PwC Vietnam no longer auditor for leading property developer Novaland

Moore AISC will replace PwC Vietnam to be the auditing unit for real estate developer Novaland for its 2024 financial statements.

PwC Vietnam has taken the responsibility since 2015. However, the property firm said on its website that PwC Vietnam's services have not met necessary requirements to ensure timely completion of audited and reviewed financial statements in line with regulations on information disclosure for listed companies.

As a result, the company faced delays in fulfilling its information disclosure obligations at certain points in 2023 and 2024, it noted.

Furthermore, Novaland and PwC Vietnam were unable to agree on a timeline for the 2024 audit statement, leading to the suspension of the former’s stock NVL from margin trading and it being placed under warning status.

The Ho Chi Minh Stock Exchange (HoSE) placed NVL under warning as of September 23 due to a delay of over 15 days in submitting its reviewed semi-annual financial statements for 2024.

Novaland explained that the increased volume of transactions and documents had led to a longer audit process, requiring additional time to gather and assess necessary information to complete the reviewed semi-annual financial statements.

“Portrait” of Moore AISC

Moore AISC, formerly known as the Ho Chi Minh City Auditing and IT Services Co., Ltd., was established in 1994 under the management of the Ho Chi Minh City Department of Finance. It was one of the first three audit firms founded in Vietnam.

In 2000, the company expanded its services to auditing for securities issuers and businesses engaged in securities trading. In 2005 and 2006, Moore AISC became a member of the Vietnam Association of Certified Public Accountants (VACPA) and Inpact Asia Pacific.

Later, the firm joined Moore Global Network Limited and officially rebranded to its current name, Moore AISC, on May 16, 2022. Its chairman is Pham Van Vinh, who also serves as CEO and legal representative of the company.

According to Moore AISC’s 2023 transparency report, the company’s revenue last year reached nearly VND62.7 billion ($2.47 million), with VND12 billion from financial statement audit services.