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CMI: Explanation for audit exception in reviewed semi-annual financial statement
On 23/09/2013, CMISTONE Viet Nam Joint Stock Company explained for audit exception as follows:
In the reviewed semi-annual financial statement 2013 of the Company, the auditing unit has given audit exceptions as follows:
- The first exception: On the date of making this statement, we has not been supplied the financial statement of Cavico Land Development And Investment Joint Stock Company. Thus, we have not the base to evaluate the value as the basis for setting provision for the devaluation (if any) of the investment recorded in attached financial statement in amount of VND 939 million.
- The second exception: On the date of making statement, we has not received the letter of defining trading receivables and other receivables from Cavico Transport Construction Company in amount of VND 8.87 billion and VND 802 million. We also can’t carry out other auditing procedures to ensure the existence, accuracy of these items and also not evaluate the impacts on other items related to the Cavico Transport Construction Company as stated in attached financial statement.
- The third exception: On 30/06/2013, CMISTONE Viet Nam JSC does not set up the provision for the bad receivables in accordance the Circular 228/2009/TT-BTC dated 07/12/2009 of Ministry of Finance in estimated amount of VND 2,206,629,545. If the provision is set up as the current regulations, the cost will increase and the profit will decrease.
CMISTONE Viet Nam Joint Stock Company explains as follows:
- According to Official Document 47B/CMI/2013 dated 15/05/2013, the Company has explained the two first audit exceptions. At current time, we still have not contacted with Cavico Land Development And Investment Joint Stock Company and Cavico Transport Construction Company to settle these problems.
- For the third exception, basing on the working minutes between two parts on extend the payment in year, so the Company will set up the provision at the end of year 2013.
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