On 3rd September 2021, The Accounting and Auditing Regulator issued the notification on the inspection and implementation of transitional penalties for violations of the Law on Accounting and Auditing and related provisions in force.
The notification is a reminder the deadline for postponement of accounting and auditing will come to an end on 11 September 2021.
All enterprise has the obligation to have the accounting records, prepare the financial statements in accordance with the accounting standards in force, submit the independent financial audit and other related obligations as required by law.
Previously, the Ministry of Economy and Finance has postponed the implementation of transitional penalties for the violations of the Law on Accounting and Auditing for one year through Circular 007 dated 11 September 2020. This postponement will be due on 11st September 2021.
After the due date, the Accounting and Auditing Regulator will start to do the inspection on the implementation of the Law on Accounting and Auditing and implement transitional penalties if there are any violations of the Law on Accounting and Auditing and related provisions in force.
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