Listed Firms to Be Audited Every Half Year: SSC
Vietnam’s State Securities Commission (SSC) is drafting a circular to allow listed companies to be audited on the half-yearly basis after the firms objected to a proposed quarterly audit, the local media quoted the saying of an official from the SSC.
Nguyen The Tho, head of the SSC’s Securities Issuance Department, said the firms had complained quarterly audits cost too much time and money.
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.
The SSC has asked the Vietnam Association of Certified Public Accountants to instruct its members not to increase audit fees this year by over 5 per cent as planned, said SSC Vice Chairman Vu Thi Kim Lien said.
There are 38 qualified auditing companies in Vietnam and 358 companies listed in HCM City and Hanoi currently. (Securities Investment, Thanh Nien)
Vietnamese
