As from 1 May 2018, the maximum fine for an administrative violation in the accounting sector increases from VND 60,000,000 to VND 100,000,000 for organizations and increases from VND 30,000,000 to VND 50,000,000 for individuals. The maximum fine for an act of administrative violation in the independent auditing sector remains at VND 50,000,000 for individuals and VND 100,000,000 for organizations. Family households and cooperative groups will also be subject to administrative sanctions as for individual violators.
In addition, many new remedies in the sector of accounting and independent auditing have been supplemented and specified, for instances:
(i) Forcible destruction of counterfeited, fraudulent accounting vouchers;
(ii) Compulsory supplements of vouchers which were not prepared when economic and financial operations arose;
(iii) Forcible destruction of accounting vouchers having been drawn up more than once for a given economic or financial operation;
(iv) Forcible supplements of incomplete elements of accounting books;
(v) Forcible repair of accounting books to match the actual situation in cases where there is no accounting voucher evidencing the data and information on the accounting books or where the data on the accounting books do not conform with the accounting vouchers;
(vi) Forcible repair of accounting books to be in line with reality in cases where the information and data recorded in the accounting books of the implementing year do not follow the information and data recorded in accounting books of the preceding year.
(vii) Forcible addition to the accounting books with respect to acts of not making entries of assets and liabilities of the enterprise into the accounting books;
(viii)Forcible preparation and presentation of financial statements in accordance with the accounting system and accounting standards;
(ix) Forcible submission and publication of auditing reports enclosed with financial statements;
(x) Appointing or hiring accountants, chief accountants and persons in charge of accounting to meet the prescribed criteria and conditions.
Furthermore, many acts of administrative sanction have been supplemented and detailed in respect to the punishment and fine levels as follows: (i) violations of regulations on sealing of accounting documents; (ii) inspection of accounting services; (iii) regulations on notification and reporting; and (iv) some other acts.
Above are some noteworthy points of Decree No. 41/2018/ND-CP issued by the Government on 12 March 2018 on sanctioning administrative violations in the section of accounting and auditing. Decree No. 41/2018/ND-CP will come into force on 1 May 2015 and replace Decree No. 105/2013/ND-CP dated 16 September 2013 of the Government regulating the same field.