Vietnam Suspends Grant Thornton Auditors Over Saigon Water Audit Failures
Vietnam's State Securities Commission (SSC) has taken action against Grant Thornton Vietnam, suspending two auditors for failing to meet required standards in the 2024 audit of Saigon Water Infrastructure Corporation (HoSE: SII). This follows a similar case involving An Viet Auditing Co., Ltd. and Thu Duc Trading and Import-Export JSC (TMC).
The SSC's decision comes after an investigation revealed that Grant Thornton Vietnam did not perform all necessary audit procedures and failed to obtain sufficient evidence to support their opinion, violating Vietnamese auditing standards. This is not the first time Grant Thornton Vietnam has been scrutinised for its work with Saigon Water. Over two review periods and one annual audit, the firm consistently issued unqualified opinions for the company's financial statements.
Saigon Water's board of directors recently decided to retain Grant Thornton Vietnam as the auditor for the 2025 audited financial statements, citing suitable audit fees and experience with the company and the water sector. However, the SSC's suspension of two auditors from the firm raises questions about the quality of their work. Since the change in ownership in 2023, Saigon Water's business performance has not significantly improved, with a loss of VND24 billion ($911,280) reported in the first half of 2025, largely due to provisions related to the divestment of long-term investments and high financial costs.
The SSC's action serves as a reminder of the importance of independent audits in maintaining the reliability of financial information and corporate transparency. As Saigon Water prepares for its 2025 audit, it remains to be seen how the suspension of Grant Thornton Vietnam's auditors will impact the process and the company's future financial reporting.
