I I I I I I I I I I I I

Transcription

1 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized HEALTH PROFESSONALS EDUCATON AND TRANNG FOR HEALTH SYSTEM REFORMS PROJECT Financing Agreement No VN Grant Agreement No. TF0A658 AUDTED FNANCAL STATEMENTS For the period from 30 October 2014 to 31 December 2016

2 Health Professionals Education and Training for Health System Reforms Project Financing Agreement No VN and Grant No. TFOA1658 CONTENTS Page PART NDEPENDENT AUDTORS' REPORT ON THE FNANCAL STATEMENTS Report of the Project Management Unit 3 ndependent Auditors' Report on the Financial statements 4-5 Audited Financial statements Statement of Funds and Expenditures 6 Statement of Funds balance 7 Statement of Designated Account 8 Statement of Withdrawals and Reconciliation of Funds 9 Notes to the Financial statements PART NDEPENDENT AUDTORS' REPORT ON THE NTERNAL CONTROL SYSTEM PART NDEPENDENT AUDTORS' REPORT ON THE COMPLANCE PART V MANAGEMENT LETTER

3 Health Professionals Education and Training for Health System Reforms Project Financing Agreement No VN and Grant No. TFOA1658 REPORT OF THE PROJECT MANAGEMENT UNT The Health Professionals Education and Training for Health System Reforms Project ("the Project") presents this report and the of the Project for the period from 30 October 2014 to 31 December The Project * Auditors h The Project is funded by the nternational Development Association (DA) under the Financing Agreement No VN dated 17 July 2014 and European Union (EU) under the Financing Agreement No. DC-ASE/2013/ dated 04 December 2014 replaced by the Grant No. TF0A1658 dated 28 March 2017 between the Government of the Socialist Republic of Vietnam and the World Bank. The Project Management Unit Members of the Project Management Unit ("the PMU") in the period and to the reporting date are: Mr. Nguyen Cong Khan Director Appointed on 18/ , Resigned on 25/ Mr. Nguyen Ngo Quang Director Appointed on 25104/2015 Mr. Pham Van Tac Deputy Director Appointed on 18/ , Resigned on 25/04/2015 Mr. Dang Viet Hung Deputy Director Appointed on 18/03/2014 Mr. Ha Anh Duc Deputy Director Appointed on 10106/2015 Mr. Nguyen Hong Son Deputy Director Appointed on 10/06/2015 Mrs. Tran Thi Mai Oanh Deputy Director Appointed on 10/06/2015 Mrs. Nguyen Thi Bich Chief Accountant Appointed on 14/10/2014 The auditors of AASC Limited have taken the audit of financial statements of the Project. of the Project Management Unit RResponsibilities The Project Management Unit is responsible for preparing the project financial statements, including Statement of Funds and Expenditures, Statement of Funds balance, Statement of Designated Account and Statement of Withdrawals, which comply with the accounting policies described in the attached Notes to the. The Project Management Unit assures that the accounting policies are appropriately selected and consistently applied. The Project Management Unit assures that the accounting records were fully maintained to prepare the financial statements in accordance with the applied accounting policies and to disclose, with reasonable accuracy at any time, the financial position of the Project. The Project Management Unit is also responsible for maintaining an effective internal control as management determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and comply with relevant laws, regulations and other provisions of the funding agreement that could have a direct and material financial effect on the Project financial statements. uioso ACLmtdhv ae h ui ffnnilsaeet ftepoet On behalf of the Project Management Unit ~ QUAN LY DUA- A3 Aot1October0201

