VietNamNet Bridge - Auditors have uncovered VND13.774 trillion (US$706 million) in financial wrongdoings at state organizations in 132 audits in 2010, according to the State Audit Office of Vietnam which also said it would scrutinize Vinashin and EVN this year.

During an audit conference organized Monday in Hanoi, the Office also said it would intensify auditing across sectors and fields at state levels in 2011.

Big state-owned conglomerates to be under microscope include the Vietnam Electricity Group (EVN), Vietnam Shipbuilding Industry Group (Vinashin), and Vietnam National Coal and Minerals Holding Corporation Limited (Vinacomin).

The central auditing agency will focus on financial aspects at Vinashin in order to facilitate the group’s restructuring, auditor-general Vuong Dinh Hue said.

At the other two groups, EVN and Vincomin, it will calculate electricity and coal prices based on which a market-oriented quotation will be set, he added.

State auditors will also check on state budget in 2010 together with state assets at 20 ministries and central agencies, and across 34 cities and provinces, according to Hue.

They will audit reports on 39 projects including the Dung Quat oil refinery No.1 and Thu Thiem Bridge.

Other tasks include inspections at the Ministry of Transportation and Ministry of Health regarding their expenses on road and railway repair work, and the use of ODA sources between 2008 and 2010.

A comprehensive review of the government’s price stabilization fund dedicated to fuel will also be carried out following complaints about its effectiveness.

State budget to get audit priority

The State Audit of Vietam (SAV) will give priority to auditing the State budget this year, according to remarks made at a conference in Ha Noi yesterday.

The agency said it would keep a close eye on all fields, ranging from projects which have been invested in by the State budget, capital utilisation, the management of State-owned groups and enterprises and projects that are being financed by banking institutions.

The audit will provide information to the Communist Party and National Assembly.

The group will carry out 151 inspections this year in 34 provinces and cities and at 20 ministries and central-level agencies. The SAV will also process five special audits, while monitoring 28 groups, businesses and financial-banking institutions. The group will also audit 39 building projects, eight national target programmes and 16 offices in the national defence and security sectors, which will be a year-on-year increase of 15.2 percent.

SAV ‘s Chief Auditor Vuong Dinh Hue said they will audit Electricity of Viet Nam (EVN); mining giant Vinacomin, in order to provide a basis for the calculation of prices of power and coal according to market mechanism; and Viet Nam Shipbuilding Industry Group (VINASHIN) will all be audited.

Hue said the agency will focus on improving the professional skill and political spirit of auditors as well as promoting and diversifying the application of information and technologies in tandem with simplifying administrative procedures in the auditing sector.

Speaking at the conference, the National Assembly (NA)'s vice chairman Nguyen Duc Kien asked the agency to specify tasks and accelerate strategies to develop the auditing sector by 2020.

The agency's activities should be congruent with the NA's programmes and be active in implementing its tasks, improving its role within the State and society, Kien said.

He said SAV should pay attention to training and improving the quality of its auditors in accordance with standards stipulated in the Law on State Audit.

Source: Tuoi Tre/VNS