SAV AG Issues New Audit Framework
Dr. Ho Duc Phoc, Vietnam’s AG, issued an audit framework on final settlements of public enterprise state capital when officially transformed into joint-stock companies. The framework, supported by sample forms that can be applied to audit-related reports and documents, calls for specialized audit departments and regional state audit offices to focus on:
- Data truth and fairness in parent company financial statements;
- Equity expense settlements and money obtained;
- Funding support for redundant workers;
- Corporate financial values;
- Land management and use conversion;
- State budget obligations; and
- State capital determination.
The framework also highlights assessing corporate compliance with laws and regulations and evaluating corporate methods used in choosing strategic partners.