Quoc Cuong Gia Lai Changes Audit Firm
On December 2nd, Quoc Cuong Gia Lai announced the termination of its audit contract with DFK Vietnam Audit Co., Ltd. Prior to this, the company had been sanctioned by the State Securities Commission of Vietnam (SSC) for its auditors’ failure to comply with auditing standards in the company’s 2023 financial statements.
The new audit firm chosen by Quoc Cuong Gia Lai is UHY Audit and Consulting Company Limited.
According to their website, UHY Audit and Consulting Company Limited (UHY) is a member firm of UHY International, a UK-based audit firm established in 1986 with its headquarters in London. UHY has been operating in Vietnam since 2006 and was formed through the merger of UHY ACA Vietnam and Kreston ACA Vietnam.
UHY’s head office is located on the 5th floor, Tower B2, Roman Plaza Office Building, Dai Mo Ward, Nam Tu Liem District, Hanoi. The company also has branches in Ho Chi Minh City, Nghe An, and Hai Phong.
New Audit Firm Faces Similar Issues as the Previous One
According to the 2023 transparency report, UHY audited 70 public companies in the previous financial year. The firm currently has 188 employees, including 43 certified public accountants.
Before working with Quoc Cuong Gia Lai, UHY has provided audit services to several notable companies, including FLC Group, Noi Bai Cargo Services Joint Stock Company, F.I.T Group Joint Stock Company (FIT), Cuu Long Pharmaceutical Joint Stock Company (DCL), Vietnam National Coal, Mineral Industries Group, Viet Capital Securities Joint Stock Company, Viettronics Tan Binh Joint Stock Company, SHB Commercial Joint Stock Bank, and Construction and Industrial Equipment Corporation (CIE).
However, recently, several UHY auditors, including Mr. Hoang Dinh Hai, Deputy Director of the company, were sanctioned by the SSC during their 2024 audit quality inspection. The reason for the sanction was the auditors’ failure to perform adequate audit procedures and collect appropriate evidence for the 2023 financial statements of companies such as Tien Son Thanh Hoa Group, Vina2 Investment and Construction Joint Stock Company, and Dong A Plastic Group Joint Stock Company.
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