4 aasc SsicA 191 No.: 2250/2017/BC.KTTC-AASC.DTNN2 NDEPENDENT AUDTORS' REPORT ON THE FNANCAL STATEMENTS To: The Project Management Unit of The Health Professionals Education and Training for Health System Reforms Project Opinion We have audited the financial statements of the Health Professionals Education and Training for Health System Reforms Project ("the Project") which comprise Statement of Funds balance as at 31 December 2016, Statement of Funds and Expenditures, Statement of Designated Account, Statement of Withdrawals and Reconciliation of Funds for the period from 30 October 2014 to 31 December 2016, and Notes to the, including a summary of significant accounting policies. P n our opinion: 0, The give a true and fair view, of the financial position of the Project, including the balance of the Designated Account as at 31 December 2016, funds received and expenditures incurred, movements of the Designated Account for the period then ended in accordance with the basis of the principal accounting policies described in the Notes to the and the provisions of the Financing Agreement No VN dated 17 July 2014, o- n addition, with respect to Statements of Expenditure, adequate supporting documents have been fully maintained to support to the replenishment requests submitted to the World Bank. The expenditures are eligible and in right purposes of the Financing Agreement No VN dated 17 July Basis of Opinion We conducted our audit in accordance with nternational Standards on Auditing ("SAs"). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the section of our report. We are independent of Project Management Unit in accordance with the international Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants ("ESBA Code"), and we have fulfilled our other ethical responsibilities in accordance with the ESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Management for the The Project Management Unit is responsible for the preparation of the financial statements in accordance with the principal accounting policies described in Notes to the, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. n preparing the financial statements, management is responsible for assessing the Project's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless management either intends to cease operations, or has no realistic alternative but to do so. T: (84) F: (84) Le Phung Hieu, Hanoi, Vietnam A member of nternational HANG KUM TOAN AASC 4

5 Auditor's Responsibilities for the Audit of the Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements As part of an audit in accordance with SAs, we exercise professional judgment and maintain 3 professional skepticism throughout the audit. We also: >in dentify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. o o Obtain an understanding of internal control relevant to the audit 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 Project's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. o> Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Project's ability to continue as a going concern. f we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Project to cease to continue as a going concern. o Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with the Project Management Unit regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. AkkjA S mf,0 imit Cuongh 1~ ~ 1Cuong Nguyen Pham Hung A ~ ReitrdNS ty General Director Auditor in-charge CPA Registered No.: CPA Registered No.: Hanoi, 25 October 2017 * 5

6 Health Professionals Education and Training for Health System Reforms Project Financing Agreement No VN and Grant No. TFOA1658 Period ended 31 December2016 STATEMENT OF FUNDS AND EXPENDTURES For the period from 30 October 2014 to 31 December 2016 ncurred and accumulated Note to 31/12/2016 VND. Funds 1. Funds received from the World Bank 03 83,682458, Counterpart funds 4,093844, Other funds - Foreign exchange rate differences 530,887,462 88,307,190,151. Expenditures S1. Goods 3,237,285, Training and Workshops 8,138,652, Consultants' Services 2,470,939, ncremental Operating Costs 7,760,905, ,607,782,677,3,8,0 8. Surplus 66,699,407,1474

7 Health Professionals Education and Training for Health System Reforms Project Financing Agreement No VN and Grant No. TFOA1658 Period ended 31 December 2016 STATEMENT OF FUNDS BALANCE As at 31 December Note 31112/2016 VND Surplus Surplus as at beginning Surplus in the period 66,699,407,474 3 Surplus as at closing 66,699,407,474 Represented by: Current assets 67,077,367,558 Cash on hand 92,944,013 Cash at bank 05 61,183,003,278 Cash in transit ,391,290 Advances to staff 195,867,977 Advances to contractors 07 5,461,161,000 Current liabilities 377,960,084 Payables to employees 314,002,823 Personal income tax 6,009,818 3 Other payables 08 57,947,443 U U Net worth 66,699,407,474 7

