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State looks to improve audit process
The State Audit of Vietnam has initiated efforts to improve its audit process, and through audit results issue timely predictions and advice in order to help enterprises discover their financial problems as well as help the Government curb inflation, the deputy head of the State Audit, Le Minh Khai, said yesterday.
The State’s auditing agency currently audits only after a certain period of time or when projects are finished. In the near future, the agency would make continuous audits and even audit projects before they are implemented in order to fulfil the agency’s predictive function, Khai said.
The State Audit of Viet Nam yesterday released the audit results for the 2006 fiscal year, in which the office found that the State budget collection was VND350.8 trillion (US$21.2 billion) while the budget expense was VND385.6 trillion ($23.4 billion).
Tax debts of audited bodies were VND3.9 trillion ($236.5million), VND 413 billion ($25 million) higher than the tax office’s reports.
The 2006 audit results were based on 104 audits by the State Audit of 17 ministries and sectors in 29 cities and provinces as well as national programmes; plus the security and armed forces departments.
According to the report, the budget revenues from State-owned enterprises in that year increased by 9.7 per cent and from the non-State-owned sector by 7 per cent.
The State collection from the oil and petrol sector only reached 81.8 per cent of the targeted revenue after a decrease of VND818 billion ($49.6 million) from the previous year.
Vu Van Hoa, head of the Department of Co-ordination and Analysis , said that the decrease was mainly due to the oil and petrol price hike and reduced consumption.
In terms of budget expenditures, the total administrative management expense of ministries, sectors and localities was VND18.5 trillion ($1.1 billion), 9.4 per cent higher than the plan, while the expense in 2005 had been 42 per cent higher than the target set for the year.
This was an outstanding achievement and a positive result of the thrift-practising programmes of the Government, ministries, sectors and provinces, Hoa said.
The State Audit also found that 89.78 per cent of businesses audited were profitable, while 10.22 per cent suffered losses.
Two corporations incurring big losses were the Red River Corporation and Truong Son Construction Corporation with losses of VND17 billion ($1 million) and VND40.6 billion ($2.5 million), respectively.
The losses were attributed to the high price of material inputs, out-of-date production technology, poor financial management and inefficient use of investment capital, he said.
VNN
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