Vietnam: Summary of violations and corresponding fines in accounting works

No.

Group of violations

Violation

Fine

1

Violations against accounting law’s general provisions

Misapplication of regulations on letters and numbers in accounting

VND 10.000.000 - VND 20.000.000

Misapplication of regulations on monetary units in accounting

Misapplication of regulations on accounting periods

Misapplication of applicable accounting regulations

Promulgating or publishing accounting standards, audit standards or accounting regulations ultra vires

VND 20.000.000 - VND 30.000.000

2

Violations against regulations on accounting records

Accounting record forms having insufficient mandatory content

VND 3.000.000 - VND 5.000.000

Tampering with accounting records

Red or faded signatures on accounting records

Using signature stamps on accounting records

Expense records do not have signatures on all copies

The accounting record having insufficient copies as specified in the regulations

VND 5.000.000 - VND 10.000.000

Signing accounting records which have insufficient contents

Signing accounting records ultra vires

Inconsistent signatures or signatures not matching those in the signature registry

Accounting records having insufficient signatures as specified in those records

Failure to translate accounting records in foreign language to Vietnamese

Loss or damage of accounting documents and records while in use

Forging or providing false information in accounting records but not serious enough for criminal prosecution

VND 20.000.000 - VND 30.000.000

Forging or providing false information in accounting records by means of collusion or coercion but not serious enough for criminal prosecution

Inconsistency in the contents of copies of accounting records for the same transaction

Failure to make accounting records for every economic/financial transaction

Make multiple accounting records for an economic/financial transaction

Spending without sufficient signatures on the expense records as specified in the law on accounting

3

Violations against regulations on accounting books

The accounting book does not have the accounting unit’s name; the accounting book's name and date of creation; lack of signatures of the book's creator, the chief accountant and the accounting unit’s legal representative; page numbers; seal on joining page on the physical accounting book

VND 1.000.000 - VND 2.000.000

The accounting book is not written in ink (except electronic accounting books), new lines being inserted between or written on existing lines, the lines having space in between; the blank pages are not crossed out, the figures on one page are not totaled up, the total figure on one page are not transferred to the following page

Each accounting period does not have a separate accounting book or the printed books do not have sufficient signatures and seals (except electronic accounting books which are not required to be printed out)

The accounting book’s template does not have sufficient primary content

The accounting book does not have sufficient primary content

VND 3.000.000 - VND 5.000.000

The accounting book is adjusted against the regulated methods

Failure to print the required accounting books after closing the electronic accounting book

Failure to open the accounting book at the start of a fiscal year or the accounting unit's founding day

VND 5.000.000 - VND 10.000.000

No accounting record backing up the existing figures or the accounting book’s figures do not match those of the accounting records

The accounting books’ figures lack continuity between consecutive years or within an accounting period

Failure to close the accounting book when it is required by law

Destroy the accounting book before the designated time or deliberately damage the accounting book

VND 20.000.000 - VND 30.000.000

Omit the assets and liabilities belonging or related to the accounting unit but not serious enough for criminal prosecution

4

Violations against regulations on accounts

Failure to carry out bookkeeping as specified in the account

VND 5.000.000 - VND 10.000.000

Modifying the account’s bookkeeping contents and methods, or opening additional accounts without the Ministry of Finance’s approval required

Failure to comply with the account system promulgated or approved by the Ministry of Finance

VND 10.000.000 - VND 20.000.000

5

Violations against regulations on creation and presentation of financial statements

The financial statement does not have sufficient contents or does not follow the standard form

VND 5.000.000 - VND 10.000.000

The financial statement lacks the signature of the creator, chief accountant, accounting manager or the accounting unit's legal representative

Failure to make sufficient financial statements

VND 10.000.000 - VND 20.000.000

Applying a financial statement form other than the one specified in accounting standards and regulations except when approved by the Ministry of Finance

Failure to make financial statements

VND 20.000.000 - VND 30.000.000

The financial statement’s figures do not match those in the accounting book or accounting records

Make and present financial statements against accounting regulations and standards

Forge financial statements or falsify figures but not serious enough for criminal prosecution

VND 40.000.000 - VND 50.000.000

Forge financial statements falsify figures by means of collusion or coercion but not serious enough for criminal prosecution

Provide or confirm false accounting figures deliberately or by means of collusion or coercion but not serious enough for criminal prosecution

6

Violations against regulations on submission and disclosure of financial statements

The financial statement is submitted less than 3 months after the specified deadline

VND 5.000.000 - VND 10.000.000

The financial statement is disclosed less than 3 months after the specified deadline

The financial statement's contents are not fully disclosed

VND 10.000.000 - VND 20.000.000

The financial statement submitted to the competent authorities does not include the audit statement when required by law