8 Health Professionals Education and Training for Health System Reforms Project Financing Agreement No VN and Grant No. TFOA1658 Period ended 31 December 2016 STATEMENT OF DESGNATED ACCOUNT For the period: from 30/ to Account No Bank: Vietnam Maritime Commercial Joint Stock Bank Address Sky City Tower Building, 88 Lang Ha, Dong Da, Hanoi Agreement No. DA 5441-N PART A: ACTVTES Note USD USD Opening balance Add: Total amounts deposited by the World Bank 3,805, nterest earned Deduct: Total amounts withdrawn (1,190,702.18) The interest transferred to interest account ,805, (1,190,770,13) Closing balance 21615, PART B: RECONCLATON 1. Amount advanced by the World Bank 3,400, * 2. Add: Amount supplemented by the World Bank 3. Present outstanding amount advanced to 3,400, Closing balance 2,615, Add: Amounts withdrawn and not yet claimed (1) 784, Add: Oversea bank charges Total advances accounted for 3,400, (1) ncluding USD Amounts withdrawn and claimed on Withdrawal 337, Applications No.0006 dated 29105/2017 Cash on hand 4, At CPMU 1, At SPMU HCM University of Medicine and Pharmacy Z Cash at current account VND 160, At CPMU 1, At SPMU HCM University of Medicine and Pharmacy 158, Advances to staff 8,795,32 3 Advances to contractors 242,549,16 Amounts withdrawn at SPMU HCM University of 31, ~ ~~Medicine and Pharmacy , * 8

9 Health Professionals Education and Training for Health System Reforms Project Financing Agreement No VN and Grant No. TFOA1658 Period ended 31 December 2016 STATEMENT OF WTHDRAWALS AND RECONCLATON OF FUNDS Financing Agreement No VN For the period from 30 October 2014 to 31 December 2016 Withdrawal applications Amount received Amount No. Date Currency claimed Date Amount Variances Note (a) (b) (b-a) Designated Account Advance 3,400, ,399, (15.00) /06/2015 USD 500,000,00 17/06/ , (15.00) /06/2016 USD 500, /06/ , /12/2016 USD 2,400, /12/2016 2,400, Replenishment 405, , /04/2016 USD 102, /04/ , /12/2016 USD 302, /12/ , Total 3, ,805, (15.00) (*) Oversea bank charges. H

10 Health Professionals Education and Training for Health System Reforms Project Financing Agreement No VN and Grant No. TF0A1658 Period ended 31 December 2016 NOTES TO THE FNANCAL STATEMENTS For the period from 30 Ocotober 2014 to 31 December Background The Health Professionals Education and Training for Health System Reforms Project (HPET) is funded by the nternational Development Association (DA) under the Financing Agreement No VN dated 17 July 2014 and European Union (EU) under the Financing Agreement No. DC- ASE/2013/ dated 04 December 2014 replaced by the Grant No. TF0A1658 dated 28 March 2017 between the Government of the Socialist Republic of Vietnam and the World Bank. Total original DA loan and Grant fund are SDR 68,600,000 (equivalent to USD 106 million) and EUR 7,428,500 (equivalent to USD 7,753,000). The adjusted DA loan is USD 86 million (according to the Ministry of Health's Official Letter No. 1130/BYT-KH-TC dated 10103/2017 on the adjustment of the total investment decision of HPET project using WB loans). The main objective of the Financing Agreement No VN is to improve the quality of health professionals education, strengthen management competencies of the Recipient in the health sector, and improve the competencies of primary health care teams at the grass-roots level. The Project consists of the following components: Part 1: mproving the Quality of Health Professionals Education. (a) mproving the Quality Assurance System of Health Professionals Education; (b) Supporting Measures to Meet the Standards of Health Professionals Education. _--- Part 2: Strengthening Management Competencies in the Health Sector. ONG'19 (a) Strengthening Health Management Training; 1 (b) mproving Policy Making in Human Resources for Health. KiE & Part 3: mproving Competencies of Primary Health Care Teams at the Grass-roots Level. (a) Training Primary Health Care Teams at the Grass-roots Level; (b) mproving Trained Primary Health Care Teams Access to Basic Equipment According to the National Benchmarks. Part 4: Project Management The objective of the Grant No TF0A1658 is to support the implementation of Part 3(a) of the Project including the improvement of the competencies of the primary health care teams at the grass-roots level. The Financing Agreement No VN officially came into operation since 30 October 2014 and is expected to close on 31 December The Grant No. TF0A1658 dated 28 March 2017 is expected to close on 30 November The Project is managed by Project Management Unit of Health Professionals Education and Training for Health System Reforms Project (CPMU) and its office is located at Rooms No , Van Phuc building, No. 02 Nui Truc, Ba Dinh, Hanoi, and School Project Management Units ("SPMU"). As at 31/12/2016, 01 SPMU - SPMU Ho Chi Minh University of Medicine and Pharmacy is established and its office is located at No. 217, Hong Bang, Ward 11, Dictrict 5, Ho Chi Minh City. 2. Principal Accounting Policies a. Basis of accounting Annual accounting period commences from 15 January and ends at 3 1 "t December. The first accounting period from 30 Octorber 2014 to 31 December

