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PVR: Explanation for Audit Exception in Semi-Annual Financial Statement 2012
On 27/08/2012, PVCR announces the explanation for Audit exception in Semi-Annual Financial Statement 2012 as below:
1. Explanation for not setting up the reserve fund for the long term investment at Lam Kinh Hotel JSC:
By the time we set up financial statement of PVCR, we had not received the audited financial statement of the Lam Kinh Hotel JSC. Therefore, PVCR did not have enough ground to set up the reserve fun for this long term investment. On the other hand, PVCR believed that this reserve fund would not have major effect to the financial statement of the company. If the audited financial statement of the Lam Kinh Hotel JSC is loss, we will set up the reserve fund for this long term investment followed by the regulation of the Ministry of Finance.
2. Explanation for not apportioning the usage fee of “Brand and image” of Viet Nam Petrolimex Group and advertising fee:
The main business of PVCR is real estate and services. At the moment, PVCR is doing two projects: CT10-11 Van Phu Project and Tan Vien luxury world tourist base. Therefore, all the expenses including advertising, brand and image fee are used to advertise those two projects. In the audit standard, the regulations and circulars about the profit of the real estate business stated that profit must be suitable with the expenses. So PVCR accounted brand, image and advertise expenses for those two projects.
Audit Opinion :
To reply the Official document number 489/PVCR-TCKT on 27/08/2012 about the explanation for Audit exception in financial statement , we acknowledge the explanations in the official document no. 488/PVCR-TCKT on 27/08/2012 is suitable with the audit opinions of the auditors.
From 01/01/2012 to 30/06/2012, the company has not recorded the usage fee of “Brand and image” of the Viet Nam Petrolimex Group and other expenses in the financial statement as previous year and have not set up the reserve fund for the investment in Lam Kinh Hotel – Petrolimex JSC. If the records of the above expenses are based on financial statement, the profit before tax of the company from 01/01/2012 to 30/06/2012 will decrease by VND 1.89 billion. Therefore, we have reported this issue on the Audit report of the financial statement from 01/01/2012 to 30/06/2012.
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