The financial statement is submitted 3 months after the specified deadline or later

The disclosed financial statement does not include the audit statement when required by law

The financial statement is disclosed 3 months after the specified deadline or later

The financial statement’s figures are falsified

VND 20.000.000 - VND 30.000.000

Provide or publish financial statements which have inconsistent figures within an accounting period for use in Vietnam

Failure to submit financial statement to the competent authorities

VND 40.000.000 - VND 50.000.000

Failure to disclose financial statements

7

Violations against regulations on duplication of and sealing accounting documents

Failure to form a council and make a document identifying accounting documents that cannot be duplicated

VND 3.000.000 - VND 5.000.000

The accounting document’s duplicates do not have sufficient signatures and seals (if any) of relevant entities

Confiscate or seal accounting documents ultra vires

Failure to provide accounting documents to the competent authorities for confiscation and sealing

8

Violations against regulations on accounting inspection

Failure to provide sufficient relevant documents to the inspectorate

VND 3.000.000 - VND 5.000.000

Failure to fully comply with the conclusion given by the inspectorate

Failure to implement the competent authorities’ decision on accounting inspection

VND 5.000.000 - VND 10.000.000

Failure to provide relevant documents to the inspectorate

Failure to translate accounting documents and records to Vietnamese upon the competent authorities’ request

Failure to comply with the conclusion given by the inspectorates

9

Violations against regulations on retention of accounting documents

Archiving accounting documents 12 months after the specified deadline or later

Warning

Failure to arrange the archived accounting documents by fiscal year in chronological order

Failure to retain accounting documents in full

VND 5.000.000 - VND 10.000.000

Damage or loss of accounting documents during the retention period

Using accounting documents against regulations during the retention period

Failure to inventory and sort accounting documents or to restore lost or damaged ones

Destroying accounting documents before the end of the retention period specified in the Law on Accounting but not serious enough for criminal prosecution

VND 10.000.000 - VND 20.000.000

Failure to establish a destruction council, to apply the destruction methods correctly and to make a destruction report while destroying accounting documents

10

Violations against regulations on stocktaking

Failure to make stocktaking reports or the stocktaking report not having sufficient signatures

VND 1.000.000 - VND 2.000.000

Failure to report discrepancies between actual and book figures and their handling

Failure to carry out stocktaking

VND 3.000.000 - VND 5.000.000

11

Violations against regulations on organization of accounting apparatus, appointing or hiring accountants

Hiring entities that fail to meet all standards and conditions for practicing accounting

VND 5.000.000 - VND 10.000.000

Failure to reappoint chief accountants and accounting managers before the specified deadline

Failure to transfer accounting works when changes of accountants, chief accountants and accounting managers occur

Failure to announce change in chief accountants or accounting managers

Failure to organize the accounting unit’s accounting apparatus; failure to appoint accountants, chief accountants or purchase accounting services or chief accountant’s services

VND 10.000.000 - VND 20.000.000

Appointing accountants who are forbidden to work in accounting as specified in the law

Appointing accountants, chief accountants and accounting managers who do not meet all standards and conditions

Appointing chief accountant and accounting manager against established procedures

Appoint the accounting unit’s manager or operator as its accountant, warehouse-keeper, or treasurer, or assign that person to buy and sell products (except for private enterprises, any limited liability company owned by a single individual, enterprises belonging to other types with no state capital and are micro-enterprises in accordance with regulations of law on providing assistance for small and medium-sized enterprises)

VND 20.000.000 - VND 30.000.000

Appointing chief accountants who do not meet all standards and conditions

Hiring chief accountants who do not meet all standards and conditions

12

Violations against regulations on training chief accountants and issuance of training certificates for chief accountants

Running chief accountant training courses with the number of trainees per course against regulations

Warning

Running chief accountant training courses which last more than 6 months

Running chief accountant training courses without registering to the Ministry of Finance or without the Ministry of Finance’s approval

VND 1.000.000 - VND 2.000.000

Failure to notify the Ministry of Finance of the course’s contents

Unconformable course contents, curriculum, and study period

VND 5.000.000 - VND 10.000.000

Failure to retain files relevant to the course in full

Opening a new chief accountant training course without satisfying the requirements

VND 10.000.000 - VND 20.000.000

Opening a new chief accountant training course for foreigners without the Ministry of Finance’s approval

Failure to comply with regulations of the Ministry of Finance on management of the Training certificate’s template and issuance Training certificates for chief accountants

Training facility that issuing training certificates for chief accountants to trainees who do not meet all the standards and conditions

VND 20.000.000 - VND 30.000.000