Individuals and organizations committing administrative violations of independent audit and accounting regulations must face one of the two principal sanctions - warning or monetary fine - from December 1.

Government Decree No. 105/2013/ND-CP of September 16 prescribes the highest fine of VND 30 million for an individual or VND 60 million for an organization that commits violations in accounting.

The highest fine of VND 50 million will be imposed on an individual or VND 100 million on an organization that commits violations in independent audit.

In addition to the two principal sanctions, accounting violators may face other sanctions, including deprivation of the right to use accounting practice registration certificates or confiscation of accounting documents, books and financial statements. For audit violators, additional sanctions include deprivation of the right to use audit practice registration licenses and certificates or suspension of independent audit operation for a definite time.

A fine of between VND 20 and 30 million will be imposed for forging or falsifying accounting documents; reaching agreement with or forcing others to forge or falsify accounting documents; making originals of accounting documents with different contents in case originals of such documents are required for an economic or financial operation; destroying or intentionally damaging accounting documents.

Subject to a fine of between VND 40 and 50 million are organizations providing audit services without certificates of eligibility for provision of audit services, or hiring, borrowing or using auditor certificates of persons who do not work for them for performing accounting or independent audit practice.

Violators will also be required to take measures to remedy their violations, including destroying repeatedly made accounting documents, restoring accounting books and correcting erroneous information; refunding illicit profits earned through administrative violations, and destroying forged, counterfeit or falsified dossiers, documents, degrees and certificates.-