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EID: Explanation for audit notice in reviewed consolidated FS 2013 and difference of corporate income tax, profit after tax in consolidated FS of Q4/2013 and consolidated FS 2013
On 04/04/2014, Hanoi Education Development and Investment
JSC announced explanation for audit notice in reviewed consolidated FS 2013 and
difference of corporate income tax, profit after tax in consolidated FS of
Q4/2013 and consolidated FS 2013 as follows:
- In 2013, EID bought shares to increase shareholding of EID
in Ha Tay Book and Educational Equipment JSC to 40.24% so Ha Tay Book and
Educational Equipment JSC became affiliated company of EID and financial
statement of Ha Tay Book and Educational Equipment JSC would be consolidated
according to owners’ equity method with net asset value. However, in audited FS
of Ha Tay Book and Educational Equipment JSC, there was audit notice on
collection of auditing proof to determine some receivables of VND 7.62 billion,
payables of VND 3.29 billion and consignments of VND 4.07 billion on 31/12/2013.
Till the report issue, EID could not collect enough relevant proof so we could
not evaluate influence of this problem on determination of net assets of
affiliated company on buying date as well as on consolidated FS.
- In consolidated FS of Q4/2013, total accumulated corporate
income tax was VND 4.2 billion, decreasing VND 790 million (16%) compared to
total corporate income tax in consolidated FS 2013 (VND 4.99 billion) so profit
after tax in consolidated FS of Q4/2013 differed VND 790 million compared to
that in audited consolidated FS 2013. Reason was that the Auditor and the
Company did not agree corporate income tax rate for each income so in
consolidated FS of Q4/2013, the Company only temporarily calculated corporate
income tax. HNX
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