What are administrative fines for submission of financial statements and state budget statements under management at the request of the State Audit Office of Vietnam?

What are administrative fines for submission of financial statements and state budget statements under management at the request of the State Audit Office of Vietnam? - Quoc Bao (An Giang).

What are administrative fines for submission of financial statements and state budget statements under management at the request of the State Audit Office of Vietnam?

Pursuant to Clause 4 Article 8 of the Ordinance prescribing penalties for administrative violations against regulations on state audit in 2023 stipulating violations against regulations on submission of periodical reports as follows:

Violations against regulations on submission of periodical reports

1. A warning shall be imposed for submission of financial statements and state budget statements under management up to 15 days behind schedule.

2. A fine ranging from VND 5,000,000 to VND 10,000,000 shall be imposed for submission of financial statements and state budget statements under management between more than 15 days and 30 days behind schedule.

3. A fine ranging from VND 10,000,000 to VND 20,000,000 shall be imposed for submission of financial statements and state budget statements under management between more than 30 days and 60 days behind schedule.

4. A fine ranging from VND 20,000,000 to VND 30,000,000 shall be imposed for submission of financial statements and state budget statements under management more than 60 days behind schedule.

5. A fine ranging from VND 30,000,000 to VND 50,000,000 shall be imposed for failure to submit financial statements and state budget statements under management at the request of the State Audit Office of Vietnam.

Pursuant to Clause 2 Article 7 of the Ordinance prescribing penalties for administrative violations against regulations on state audit in 2023 stipulating as follows:

Fines and power to impose fines

...

2. The fines prescribed in Chapter II herein are imposed for administrative violations committed by individuals. The fine imposed upon an organization is twice as much as that imposed upon an individual for committing the same administrative violation.

...

As regulations above, a fine ranging from VND 30,000,000 to VND 50,000,000 shall be imposed for failure to submit financial statements and state budget statements under management at the request of the State Audit Office of Vietnam. The fine for organization shall be doubled.

What are audit contents in Vietnam?

Pursuant to Article 32 of the Law on State Audit Office of Vietnam in 2015 stipulating audit contents in Vietnam as follows:

Audit contents

1. Audit contents include:

a) Financial audit which is meant to assess, confirm the legitimacy and truthfulness of financial information and financial statements of the audited unit;

b) Compliance audit which is meant to assess and confirm compliance with law, rules and regulations binding upon the audited unit;

c) Operational audit which is meant to assess the efficiency and effectiveness of management and use of public finance and/or public property.

2. State Auditor General shall decide the contents of each audit depending on its requirements.

As regulations above, audit contents include:

+) Financial audit which is meant to assess, confirm the legitimacy and truthfulness of financial information and financial statements of the audited unit;

+) Compliance audit which is meant to assess and confirm compliance with law, rules and regulations binding upon the audited unit;

+) Operational audit which is meant to assess the efficiency and effectiveness of management and use of public finance and/or public property.

What are principles of submitting financial statements to the State Audit for audited entities?

Pursuant to Article 3 stipulating the responsibility to send financial statements, budget settlement reports and cost estimates of audited units issued together with Decision 03/2019/QD-KTNN as follows:

Principles of submitting financial statements, budget settlement reports, cost estimates

1. The submission of financial statements, budget settlement reports, and next year's budget estimates must be timely, complete, with the right content, to the right subjects, to the right authority, and to comply with regulations on security. State secrets.

2. Related organizations and individuals are responsible for complying with the provisions of law and this document on the preparation and submission of financial statements, budget settlement reports, and next year's cost estimates.

According to the above provisions, the audited unit is responsible for submitting financial statements to the State Audit on the following principles:

- Timely, fully, with the right content, to the right subjects, to the right authority and to comply with the State's regulations on confidentiality;

- Comply with the provisions of law and regulations on the preparation and submission of financial statements, budget settlement reports, and next year's cost estimates.

Best regards!

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