11 Health Professionals Education and Training for Health System Reforms Project Financing Agreement No VN and Grant No. TFOA1658 Period ended 31 December 2016 The financial statements are prepared in accordance with the requirements of the World Bank and presented in Vietnam Dong (VND), except for the Statement of Designated Account and Statement of Withdrawals, which are prepared in United State Dollar (USD). The principal accounting policies are summarized as below: b. Foreign currencies Funds received from World Bank in foreign currency is translated into VND using the exchange rates announced by the Ministry of Finance at the date of receiving the funds or at the date of direct payment made to contractors/suppliers. Transactions in foreign currencies are translated into VND using the actual exchange rate at the date of transaction announced by the Maritime Commercial Joint Stock Bank. Monetary assets and liabilities denominated in foreign currencies are revalued at the actual exchange rate announced by the Ministry of Finance at reporting date. All differences on foreign exchange are recorded into exchange rate differences account and presented as other funds on Statement of Funds and Expenditures. c. Funds and Expenditures Funds: - Funds received from the World Bank are recognized when remittance made into the Designated Account or direct payment made to contractors/suppliers; - Counterpart funds are recognized when payments are made directly from the State Treasury to contractors/suppliers of the project or funds are withdrawn to the PMU for settlement of project's activities including any payments under current year plant until the next 31/1. Expenditures are recorded when they are actually occurred, '0A d. Designated account and its interest Designated Account is the deposit account in USD opened at the Maritime Commercial Joint Stock Bank for the Project's activities. Payments made via Designated Account are for eligible expenditures of the Project in accordance with the provisions of the Financing Agreement No VN dated 17 July nterests of the Designated Account are separately recorded and and presented as Other Payables on the Statement of Funds balance, and used to cover bank charges. At the end of the Project, outstanding interests will be returned to the State Budget. n case bank charges are not fully covered by the interests, the Project Management Unit will plan to settle them by the fund from the World Bank, as regulated in Financing Agreement No VN dated 17 July

12 Health Professionals Education and Training for Health System Reforms Project Financing Agreement No VN and Grant No. TFOA1658 Period ended 31 December Funds received from the World Bank US ncurred and accumulated to 31/12/2016 Equivalent to VND Designated account Financing Agreement No VN 3,805, ,682,458,638 Advance 3,400, i~~~ncurred T4745,700,000 andlte Replenishment 405, ,936,758,638 13,805, ,682,458,638 *4. Expenditures c re n accumulated to 31/12/2016 VND Expenditures covered b The World Bank - Financing Agreement No VN 17,513,938,626 The counterpart funds 4,093,844,051 21,607,782,677 The Financing Agreement No VN dated 17/07/2014 finances 100% (inclusive of Taxes) of eligible expenditures includings goods (including vehicles), works, services, incremental operating costs (excluding salaries, salary allowances, and salary supplements of the Project's civil servants which are financed by the counterpart funds), training and workshops, and output based payments according to the MOU's entered into under part 2 and 3(a) of the project. * 12

