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SDT: Explanation for audit exception in Semi-annual financial statement 2012
According to the audit exception in the audited consolidated financial statement of Song Da No. 10 JSC, the company explains as follows:
1. Audit exception number 1: “In the total payables of VND 62,901,402,482 on 30/06/2012, there is VND 18,336,363,536 of the subsidiary (Song Da No. 10.1 JSC) which is the material cost and other costs recorded on inspection record for finished projects but still have not received enough expenses and invoices from the suppliers. The bonafides and rationality of these expenses depend on the original documents later.”
2. Explanation of Song Da No. 10 JSC: In the total payables of VND 62,901,402,482 on 30/06/2012, there was VND 18,336,363,536 of the subsidiary (Song Da No. 10.1 JSC) which was the material cost and other costs related to other finished projects such as: Pleikrong Hydroelectricity Project, Ankhe- kanak hydroelectricity, Se San 4 hydroelectricity,.. but had not recorded enough expenses because Song Da No. 10.1 JSC had not received invoice for materials and other expenses from the supplier. Therefore, based on the contract and amount , services supplied, we booked payables temporarily and recorded these expenses as payables in the financial statement. The definition of these expenses did not affect the profit of the company as well as rights of shareholders.
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4. Audit exception number 2: “The receivable Xecaman 1, correlative with the recorded erection service earning with the amount of VND 38,233,265,000, recorded in the other receivables but not in customer receivables is not suitable to the regulation of Auditing.
5. Explanation of Song Da No. 10; On 30/06/2012, based on the inspection record signed with the personal propriety, Song Da No. 10.1 formed the invoice with total amount of VND 38,233,265,000 booked the sales revenue and recorded this receivables on “other receivable”.
6. According to the decision No. 15/2006/QĐ-BTC on 20/03/2006 of the Ministry of Finance, the inspection record confirmed by the personal propriety is the result of the construction contract defined reliably, the accountant must form the invoice bases on the finished jobs confirmed by the customers. Because the personal propriety have not defined the value and approved the invoice issuing of Song Da No. 10.1 JSC so Song Da No.10.1 JSC have not recorded the data on customer receivable but other receivable.
7. After the value calculation have the confirmation of the personal propriety, Song Da 10.1 JSC will issue the invoice which records customer receivable and adjust from “ other receivable” to “customer receivable”.
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