As announced by Thanh Hoa Tien Son Group JSC (stock code: AAT), the State Securities Commission (SSC) has sent a letter to the company regarding its 2023 audited financial statements.
Specifically, according to the SSC’s 2024 audit quality inspection results at UHY Audit and Consulting Company Ltd. Co., the audit file for AAT’s 2023 financial statements did not meet requirements as the auditor did not fully perform the necessary audit procedures and failed to collect appropriate audit evidence to form an audit opinion as per audit standards.
Consequently, the SSC will suspend the auditors who signed the 2023 financial statement audit report of AAT.
Notably, both the 2023 audited financial statements (signed on May 30, 2024) and the 2024 semi-annual reviewed financial statements (signed on August 14, 2024) of AAT were signed off by the same auditor from UHY.
In the 2023 audited financial statements of AAT, the auditor expressed an exception regarding their inability to observe the inventory count and the quantity of materials and goods held on behalf of or processed by AAT as of December 31, 2023, due to their appointment after this date. In the 2024 semi-annual reviewed financial statements, the auditor accepted the report in full.
AAT operates in the textile and garment industry, specializing in manufacturing for export. Regarding AAT’s business performance, in the first half of 2024, the company’s net revenue exceeded VND 384 billion, up 33% compared to the same period last year. As a result, the company’s pre-tax profit was over VND 8 billion, a surge of 332% year-on-year. Net profit reached nearly VND 6.5 billion.
AAT’s stock price on the exchange stood at VND 3,780 per share.
As for UHY, according to its website, the company is a member firm of UHY International – an audit firm established in 1986 and headquartered in London, UK. UHY has been operating in Vietnam for 16 years and was formed through the merger of UHY Audit and Consulting Company Ltd. Co. and Kreston ACA Vietnam Audit Company Ltd. Co.
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