The State Audit Office of Vietnam announced on February 18 that the 2014 audit will focus on 42 businesses, banks and credit institutions under the government economic restructure project guidelines.
Special audits will concentrate on insurance companies, State Capital and Investment Corporation, Debt and Asset Trading Corporation and Mekong Housing Bank.
The audits aim to reveal productivity, capital management, and usefulness in financial fields.
We transferred five low-scoring audits for investigation last year, said Le Minh Khai, Deputy Head of the State Audit Office of Vietnam.
Four of the cases were financial losses at Song Da Finance Joint Stock Company, extreme debt and investment at Vietnam National Seaproducts Corporation Limited, and irregular lending at Binh Phu and Ho Chi Minh City branches of the Bank of Agricultural and Rural Development.
Organizations who violate guidelines for the audit will be charged VND 22.7 trillion (US$1.1 billion), according to the State Audit Office of Vietnam. This is a penalty based on 2013’s audit on 150 companies.
These penalty fees increased VND4 trillion (US$190 million) to the State Budget and reduced spending by VND5.3 trillion (US$252 million).
