Suspensions of Auditors in the Securities Sector

The SSC has made a significant move by temporarily lifting the approval of Ernst & Young Vietnam Limited’s auditors who are authorized to review public interest entities within the securities sector. This action affects auditors Hang Nhat Quang and Ton Thien Bao Ngoc, whose suspension will last until December 2024.

The notice from the SSC does not disclose the reasons for the suspensions. Ernst & Young Vietnam is recognized as one of the top four auditing firms operating in Vietnam.

Previously, on November 11, the SSC had similarly suspended KPMG’s auditor Tran Dinh Vinh, another top firm, from auditing public interest entities for the remainder of the year.

Recently, the SSC also announced the suspension of DFK Vietnam auditors who had signed off on the financial reports of Quoc Cuong Gia Lai JSC. An examination carried out by the SSC revealed that DFK did not complete all essential auditing procedures and failed to gather adequate evidence to support their audit opinions regarding the company’s financial report.

On November 12, the SSC took further action by suspending auditors from DFK Vietnam and Moore AISC. The suspended include Nguyen Anh Tuan, Le Huy Binh, and Nguyen Van Tan from DFK, alongside Phan Duc Danh from Moore AISC, with their suspension extending until the year’s end.

In early October, the SSC also suspended four auditors at UHY Auditing and Consulting Co Ltd, affecting deputy CEOs Hoang Dinh Hai and Nguyen Minh Hung, auditors Tran Hong Giang, and Pham Thi Ngoc Tho. Their suspension is set from September 20, 2024, until December 31, 2024. Notably, Hung and Tho had signed off on financial statements for DongA Plastic JSC and Tien Son Thanh Hoa Group.

Back in July 2024, several Deloitte Vietnam Co Ltd auditors faced suspensions as well. Pham Hoai Nam, Le Dinh Tu, Do Hong Duong, and Tran Van Dang were suspended from auditing responsibilities effective June 25, with their ban lasting through the end of 2024. Le Dinh Tu, who is a deputy CEO, was involved in signing SCB’s financial report for the first half of 2019.

The SSC’s series of suspensions aim to enhance the standards of independent auditing, especially after uncovering serious errors linked to notable cases such as those associated with SCB, Van Thinh Phat, and FLC Group.