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7 Specific requirements for financial statement auditing for listed companies

Auditing financial statements for listed companies is a matter of particular concern. Currently, the Vietnamese stock market is still in its infancy with many fluctuations. Activities on the stock market are complex, ceating many challenges for management. With the increasing number of listed companies, monitoring becomes more necessary. In this blog, RSM Vietnam will analyze the unique characteristics and requirements for financial reporting for listed companies.


Table of contents:

  1. Requirements for periodic disclosure by large-scale public organizations and listed companies

  2. Unique characteristics and specific requirements for financial reporting for listed companies

  3. RSM Vietnam's audit services for listed companies.



I. Requirements for periodic disclosure by large-scale public organizations and listed companies


According to Circular No. 155/2015/TT-BTC on information disclosure in the securities market:


1. Listed organizations and large-scale public companies must disclose their annual financial reports that have been audited by an approved audit organization for entities with a public interest in the securities sector, they must also disclosure other information as specified in Article 8 of this Circular.

2. Listed organizations and large-scale public companies must disclose their semi-annual financial reports that have been reviewed by an approved audit organization for entities with a public interest in the securities sector.


a) The semi-annual financial report must be a comprehensive interim financial report following the Accounting Standards "Interim Financial Statements," presenting financial figures for the first 6 months of the company's fiscal year, as prescribed in Article 8, point a of this Circular. The semi-annual financial report must be reviewed following the Standards for Review of Financial Statements. The full text of the semi-annual financial report must be disclosed, along with the auditor's opinion and an explanatory document from the company in cases where the reviewed semi-annual financial report concludes with a non-compliance finding by the auditor.

b) Deadline for disclosing the semi-annual financial report: Listed organizations and large-scale public companies must disclose the reviewed semi-annual financial report within a period of 5 days, starting from the date when the audit organization signs the review report but not exceeding 45 days from the end of the first 6 months of the fiscal year.

In cases where listed organizations and large-scale public companies cannot complete the disclosure of their semi-annual financial reports within the specified timeframe due to the need to prepare consolidated semi-annual financial reports or aggregated semi-annual financial reports, or because subsidiary companies or affiliated companies of the listed organization or large-scale public company also need to prepare reviewed semi-annual financial reports, consolidated semi-annual financial reports, or aggregated semi-annual financial reports, the State Securities Commission will consider extending the deadline for disclosing the semi-annual financial report upon receiving a written request from the company, but the extension period should not exceed 60 days, counting from the end of the first 6 months of the fiscal year, in compliance with relevant legal regulations.

  1. Listed organizations and large-scale public companies must disclose quarterly financial reports or reviewed quarterly financial reports (if applicable).

a) Quarterly financial reports must be comprehensive interim financial reports following the Accounting Standards "Interim Financial Statements," prepared in accordance with the regulations specified in Article 8, point a of this Circular. The full text of the quarterly financial report or the reviewed quarterly financial report (if applicable) must be disclosed, along with the auditor's opinion and an explanatory document from the company in cases where the reviewed quarterly financial report (if applicable) concludes with a non-compliance finding by the auditor.


b) Deadline for disclosing quarterly financial reports: Listed organizations and large-scale public companies must disclose quarterly financial reports within a period of 20 days from the end of the quarter. Listed organizations and large-scale public companies must disclose reviewed quarterly financial reports (if applicable) within a period of 5 days from the date when the audit organization signs the review report.

In cases where listed organizations and large-scale public companies cannot complete the disclosure of their quarterly financial reports within the specified timeframe due to the need to prepare consolidated quarterly financial reports or aggregated quarterly financial reports, or because subsidiary companies or affiliated companies of the listed organization or large-scale public company also need to prepare reviewed quarterly financial reports, consolidated quarterly financial reports, or aggregated quarterly financial reports, the State Securities Commission will consider extending the deadline for disclosing the quarterly financial report upon receiving a written request from the company, but the extension period should not exceed 30 days, counting from the end of the quarter, in compliance with relevant legal regulations.


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The financial report of a listed company has its own distinct characteristics and requirements

II. Unique characteristics and specific requirements for financial reporting for listed companies

  • The financial statements of listed companies are of great interest to a diverse range of stakeholders. Consequently, the requirements for the reliability of these financial statements are quite high.

  • Listed companies come from various industries and sectors, leading to differences in the information presented in their financial statements, as well as the specific structures of various sections within these reports.

  • Listed companies are publicly traded on stock exchanges, which means they have a large and constantly fluctuating shareholder base. Therefore, tracking and reflecting detailed equity-related transactions for specific parties in the accounting records can be quite challenging.

  • Certain financial indicators only appear in the accounting records and financial statements of both general joint-stock companies and listed companies. These include items like "share premium," "treasury stock" (on the balance sheet), "earnings per share" (in the income statement), and some specific disclosures in the statement of changes in equity.

  • Listed companies have a multitude of shareholders with continuous changes, which can significantly impact the company's management and lead to complexity in profit distribution.

  • Listed companies are often large-scale and involved in diverse industries and services, with exposure to various business risks such as financial investments. Consequently, these companies tend to have complex financial relationships. This complexity makes it challenging to monitor and identify related parties and can pose difficulties when consolidating financial statements.

  • Financial statements must meet stock market requirements. They must be disclosed quarterly with stricter deadlines compared to regular enterprises. Annual audits of financial statements are mandatory, requiring approval from the Securities Commission. These statements must be prepared in compliance with accounting standards or specific financial reporting standards for listed companies. However, each stock market may have specific regulations on this matter.

Due to the important characteristics and nature of publicly disclosed financial statements of listed companies, the auditing requirements for businesses are more stringent. Therefore, every year, the State Securities Commission conducts inspections, reviews, and announces qualified audit firms that are eligible to audit financial statements. RSM Vietnam is one of the companies approved by the State Securities Commission to audit entities with a public interest in the securities sector.

III. RSM Vietnam's audit services for listed companies.


RSM Vietnam's experience

RSM Vietnam's audit department for listed companies, with its deep industry-specific experience and knowledge, ensures that clients receive the best audit services. Direct discussions throughout the audit process are essential for addressing key issues. RSM Vietnam's leadership team collaborates closely with clients before and after the audit to promptly identify and provide the most suitable solutions to any challenges clients may be facing.

RSM Vietnam's Value

RSM Vietnam regularly organizes and participates in seminars and in-depth research with the Ministry of Finance, the State Securities Commission of Vietnam, the Ho Chi Minh Stock Exchange (HOSE), and the Hanoi Stock Exchange (HNX). This allows us to maintain sustainable relationships with these organizations and provide clients with timely, in-depth information on upcoming changes that could affect their operations.


How can we help and support our clients?

When commencing an audit, our team of experts invests significant time in understanding the client's operations and business environment. Based on this research and related experiences with similar clients, the audit team develops the most appropriate plan to focus on the key issues that the client is facing. Our partners and clients can have direct interactions with RSM Vietnam's leadership and expert team to provide timely support for complex or exceptional transactions.


We employ a risk-based audit approach called RSM Orb, and our commitment to integrity, independence, and professional ethics is central to our service delivery.


>>> See more Our audit services for listed companies


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