On June 25th, the State Securities Commission of Vietnam temporarily suspended the approval of Deloitte Vietnam as auditors for public interest entities in the securities sector. This includes four specific auditors: Mr. Le Dinh Tu, Deputy General Director, Pham Hoai Nam, and two other auditors, Do Hong Duong and Tran Van Dang.
Deloitte conducted audits for SCB Bank before accounting irregularities were exposed.
Mr. Le Dinh Tu and auditors Do Hong Duong and Tran Van Dang were directly involved in the SCB audit reports for the years 2018 and 2019.
As per the decision by the State Securities Commission, these auditors are prohibited from signing audit reports for public interest entities in the securities sector for the next six months. This includes audits for public companies, listed organizations, registered trading organizations, entities offering securities to the public, securities companies, and more.
Deloitte is one of the three major audit firms (along with KPMG and Ernst & Young) that conducted audits for SCB Bank before accounting irregularities came to light.
Specifically, Ernst & Young Vietnam audited SCB from 2012 to 2016, Deloitte from 2017 to 2019, and KPMG for 2020 and the first half of 2021.
In the SCB case, the judging council also requested that the C03 Bureau of the Ministry of Public Security and the Supreme People’s Procuracy continue to investigate the role and responsibility of the auditing firms and their involved auditors during the second phase of the investigation. If there is sufficient evidence of wrongdoing, they will be processed according to regulations.
Responding to a question from a National Assembly deputy about auditing violations, Minister of Finance Ho Duc Phoc acknowledged that such violations are influenced by multiple factors. These include the competence of auditors in auditing firms, the sense of responsibility of the directly involved auditors, and the possibility of collusion or intentional violation of the law.
Using the SCB case as an example, Minister Phoc emphasized that even the world’s leading auditing firms can make mistakes. He attributed these errors to the individual auditors rather than the management. Moving forward, the Ministry of Finance will tighten the management of auditing firms and strictly handle any violations.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
Mobile World achieves revenue of VND118,000 trillion: TVs, tablets, and phones all decrease by 10% – 50%, while one product grows in both quantity and revenue.
Mobile World Investment Corporation (MWG) has recently announced its 2023 business results. According to the report, the company’s consolidated revenue reached over 118 trillion Vietnamese dong, equivalent to 89% of the revenue in 2022.
Vietnam’s Irresistible ‘Specialty’ That China Desperately Wants to Revive: Highly Popular from the US to Asia, Bringing in Millions of Dollars
Vietnam is one of the largest exporting countries in the world, along with China and the Philippines.
