ENHANCING TEACHER EDUCATION PROGRAM Credit Agreement No. 5878-VN AUDITED FINANCIAL STATEMENTS Fiscal year ended 31 December 2020 Enhancing Teacher Education Program Credit Agreement No 5878 - VN CONTENTS Page PART I INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS Report of the Program Management Unit 3 Independent Auditors' Report on the Financial statements 4-5 Audited Financial statements Statement of Funds and Expenditures 6 Statement of Funds balance 7 Statement of Withdrawals and Reconciliation of Funds 8 Notes to the Financial statements 9-19 PART II INDEPENDENT AUDITORS' REPORT ON 20-21 THE INTERNAL CONTROL SYSTEM PART III INDEPENDENT AUDITORS' REPORT ON 22-23 THE COMPLIANCE PART IV MANAGEMENT LETTER 24-28 2 Enhancing Teacher Education Program Credit Agreement No. 5878 - VN REPORT OF THE PROGRAM MANAGEMENT UNIT The Program Management Unit of the Enhancing Teacher Education Program ("the Program Management Unit" or "the PMU") presents this report and the Financial Statements of the Enhancing Teacher Education Program for the fiscal year ended 31 December 2020. The Program The Program is implemented under the Credit Agreement No. 5878 - VN dated 06 February 2017 ("the Agreement") between the Government of the Socialist Republic of Vietnam and the World Bank (International Development Association - IDA). The Program Management Unit Members of the Program Management Unit in the year and to the reporting date are: Mr. Nguyen Ngoc Dung Director Mr. Dang Van Huan Deputy Director Mrs. Hoang Thi Thu Huyen Chief Accountant Auditors The auditors of AASC Limited have taken the audit of financial statements of the Program. Responsibilities of the Program Management Unit The Program Management Unit is responsible for preparing the program financial statements, including Statement of Funds and Expenditures, Statement of Funds balance, Statement of Withdrawals and Reconciliation of Funds, which comply with the accounting policies described in the attached Notes to the Financial Statements. The Program Management Unit assures that the accounting policies are appropriately selected and consistently applied. The Program 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 Program. The Program 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 Program financial statements. Y On behalf ofthe Prog Management Unit Nguyen Ngoc Dung Director Hanoi, 28 July 2021 3 No.: 280721.003/BCTC.FIS2 INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS To: The Management Unit of The Enhancing Teacher Education Program Opinion We have audited the accompanying financial statements of the Enhancing Teacher Education Program ("the Program") which comprise Statement of Funds balance as at 31 December 2020, Statement of Funds and Expenditures, Statement of Withdrawals and Reconciliation of Funds for the year then ended, and Notes to the Financial Statements, including a summary of significant accounting policies. In our opinion, the accompanying Financial Statements give a true and fair view of the financial position of the Program, including the funds received and expenditures incurred for the year ended 31 December 2020, in accordance with the basis of the principal accounting policies described in the Notes to the Financial Statements and the provisions of the Credit Agreement No. 5878 - VN dated 06 February 2017. Basis of Opinion We conducted our audit in accordance with International Standards on Auditing ("ISAs"). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of Program Management Unit in accordance with the international Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants ("IESBA Code"), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of the Program Management Unit for the Financial Statements The Program Management Unit is responsible for the preparation of the financial statements in accordance with the principal accounting policies described in Notes to the Financial Statements, 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. In preparing the financial statements, management is responsible for assessing the Program'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. Auditors' Responsibilities for the Audit of the Financial Statements 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 auditor's 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 ISAs 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. T 4NG 3824 1 9 F MS42- 38TO T 3 I ! , N -iiu Hano. ViAAs r4 I e r HANG~ KligM ToAN AASC 4 As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify 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. 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 Program's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. 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 Program's ability to continue as a going concern, If 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 Program to cease to continue as a going concern. 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 Program 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. AASC Limited Do Manh Cuong Nguyen Pham Hung Deputy General Director Auditor in-charge CPA Registered No.: 0744-2018-002-1 CPA Registered No.: 2893-2020-002-1 Hanoi, 28 July 2021 5 и oI � N 4) �� CU с0 CS? 