SSC issued a decision to suspend the status of auditor approved to audit public interest entities in the securities sector for Ernst & Young Vietnam Limited. Auditors Hang Nhat Quang and Ton Thien Bao Ngoc have been suspended until the end of 2024.

However, the SSC’s notice did not specify the reasons behind its decision to suspend the two auditors. Ernst & Young Vietnam Limited is one of the ‘big four’ firms in its field operating in Vietnam.

Prior to that, on November 11, SSC issued the decision on suspending the status of auditors approved to audit public interest entities in the securities sector until the end of the year for auditor Tran Dinh Vinh of KPMG, also one of the big four.

Some days ago, SSC stated it would suspend the auditors of DFK Vietnam who signed financial reports of Quoc Cuong Gia Lai JSC.

SSC, which examined the quality of auditing service in 2024 provided by DFK Vietnam, found that the auditor did not fully perform all necessary auditing procedures and did not collect sufficient appropriate audit evidence to give audit opinions, as required by auditing standards when auditing Quoc Cuong Gia Lai’s financial report.

On November 12, SSC released decisions on suspending the status of auditors approved to audit the public interest entities in the securities sector for DFK Vietnam and Moore AISC. Nguyen Anh Tuan, Le Huy Binh and Nguyen Van Tan of DFK Vietnam will be suspended until the end of the year, as well as Phan Duc Danh of Moore AISC.

In early October, SSC issued a decision on suspending the status of auditors approved to audit public interest entities in the securities sector for four auditors belonging to UHY Auditing and Consulting Co Ltd.

The suspended auditors include deputy CEO Hoang Dinh Hai, deputy CEO Nguyen Minh Hung, auditor Tran Hong Giang and Pham Thi Ngoc Tho. The suspension is valid from September 20, 2024 to December 31, 2024.

Among them, Hung and Tho signed financial reports of DongA Plastic JSC and Tien Son Thanh Hoa Group.

In July 2024, SSC decided to suspend several auditors of Deloitte Vietnam Co Ltd, namely Pham Hoai Nam, Le Dinh Tu, Do Hong Duong and Tran Van Dang, from June 25 to the end of 2024. Tu, deputy CEO of Deloitte Vietnam, signed SCB’s 2019 biannual financial report.

The suspension of many auditors was done to improve the quality of independent auditing following discovery of many serious mistakes related to major cases, such as those related to SCB, Van Thinh Phat, and FLC Group. 

Hanh Nguyen