13 Health Professionals Education and Training for Health System Reforms ProjectProject Financing Agreement No VN and Grant No. TFOA1658 Period ended 31 December 2016 Expenditures by the components ncurred and accumulated to 31/12/2016 Components DA No VN Counterpart fund Total VND VND VND Part 1: mproving the Quality of Health Professionals Education 3,682,622,012-3,682,622,012 (a) mproving the Quality Assurance System of Health Professionals Education 2,972,271,787-2,972,271,787 (b) Supporting Measures to Meet the Standards of Health Professionals Education 710,350, ,350,225 Part 2: Strengthening Management Competencies in the Health Sector 3,298,329,602-3,298,329,602 (a) Strengthening Health Management Training 822,973, ,973,602 (b) mproving Policy Making in Human Resources for Health 2,475,356,000-2,475,356,000 Part 3: mproving Competencies of Primary Health Care Teams at the Grass-roots Level 1,484,565,029-1,484,565,029 (a) Training Primary Health Care Teams at the Grass-roots Level 1,481,422,229-1,481,422,229 (b) mproving Trained Primary Health Care Teams Access to Basic Equipment According to the 3,142,800-3,142,800 National Benchmarks Part 4: Project Management 9,048,421,983 4,093,844,051 13,142,266,034 Expenditures by the categories 17,513,938,626 4,093,844,051 21,607,782,677 ncurred and accumulated to 31112/2016 Categories DA No VN Counterpart fund Total VND VND VND Goods 3,237,285,500-3,237,285,500 Training and Workshops 8,138,652,473-8,138,652,473 Consultants' Services 2,470,939,015-2,470,939,015 ncremental operating costs 3,667,061,638 4,093,844,051 7,760,905,689 17,513,938,626 4,093,844,051 21,607,782,677 13

14 U Health Professionals Education and Training for Health System Reforms Project Financing Agreement No VN and Grant No. TF0A1658 Period ended 31 December Cash at bank 31/12/2016 VND CPMU The Designated Account (USD) 57,604,292,484 nterest Account of the Designated Account (USD) 8,539 The Current Account (VND) 36,053,194 nterest Account of the Curent Account (VND) 239,283 SPMU HCM University of Medicine and Pharmacy The Current Account (VND) 3,542,409, Cash in transit 61,183,003,278 The amount transferred by the State Treasury in January 2017 to pay for wages of the contracted staff and salaries allowances of civil servants of December Advances to contractors Contractors performing the MOU's entered into under part 2 and 3(a) of the project Health Department of Lam Dong province 170,000,000 Health Department of Yen Bai province 5,211,000 Hanoi Medical University 2,547,400,000 Hanoi School of Public Health 2,496,550,000 nstitute of Hygiences and Public Health 242,000,000 31/12/ VND Other payables 31/1 2/2016 VND 5,461,161,000 Social insurance 41,226,120 Health insurance 7,135,290 Unemployment insurance 3,171,240 Sale of bidding documents 1,500,000 Bank interests 4,914, Subsequent events 57,947,443 There have been no significant events occurring after the reporting date, which would require adjustments or disclosures to be made in the financial statements. 14

15 15 U Health Professionals Education and Training for Health System Reforms Project Financing Agreement No VN and Grant No. TFOA1658 Period ended 31 December Approval of the The financial statements were approved by Project Management Unit for issuance on 25 October N e go Quang guyen Thi Bich re Chief Accountant anoi, 25 October 2017

