VE9: Explanation for difference in FS 2008 before and after auditing

In the audited financial statement (FS), profit after tax was VND 3,518,105,341, decreased VND 1,315,957,591 in comparison with that in the reported FS. VNECO 9 Electricity Construction JSC explained difference in financial statement 2008 before and after auditing as follows:

-          In the reported FS, the company recorded a revenue of VND 1,341,048,466 in accordance with the progress of the work. However, it is unreasonable as it has no cost of sold goods.

-          Management expense was adjusted to decrease VND 7,540,540. However, it was not included in the reported FS.

-          The company did not set up provision of inventory price decrease of VND 543,829,283 for Tam Tien 35kV line project as the project was not settled for payment because the investor was disappearing.

hnx

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