BO GIAo Dl)C VA DAO TAO TRUONG DAI HOC KINH TE TP HO CHi MINH PGS TS NGUYEN THJ LIEN HOA KIEM SOAT CHI PHi DAI DIEN • • cAc DN VN TRONG GIAI DO~N HQI NH~P TAl CHINH QUOC TE BS tai nghien ctru khoa hQc cfrp Bt bao cao tai chinh dinh ky phai duqc kiem toan thong qua va cho y ki€n Trong truang hqp ki~m toan c6 y ki€n khong ch~p nh~n ho~c tir ch6i cho y ki€n d6i vai bao cao tai chinh nam gfrn nhfrt thi theo dieu di€u 17 quy ch~ niem y€t chirng khoan se bi hlly niem y€t b~t bu(>c vfin de a day cAn hi~u th~ nao v~ m(>t bao cao tai chinh da duqc ki6m toan thong qua Theo die hi~u cua quy ch€ niem y€t chirng khoan, mQt bao c{w tai chinh duqc ki~m toan thong qua ho?c cho y ki€n phai th~ hi~n chAp nh~n toan b9 bao eao tai chinh Tnrang hqp y ki~n ki~m toan eh~p nh~n c6 ngo~i trtr thi khoan ngo?i trir phai la khong trQng y€u va phai e6 tai li~u giai thich hqp ly v€ CO' sa eho vi~c ngo~i trir d6 Nhin vao quy dinh c6 th~ n6i rfit ch?t che va bao v~ duqc quy€n lqi hqp phap ella cae e6 dong v~n d~ gi~m sat tinh hinh tai ehinh ella doanh nghi~p D6i vai eong ty Bong B~eh Tuy8t (BBT), bao eao tai ehinh nam 2006 da duqc ki~m toan thong qua va eong b6 tren thi truang cho eae nha d~u tu giam sat Tuy nhien vi~e eong b6 thong tin khong e6 phfrn bao cao etta ki~m toan d(>e l~p, di€u eho th~y hfru nhu eae c6 dong tren thi truang khong bi8t den nhfrng nh~n djnh ella kiem toan v€ tinh hinh tai chinh ella eong ty Hq hfiu nhu tin tuang hofm toan vao vai tro qm\n ly eim nha nuac D9e cong van giai trinh ki~m toan nam 2007 eua AISC thi tnrang gi~t minh vai nhli"ng khmin ngo~i trir tr9ng y8u tae d()ng r~t Ian d8n k8t qua kinh doanh cua eong ty Thi truang c6 th~ hi6u r5ng eong b6 thong tin BBT ehu d(>ng khong eong b6 v~n de nhim qua m?t ban quan ly Trang 86 thj tmang N~u di0u xay thi vi~c ban hanh quy djnh va giam sat vi~c tlwc hi~n quy djnh ctm S& giao djch chling kho{m c6 m(>t khoang each kha xa TTCK VN bi~t bao gia d?t dSn vi~c minh b?ch thong tin, lam d?t duqc cai danh ngh'i'a bao v~ thi truang, bfw v~ cac nha dfru tu nh~t la cac nha dfru tu nh6 BiSt tru&c nhling tac dt c6 phiSu bi dua vao di~n ki€m soat khong c6 ngh'i'a h\ ngung giao djch, khoan each thu(>c vao nhii'ng n6 1\IC cua t6 chuc niem yet Khi cong ty ch~m n(>p bao cao, hay vi ph?m quy ch€ niem yet thi ph::li dua vao di~n ki€m soat va phai cong b6 d€n thi truang Vi~c ch~m canh bao den thi tnrang cua CO' quan qw\n ly thj truang da gay thi~t h?i l&n cho nhung aida 15 dfru tu vao cong ty cho dtt c6 am hi€u thong tin vS BBT S\1' va le Clla CO' quan quan ly nha nu&c chinh tu bao cao ki~m toan nam 2007 cua AISC vS khoan di€u chinh lqi nhu~n nam 2006 sang khoang 16 Chinh l'ltc hQ m&i gi~t minh v&i nhii'ng diSu khoan ngo?i tru bao cao ki€m toan 2006 Chinh vi~c bam viu da dua d6n vi~c nh~n thu·c quan ly BBT Di€u cho th~y CO' quan quan ly dung dtmg tnr&c nhfrng bao cao ki~m toan 2006 ct'la AISC rna vai tro giam sat da bj bo quen HQ dinh ninh r~ng da c6 ki~m toan thi lo gi, mi~n la th~y lqi nhu~n Vi~c l~p cac ban v~n d~ qmin ly thi tnrang da buong long v~n d€ Li~u r~ng bao nhieu doanh nghi~p nhu th€ chua duqc phat hi~n d6 la hoai nghi dang bao phtt thi truong Ki~m toan h\ft hn l?i Om dfJm nhling linh V\l'C ma minh khong am hi€u, li~U r&ng h9 CO Xtmg dang hang ngli cac DN c6 ni~m tin d~ dfru tu? Trong ho?t d()ng dftu tu, m()t phan tich ca ban d&u tien chinh Ia Jich su cua nhih1g nha quan ly dp cao Nha dftu tu se ch9n m?t d€ Trang 88 gl:ri ni~m tin cho khoan ti~n cl:m minh cho nhfrng nguai tuang lai? Ch~c h&n h9 da c6 diu tra lai rit:~ng cho minh Nha quan Iy bo ch~y S\f thmli v~ cua m(>t s6 nha quan ly cftp cao cong ty da d~ l~i nhfrng h~u qua kh6 luang K~t qua hom la h~ 1\IY cua ca qua trinh truac day cua cong ty ttr nhfrng nha quan ly cu Dan gian tu m(>t quy~t djnh d~u tu rna khong thfim dinh phuang an d~u tu cling la trach nhi~m dn phai giai trinh tru6c c6 dong M9t phuang an vay v6n ngan hang rna khong tinh d~n kha nang hoan tra, kha nang sinh lai cling la trach nhi~m dn giai trinh ciia nhfrng nha quan ly "quiing ganh" di c6 dong c6 quy~n h6i t6 trach nhi~m cua nhfrng nha quan ly each hanh xu diy buc xuc cua cong T6ng giam d6c hi~n t~i khong l~y gi lam 1~ ong phai dbi m~t v6i m9t bai chi~n truang cua nhling nguai ti~n nhi~m Se qua nhi~u cong vi~c cho vi~c m6 xe tnich nhi~m cua nhfrng nguai ti~n nhi~m va thao lu~n nhling phuang an tai du tr(tc cong ty thai gian t6i rna cac ben c6 lien quan dn phai binh tinh d~ giai quy~t Trang 89 DANH MTJC T AI LI:E:U THAM KHAO Bai nglzien Ctfll TS Nguy~n Thi Lien Hoa (2007) "Minh b~ch thong tin tren thi tnrong chu·ng khoan Vi~t Nam" Tt;tp chi phat tridn kinh ti, s6 195 TS Nguy~n Thj Lien Hoa (2007) "Phat tri~n cong C\1 phfm tich va dv· bao tren thi tmo·ng chu·ng khoan Vi~t Nam" fJ~ tai NCKH cdp b(J, MS B2006-09-14 Baker, George ( 1986) "Compensation and Hierarchies "Harvard Business School DeAngelo, Harry, Linda DeAngelo and Edward M Rice ( 1984 ) "Going Private: Minority Freezeouts and Shareholder Wealth." 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