PVA: Explanation for adverse opinion of the Auditor and the difference before and after audit
PVA: Explanation for adverse opinion of the Auditor and the difference before and after audit
On 07/4/2014, PetroVietnam Nghe An Construction Joint Stock Company announced explanation for adverse opinion of the Auditor and the difference before and after audit as follows:
Adverse opinion of the Auditor
- Did not extract enough provision for long-term financial investment discount:
Reason was that Management Board saw that this was the long-term investment and had no intention to withdraw capital in the coming time.
- The Company did not record enough expenses relating to production business in 2013 with value of VND 28,473,334,455:
Reason: From 2011 on, banks tightened credit, the Government tightened public expenditure, there was no new construction so some expenses relating to construction were temporarily not allocated.
Difference of business performance before and after audit
- Business performance of 2013 before audit: VND -2,064,330,793
- Business performance of 2013 after audit: VND 1,074,067,764
- Difference: VND 3,138,398,557
Reason:
Some expenses which were not allocated in this year would be allocated when the construction was continued.
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