ineligible for accounting practice to provide accounting services for his / her unit	A fine of from 5,000,000 VND to 10,000,000 VND
2	Incomplete preparation of financial statements as prescribed	A fine of from 10,000,000 VND to 20,000,000 VND
III	Violations against regulations on preparing and presenting financial statements (Article 11)
1	Financial statements without signature of the maker, chief accountant, accountant or legal representative of the accounting unit	A fine of from 5,000,000 VND to 10,000,000 VND
2	Incomplete preparation of financial statements as prescribed	A fine of from 10,000,000 VND to 20,000,000 VND
3	Do not prepare financial statements according to regulations	A fine of from 20,000,000 VND to 30,000,000 VND
4	Prepare financial statements in contravention of figures on accounting books and accounting vouchers	A fine of from 20,000,000 VND to 30,000,000 VND
IV	Violations against regulations on submission and disclosure of financial statements (Article 12)
1	Submitting financial statements to competent state agencies less than 3 months behind schedule	A fine of from 5,000,000 VND to 10,000,000 VND
2	Failure to submit financial statements to competent state authorities	A fine ranging from VND 40,000,000 to 50,000,000 VND
3	Submitting financial statements to competent state agencies not attached to audit reports for the cases in which financial statements are required by law to be audited	A fine of from 10,000,000 VND to 20,000,000 VND