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SD7: Explanation for audit exception in semi-annual financial statement 2012
In the audit report of Accounting – Audit financial consultant service company ltd, the auditors gave the audit exception: “ The unfinished output value of some constructions of the subsidiaries was evaluated by the Board of Directors to be unreliable as there was conflicts between the amount and the invoice. It could lead to the correlative economical benefits to be earned when account the project in the future as the work items was less than the raised cost.
Song Da No. 07 explained as below:
- The subsidiaries constructed the big projects in many years, the inspection and accounting of the projects were lengthened.
- The cost of materials, labors changes in recent years also increased the cost of the projects.
- The unfinished amount of the company ( estimated to be VND 550 billion), the inspection, payment of the personal propriety was slow, the subsidiaries borrowed capital with high interest rate from the commercial banks also took part in the increased price of the products.
In order to solve the problems above, Song Da No. 07 supervised the subsidiaries to apply the solutions to save the cost, push up the productivity to cover the interest expense, the amortization expense, etc.
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