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Home > Vietnam News List 
April 11, 2009
Following objections from many listed companies to a proposed quarterly audit, the securities regulator is drafting a circular making half-yearly audits compulsory.
Nguyen The Tho, head of the State Securities Commission’s Securities Issuance Department, said this at a meeting in Hanoi on Wednesday.
The firms had protested saying quarterly audits cost too much time and money.
Some enterprises, including real estate developer Vincom, are unhappy even with the half-yearly requirement though others support it.
Nguyen Quang Vinh, general director of Bao Viet Securities, said he was happy with quarterly audits since this would increase the transparency of the results and create greater investor confidence.
An executive of a listed company, who wished not to be named, said since semi-annual audits would help audit companies spread their workload over the financial year, they should not hike their fees.
The SSC has asked the Vietnam Association of Certified Public Accountants to instruct its members not to increase audit fees this year by more than 5 percent, SSC Deputy Chairman Vu Thi Kim Lien said.
There are 38 qualified auditors’ firms in the country and 358 companies listed in Ho Chi Minh City and Hanoi.
Meanwhile, Nguyen Son, head of the SSC’s market development department, said the watchdog plans to issue new guidelines this year to boost transparency of publicly traded companies’ financial results.
The companies would have to incorporate the remarks of auditors in their mid- and full-year earnings reports and spell out the use of funds raised through share sales, Son said. These should also be accessible on their websites, he said.
“We will create a format for a more detailed financial statement companies have to make public before releasing the full report.
“Companies will also be allowed to set the dates for their fiscal year that are suitable for their businesses to reduce the pressure on auditing companies.”
Stricter fines would be imposed to enforce the regulation, he warned.
Listed firms to be audited every half year, SSC to issue circular
April 11, 2009
Following objections from many listed companies to a proposed quarterly audit, the securities regulator is drafting a circular making half-yearly audits compulsory.
Nguyen The Tho, head of the State Securities Commission’s Securities Issuance Department, said this at a meeting in Hanoi on Wednesday.
The firms had protested saying quarterly audits cost too much time and money.
Some enterprises, including real estate developer Vincom, are unhappy even with the half-yearly requirement though others support it.
Nguyen Quang Vinh, general director of Bao Viet Securities, said he was happy with quarterly audits since this would increase the transparency of the results and create greater investor confidence.
An executive of a listed company, who wished not to be named, said since semi-annual audits would help audit companies spread their workload over the financial year, they should not hike their fees.
The SSC has asked the Vietnam Association of Certified Public Accountants to instruct its members not to increase audit fees this year by more than 5 percent, SSC Deputy Chairman Vu Thi Kim Lien said.
There are 38 qualified auditors’ firms in the country and 358 companies listed in Ho Chi Minh City and Hanoi.
Meanwhile, Nguyen Son, head of the SSC’s market development department, said the watchdog plans to issue new guidelines this year to boost transparency of publicly traded companies’ financial results.
The companies would have to incorporate the remarks of auditors in their mid- and full-year earnings reports and spell out the use of funds raised through share sales, Son said. These should also be accessible on their websites, he said.
“We will create a format for a more detailed financial statement companies have to make public before releasing the full report.
“Companies will also be allowed to set the dates for their fiscal year that are suitable for their businesses to reduce the pressure on auditing companies.”
Stricter fines would be imposed to enforce the regulation, he warned.