Independent Auditors’ Report

Reference No.: 60755007/19508568-HN

 

To:  The shareholders of     
    Saigon Securities Incorporation


We have audited the consolidated financial statements of Saigon Securities Incorporation (the “Company”) and its subsidiaries, as prepared on 26 March 2018 and set out on pages 6 to 85 which comprise the consolidated statement of financial position as at 31 December 2017, the consolidated income statement, the consolidated cash flow statement and the consolidated statement of changes in owners’ equity for the year then ended and the notes thereto.


Management’s responsibility
The Company’s Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting System, accounting guidance applicable to securities companies and statutory requirements relevant to preparation and presentation of the consolidated financial statements, and for such internal control as the Management determines is necessary to enable the preparation and presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.


Auditors’ responsibility

Our responsibility is to express an opinion on the consolidated financial statements based on our audit. We conducted our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.


An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.


We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.


Auditors’ opinion
In our opinion, the consolidated financial statements give a true and fair view, in all material respects, of the consolidated financial position of the Company and its subsidiaries as at 31 December 2017, the consolidated results of their operations, their consolidated changes in cash flows and owners’ equity for the year then ended in accordance with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting System, accounting guidance applicable to securities companies and statutory requirements relevant to preparation and presentation of consolidated financial statements.


Emphasis of matter
We draw attention to Note 4.1 – Changes in accounting policies and Note 43.8 – Restatement of corresponding figures. On 20 November 2015, the National Assembly promulgated the Law on Accounting No. 88/2015/QH13 (“the Accounting Law 2015”) which has taken effect since 1 January 2017. The Accounting Law 2015 allows certain assets and liabilities whose value frequently varies in line with market fluctuation to be subsequently measured following fair value basis, provided that the fair value of these assets and liabilities can be reliably determined. The Company applied the fair value basis retrospectively and restated the corresponding figures accordingly.


Our audit opinion is not modified in respect of this matter.


Ernst & Young Vietnam Limited