VCG: Confirmation of Deloitte Vietnam Co., ltd on explanation for audit exception and notice

On 01/10/2013, Deloitte Vietnam Co., ltd confirmed explanation for audit exception and notice in reviewed FS (consolidated) of Vinaconex Construction and Import-Export Corporation for period from 01/01/2013 to 30/6/2013 as follows:

Audit exception:

• On 30/6/2013, balance of half-done production-business expense of the Corporation was VND 24.5 billion. On 21/5/2012, Quang Ninh People's Committee decided to revoke this project. Currently, VIMECO Joint Stock Company was working with Quang Ninh People's Committee to determine expenses which could be returned relating to this project. On basis of collected information, we could not deploy procedures to determine returnable value and influence of this problem to consolidated financial statement of the Corporation.
• On 30/6/2013, balance of receivables and payables in balance sheet of the Corporation was unmarketable and overdue of about VND 86 billion. We could not collect enough evidence on revocation ability as well as deploy alternative procedures to evaluate provision for bad debt on 30/6/2013.

Audit notice:

Announcement no. 65/TB-VPCP dated 29/02/2012 showed that “Conclusion of Prime Minister on financial treatment after inspection of privatization of Vietnam Construction and Import-Export Corporation” mentioned to some problems being raised in report of Government inspector. Conclusion of these problems could make some potential receivables and payables to arise. Currently, the Corporation was in process of working and explaining to State authorities on contents relating to conclusion of the Prime Minister.

HNX

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