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Major Bank Audits, Determining The Status Of Bad Debts In 2020

Major Bank Audits, Determining The Status Of Bad Debts In 2020

Wednesday 04, 12 2019
Audit of businesses and financial institutions - banks in 2020 including the State Bank, 12 corporations, state corporations, and 3 commercial banks ...
Through the auditing activities in 2020, we will identify the situation of cross-ownership, bad debts, especially the implementation of measures to handle bad debts and control and improve credit quality.

In a newly released report, State Auditor General Ho Duc Phoc said that in 2020 the whole sector is expected to focus on auditing 146 times, down 44 times compared to the audit plan issued in early 2019.

In the field of enterprises and financial institutions - banks will select state corporations and companies of the appropriate size to audit financial statements and activities related to management and usage of the state capital in 2019, including corporations under Vietnam Oil and Gas Group, Ho Chi Minh City Power Corporation, etc.

The audit of this block will combine with the evaluation of the restructuring of state-owned enterprises, focusing on state-owned corporations and corporations; the evaluation of the situation of financial management, equitization and divestment of State investment in audited units; the evaluation of management activities, ensuring the healthy development of the domestic market for goods and services such as observance of law provisions on prices, taxes and charges, especially for essential goods and services consumption, etc.

In 2020, the State Audit is also expected to audit the financial statements, activities related to the management and use of state capital and assets in 2018 of the State Bank and a number of large-scale banks (Bank of Agriculture and Rural Development; Joint Stock Commercial Bank for Foreign Trade of Vietnam ...) to assess the financial status of the unit and the effectiveness of the management and administration of monetary policy.

The General Audit stated that, through the audit activity, the State Audit also conducted the assessment of financial market restructuring activities, focusing on commercial banks and credit institutions.
Another objective is to identify the situation of cross-ownership, bad debts, especially the implementation of measures to handle bad debts and control, improve credit quality under the project "Handling bad debts of the system of credit institutions "approved in the Prime Minister's Decision No. 843 / QD-TTG of May 31, 2013; Project "Restructuring the credit institution system associated with dealing with bad debts in the 2016-2020 period" and the pilot implementation of dealing with bad debts of credit institutions under Resolution 42/2017 / QH14 dated June 21 / 2017 of the National Assembly.

With the above goals, in the field of enterprises and financial institutions - banks, the State Audit is expected to conduct 16 audits, including the State Bank, 12 corporations, state corporations, and 3 financial banks.
Regarding thematic audits, by 2020, the State Audit is expected to select several large-scale fields for auditing to assess comprehensively and thoroughly the management and usage of the public finance and assets to improve the efficiency of management and usage of public investment capital, contributing to reducing public debt and socio-economic development.

For example, we have managing and using government bond capital at the Ministry of Planning and Investment, the Ministry of Finance, the Ministry of Agriculture and Rural Development and the Ministry of Transport. The audit of the management and use of investment capital must follow the Politburo's Resolution No. 49 / NQ-TW of June 2, 2005, on the judicial reform strategy till 2020 of the Supreme People's Court, the Procuracy Supreme People's Murder and the Ministry of Justice in 2019 and Public Debt Management in 2019, etc.

In the field of construction investment and project program, the State Audit is expected to conduct 34 audits of investment projects, including many large projects, which are of public interest.

Major Bank Audits, Determining The Status Of Bad Debts In 2020

For example, we have the BT projects of Thu Thiem New Urban Area in Ho Chi Minh City; Investment in building ring road II, III of Hanoi city; routes on National Highway 1A; North - South East highway route in the period of 2017-2020; irrigation projects (Dong Mit reservoir; Tan My irrigation system; Song Luy and Northern Chu - Southern Ma reservoirs; Hieu river saline dam; My Lam reservoir; Cho river reservoir I), HCMC sanitation project; 500kV Long Phu - O Mon transmission line; Thermal power plants of Long Phu 1, Song Hau 1 and Hanoi urban railway project, etc.
 

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