ANNUAL REPORT 2024
TOGETHER IN BELIEF, LEADING IN INNOVATION
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185
Independent Auditors’ Report
To
The Shareholders of An Cuong Wood-Working Joint Stock Company We have audited the accompanying consolidated financial statements of An Cuong Wood – Working Joint Stock Company (“the Company”) and its subsidiaries (collectively referred to as “the Group”), as prepared on 28 March 2025 and set out on pages 5 to 46, which comprise the consolidated balance sheet as at 31 December 2024, and the consolidated income statement and the consolidated cash flow statement for the year then ended and the notes thereto. The Group’s Board of management is responsible for the preparation and fair presentation of the Group’s consolidated financial statements in accordance with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting System and the statutory requirements relevant to the preparation and presentation of the consolidated financial statements, and for such internal control as the Board of management determines is necessary to enable the preparation and presentation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error. Our responsibility is to express an opinion on these 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 Group'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 Group's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Board of 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.
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 Group as at 31 December 2024, and of the consolidated results of its operations and its consolidated cash flows for the year then ended in accordance with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting System and the statutory requirements relevant to the preparation and presentation of the consolidated financial statements. We would like to draw the attention to Note 34 to the consolidated financial statements, which describes the Group’s retrospective adjustments made to the corresponding figures to recognize additional tax obligation of previous fiscal years.
Emphasis of matter
The Board of Management’s responsibility
Our opinion is not modified in respect of this matter.
Other matter
The consolidated financial statements of the Group for the year ended 31 December 2023 were audited by another audit firm which expressed an unmodified opinion on those consolidated financial statements on 28 March 2024.
Auditors’ responsibility
Ernst & Young Vietnam Limited
Ho Chi Minh City, Vietnam 28 March 2025 NGUYEN HO KHANH TAN Deputy General Director Audit Practicing Registration Certificate No: 3458-2025-004-1
DUONG PHUC KIEN
Auditor
No: 4613-2023-004-1 Audit Practicing Registration Certificate
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