Why was Tan Tao rejected by 30 auditing companies?

Tan Tao Investment and Industry Joint Stock Company (stock code ITA) has just continued to send an official dispatch requesting the State Securities Commission and Ho Chi Minh City Stock Exchange (HOSE) to temporarily postpone the announcement of the 2023 Audited Financial Statements, 2023 Semi-Annual Financial Statements and 2024 Semi-Annual Reviewed Financial Statements. The reason is that no auditing company has agreed to audit Tan Tao's Financial Statements.

Tan Duc Industrial Park of Tan Tao Group

Specifically, ITA's official dispatch stated that on June 24, the company had responded to the State Securities Commission's official dispatch dated June 7 to explain the force majeure reason for not submitting the financial report, but up to now the State Securities Commission has not responded. Meanwhile, HOSE has still issued a decision to put ITA shares under restricted trading since July 16. In all documents sent to the State Securities Commission and HOSE, Tan Tao affirmed that it had explained very clearly and in detail the force majeure reason for many months. Accordingly, although the company has made every effort to contact and persuade all auditing units, all of these auditing companies have refused. According to ITA, the company has contacted 30 auditing companies approved to audit public interest units in the securities sector in 2023.

The main reason, according to Tan Tao, is that the State Securities Commission has suspended the auditing qualifications of 4 auditors who audited Tan Tao's Financial Statements in 2021, 2022 and the 2023 semi-annual audited Financial Statements. Tan Tao believes that this suspension of auditing qualifications is unusual and not transparent, causing all other auditing companies to fear that auditing for Tan Tao will also have their auditor qualifications suspended in a similar manner.

Tan Tao requested the State Securities Commission and HOSE to support in issuing an official document allowing auditing firms to conduct audits for the company. The company said it is still trying to find and convince auditing firms to conduct the 2023 audited financial statements and the 2024 semi-annual reviewed financial statements. "Whether or not an auditing unit can be found depends on the actions taken by the State Securities Commission and HOSE to demonstrate their duty to protect the rights and interests of shareholders and investors," the document stated.

Source: https://thanhnien.vn/vi-sao-tan-tao-bi-den-30-cong-ty-kiem-toan-tu-choi-185240830165924329.htm