The
State Securities Commission is to give Ernst & Young Vietnam the once over,
due to its role in a recent stock manipulation case.
Ernst & Young audited the 2009 financial
statement of Vien Dong Pharmaceutical JSC (DVD), the company involved in the
Vietnamese market’s first stock manipulation case.
The auditing firm gave the firm a clean bill
of health, but DVD was found to falsified revenue and profit figures in order
to issue shares to the public. ANZ, one of DVD’s creditors, even filed
bankruptcy proceedings in court against the firm last month.
The State Securities Commission (SSC) would
check DVD auditing files in Ernst & Young in late September, according to
SSC’s vice chairwoman Vu Thi Kim Lien. The Accounting and Auditing Department
and Vietnam Association of Certificated Public Accountants also join the
inspection.
A&C Auditing & Consulting, which audit
the DVD’s 2008 financial statement, would be checked as well.
Previously, the two auditing firms submitted
explanations to SSC, saying DVD’s counterfeited financial information was
difficult to detect. But SSC still decided to check those firms in order to
“ensure objectivity,” said Lien.
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