16 aasc No.: 2250/2017/BC.KTTC-AASC.DTNN2 NDEPENDENT AUDTORS' REPORT ON THE NTERNAL CONTROL SYSTEM To: The Project Management Unit of The Health Professionals Education and Training for Health System Reforms Project We have audited, in accordance with nternational Standards on Auditing, the financial statements of the Health Professionals Education and Training for Health System Reforms Project ("the Project") for the period from 30 October 2014 to 31 December 2016 and issued the auditors' report thereon dated 25 October 2017 expressing an opinion on those financial statements. n connection with our audit of the financial statements, we also examined the effectiveness of internal control over compliance with requirements that could have a direct and material financial effect on the financial statements as well as the internal control over financial reporting for the period from 30 October 2014 to 31 December Responsibilities of the Project Management Unit The Project Management Unit is responsible for maintaining an effective internal control over compliance with requirements that could have a direct and material financial effect on the financial statements as well as the internal control over financial reporting. Auditor's Responsibility Our responsibility is to express an opinion on the effectiveness of intemal control based on our examination. Our examination was conducted in accordance with the nternational Standard on Assurance Engagements (SAE) 3000 (Revised). That standard requires that we comply with ethical requirements and plan and perform our procedures to obtain reasonable assurance about whether, in all material respects, the Project has maintained an effective internal control over compliance with requirements that could have a direct and material financial effect on the financial statements as well as internal control over financial reporting. Our examination included obtaining an understanding, testing, and evaluating the design ane operating effectiveness of the internal control, and performing other procedures as we considered necessary in the circumstances to obtain sufficient appropriate evidence to provide a basis for oqf, opinion. / Because of the inherent limitations of internal control over financial reporting, including he possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not to be prevented or detected on a regular basis. n addition, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. T (84) F (84) Le Phung Hiou, Hanoi, Vietnani A member of international HNG miam ToAN masc 16

17 U 17 Auditors' opinion n our opinion, the Project has maintained an effective internal control over misstatements that could have a direct and material financial effect on the Project financial statements for the period from 30 October 2014 to 31 December 2016, AN 0 i;'hangkc' CONGT gaa C ited A uong Nguyen Pham Hung eneral Director Auditor in-charge CPA Registered No.: CPA Registered No.: Hanoi, 25 October 2017

18 aasc No.: 2250/2017BC.KTTC-AASC.DTNN2 NDEPENDENT AUDTORS' REPORT ON THE COMPLANCE To: Project Management Unit of Health Professionals Education and Training for Health System Reforms Project We have audited, in accordance with the nternational Standards on Auditing, the financial statements of the Health Professionals Education and Training for Health System Reforms Project ("the Project") for the period from 30 October 2014 to 31 December 2016 and issued the auditors' report thereon dated on 25 October 2017 expressing an opinion on those financial statements. n connection with the audit of the financial statements, we also performed procedures on the Project's compliance with the Financing Agreement No VN dated 17 July 2014, law and regulations that have a direct and material effect on the Project's financial statements for the period from 30 October 2014 to 31 December 2016 ("the Requirements"). Responsibilities of the Project Management Unit The Project Management Unit is responsible for complying with the Requirements applicable to the Project. Auditor's Responsibility Our responsibility is to express an opinion on the Project's compliance with the Requirements based on our procedures. We limited our tests of compliance to the Requirements, and we did not test compliance with all laws and regulations applicable to the Project. We performed our work in accordance with the nternational Standard on Assurance Engagements : (SAE) 3000 (Revised). That standard requires that we comply with ethical requirements and plan,g and perform our procedures to obtain reasonable assurance about whether, in all material respects, the Project has complied with the Requirements. A An assurance engagement to report on the compliance with the Requirements at the Project involves performing procedures to obtain evidence about whether the Project's activities are free of material non-compliance with the Requirements, including obtaining an understanding of the internal control relevant to the Project's compliance with the Requirements. The procedures selected depend on the auditors' judgment, including the assessment of risks that the Project does not comply with the Requirements and whether such non-compliance could have a direct and material financial effect on the Project's financial statements. Our procedures included testing the compliance with the Requirements we consider necessary to provide a reasonable assurance that the Requirements are complied by the Project. N We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. T (84) F: (84) Le Phung Hieu, Hanoi, Vietnam A member of nternational U HANG KM ToAN AASC 18

19 19,mited Auditors' opinion n our opinion, the Project has complied, with the Requirements that could have a direct and material financial effect on the Project's financial statements for the period from 30 October 2014 to 31 December CNT, WluGK A j AA,oM uong Nguyen Pham Hung eneral Director Auditor in-charge CPA Registered No.: CPA Registered No.: Hanoi, 25 October S