Specifically, according to the results of the SSC’s 2024 audit quality inspection at UHY, the audit file for Vina2 Investment and Construction JSC’s (HNX: VC2) 2023 financial statements did not meet requirements as the auditor did not fully perform the necessary audit procedures nor gather appropriate audit evidence to form an audit opinion as mandated by auditing standards. Consequently, SSC will suspend the auditors who signed the 2023 financial statements audit report of VC2.
On the same day, SSC also decided to suspend the auditors who audited the 2023 financial statements of two other companies, Thanh Hoa Tien Son Group JSC (HOSE: AAT) and Dong A Plastic Group JSC (HOSE: DAG). The reason for AAT is similar to that of VC2.
Regarding DAG‘s report, SSC stated that the audit opinions were inconsistent with Vietnamese Auditing Standards (VAS) 700, VAS 705, and VAS 706.
UHY Audit and Consulting Company Limited is a member of UHY International. Established in 1986, UHY Audit has a global network with over 340 offices in 100 countries and territories, more than 882 partners, and over 9,500 staff.
Apart from the aforementioned enterprises, UHY Audit and Consulting Company Limited has also recently signed contracts for the review of semi-annual financial statements and the audit of 2024 financial statements with companies such as NSH Petro Commercial and Investment Joint Stock Company (HOSE: PSH), Vietnam Enterprise Investment and Development Joint Stock Company (HNX: FID), DNP Holding Joint Stock Company (HNX: DNP), and IPA Investment Group Joint Stock Company (HNX: IPA), among others. This is also the unit that audited the report of FLC Group Joint Stock Company.
In terms of operational results, from October 1, 2022, to September 30, 2023, UHY Audit recorded a total revenue of nearly VND 122 billion, a 45% increase compared to the previous year. Financial statement audit revenue accounted for 62.6%, amounting to over VND 76 billion, a 2.3-fold increase compared to the previous year. During this period, the company served more than 1,300 clients, half of which were joint-stock companies.
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Revenue of UHY Audit
Source: UHY
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A Serial Securities Offender: Investor Fined 200 Million VND
The State Securities Commission (SSC) has recently issued an administrative fine of VND 200 million to Ms. Tran Thi Thu, a resident of Truc Bach, Ba Dinh, Hanoi.
The Watchdog Member Studying a Different Major, Cencon Vietnam, Heavily Fined.
The SSC has imposed administrative sanctions on Cencon Vietnam for multiple violations, including failing to ensure that the members of the Supervisory Board meet the required standards and conditions and are not subject to legal restrictions.
