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L35: Explanation for audit exception in semi-annual financial statement 2012
LILAMA Erection Mechanical JSC announces the explanation for audit exception in semi-annual financial statement 2012 as below:
1. About the audit exception of the auditor- the “administrative fee waited for apportion” note being examined on the short term pre-payment: the term 2 article 10 of the circular no. 242/TT-BTC issued by the Ministry of Finance on 30/12/2009 states that : With the product with production period more than 01 year then the administrative fee of the company within the year is apportioned as the uncompleted producing expense.
Therefore, because most of the current projects of the Lilama erection mechanical JSC have the construction time more than 01 year and some construction projects were being completed before 30/06/2012 but have not been checked and taken over by the investor so in order to ensure the reasonableness of the profit and expenses, we decided to keep one part of the administrative fees. These expenses will be apportioned to all the producing business of fiscal year 2012.
2. About the variance of VND 16,151,634 on the balance sheet:
- The company accounts and adjusts other payables, decreases the unapportioned amount of VND 3,265,155,000 which is the share dividend payment for the shareholder followed by the resolution No. 06/NQ-ĐHĐCĐ-2012 on 28/04/2012 of the AGM 2012.
- The company accounts the other payables, receivables with the amount of VND 16,151,634.
Audit opinion of Ha Noi Audit and Accounting Company Ltd:
On 11/08/2012, we issued the audit report no. 294/BCKT/TC about the first 06 months financial statement 2012 of Lilama Erection Mechanical JSC with the audit exception about the unapportioned administrative fee in the first 06 months financial statement with the amount of VND 2,052,721,898. Besides that, if the company transfer the administrative fee above into the producing business expense in first 06 months 2012 then the company will have a loss of VND 1,875,057,050.
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