On February 26, ITA Investment and Industry Corporation (HOSE: ITA) announced the request for temporary postponement of the disclosure of its audited Financial Statements (FS) and Annual Reports (AR) for the year 2023.
The reason given by ITA is that on December 29, 2023, the audit firm AASCS (South Financial and Accounting Consulting Services Co., Ltd.) unexpectedly notified ITA that they will not conduct the audit for the FS ending December 31, 2023 due to the unavailability of staff and time.
Specifically, AASCS has suspended its audit because two auditors, Mr. Phung Van Thang and Mr. Tai Quang Long, who conducted the audit for ITA’s FS in 2022 and interim SAAR in 2023, had their auditing licenses revoked by the State Securities Commission, preventing them from continuing the audit.
ITA considers this an unforeseen and objective force majeure situation when the audit firm AASCS abruptly halted the audit after the end of the financial year.
To overcome this issue, TITAN Corporation made extensive efforts to contact all audit companies in the list of 30 approved audit firms authorized to audit public interest entities in the securities sector in 2023. However, at this time, all audit companies are concerned after witnessing that the companies that have audited ITA have all been intentionally faced with difficulties and had their auditing licenses revoked by the State Securities Commission and HOSE, such as AASCS (formerly Ernst & Young Vietnam Limited Liability Company). Therefore, TITAN Corporation is still working to persuade the audit companies, as informed by ITA.
ITA requests the State Securities Commission and HOSE to request their officials and employees to immediately cease any actions that put pressure on the auditors, and to demonstrate objectivity and support for listed companies according to their functions and duties.
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Finally, ITA requests the temporary postponement of the disclosure of its audited FS and AR for 2023, and seeks assistance in finding a new audit firm. Once a contract is signed with the new audit firm, TITAN Corporation will announce the information of the new audit firm and the timeline for the disclosure of the audited FS and AR for 2023 in accordance with regulations.