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Background The Enhancing Teacher Education Program ("The Program") is implemented under the Credit Agreement No. 5878 - VN (the "Agreement") between the Government of the Socialist Republic of Vietnam and the World Bank ("WE") (International Development Association - IDA). The total fund of the Program is SDR 56,031,406 (equivalent to USD 78,500,000) according to Decision No. 20921QD-TTg dated 16 December 2020 by the Prime Minister on the revised Program investment policy. In which, the ODA loan is SRD 54,246,966 (equivalent to USD 76,000,000) and the Government's counterpart fund is SRD 1,784,440 (equivalent to USD 2,500,000). The main objective of the Program is to develop selected pedagogical universities and educational administration agencies in order to enhance the quality of school teachers and education managers through professional development according to practical demands and meeting the needs of the fundamental and comprehensive reform of education. The Program includes the following main parts: Part 1: Improved capacity of Lead Teacher Training Universities ("LTTU") to provide training and professional development for school teachers and education managers - Sub-Part 1.1: Enhancing selected LTTUs' capacity in terms of teacher quality, facilities, equipment, administration capacity and coordination with general education management authorities and institutions; - Sub-Part 1.2: LTTUs organize continuous and school-based professional development for school teachers and education managers; - Sub-Part 1.3: Supporting LTTUs in developing in the ICT-based open course ware for school teachers and education managers of general education schools - Sub-Part 1.4: Assessing accurately the needs, quality and effectiveness of the professional development program for school teachers and education managers; - Sub-Part 1.5: Program implementation management and monitoring. Part 11: Technical Assistance - Capacity building on Program Implementaton The Program is effective from 31 May 2016 and expected to complete on 30 June 2022. The Program is managed by i) the Program Management Unit of Enhancing Teacher Education, and its office is located at 5t' Floor, Ta Quang Buu Library, Hanoi University of Science and Technology, No.1 Dai Co Viet, Hai Ba Trung District, Hanoi, Vietnam, and ii) 08 following LTTUs: LTTUs Address Thai Nguyen Pedagogical University No. 20 Luong Ngoc Quyen Street, Quang Trung Ward, Thai Nguyen City, Thai Nguyen Province. National Institute of Education Management No. 31 Phan Dinh Giot, Phuong Liet Ward, Thanh Xuan District, Hanoi City. Hanoi Pedagogical University No. 136 Xuan Thuy, Dich Vong Hau Ward, Cau Glay District, Hanoi City. Hanoi Pedagogical University 2 No.32 Nguyen Van Linh Street, Xuan Hoa Ward Phuc Yen City, Vinh Phuc Province. Hue Pedagogical University No. 34 Le Loi Street, Phu Hoi Ward, Hue City, Thua Thien Hue Province. Vinh University No. 182 Le Duan, Ben Thuy Ward, Vinh City, Nghe An Province. Da Nang Pedagogical University No. 459 Ton Duc Thang, Hoa Khanh Nam Ward, Lien Chieu District, Da Nang City. Ho Chi Mnh City Pedagogical University No. 280 An Duong Vuong, Ward 4, District 5, Ho Chi Minh City. 9 Enhancing Teacher Education Program Financial Statements Credit Agreement No. 5878 - VN Year ended 31 December 2020 2. Principal Accounting Policies a. Basis of preparation of the Financial Statements The annual accounting period commences from 1 s January and ends at 31 December. 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 Withdrawals and Reconciliation of funds is represented in Special Drawing Rights (SDR). Financial statements are prepared on the actual revenues and expenditures with adjustments for the Program. The principal accounting policies are summarized as below: b. Foreign currencies Receipts from the World Bank by foreign currencies are converted to VND using actual exchange rates corresponding to Ministry of Finance converts and transfers cash from the designated account opened at the Transaction Office of the State Bank of Vietnam to the account of the Program Management Unit opened at the State Treasury of Vietnam (Note 2d). Other transactions in foreign currencies are translated into VND using actual exchange rates at transaction dates. 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: Receipts from the World Bank are recorded when the Ministry of Finance transfers cash from the designated account opened at the Transaction office of State Bank of Vietnam to the account of the Program Management Unit opened at the Vietnam State Treasury (Note 2d). Counterpart funds including fund received from Vietnamese Government and Lead Teacher Training Universities' own fund are recognized when payments are made directly to contractors/suppliers of the Program, or payments for the Program's activities. Expenditures are recorded when they are actually occurred. d. The Program account and its intersest The Program account is the deposit account No. 3741.0.3026094.92999 in VND opened at the Vietnam State Treasury for the Program's activities. Payments made via the Account are for eligible expenditures of the Program in accordance with the provisions of the Credit Agreement No. 5878 - VN. Interest of the Account is considered as receipts of the State Budget and initially recorded as Other funds in Statement of Funds and Expenditures and used to cover bank charges. At the end of the Program, outstanding interests will be returned to the Vietnamese Government. In case bank charges are not fully covered by the interests, it will be settled by the Counterpart funds (according to Decree No. 56/2020/ND-CP dated 25 May 2020). 3. Cash on hand 31/12/2020 31/12/2019 VND VND Cash on hand at PMU 105,765,117 48,845,256 105,765,117 48,845,256 10 Enhancing Teacher Education Program Financial Statements Credit Agreement No. 5878 - VN Year ended 31 December 2020 4. Cash at bank, treasury 31/12/2020 31/12/2019 VND VND Cash at bank 450,505,821 1,080,635,709 Program Management Unit 24,127,924 13,520,852 Thai Nguyen Pedagogical University 27,494,000 856,164,540 Da Nang Pedagogical University 398,883,897 210,950,317 Cash at treasury 107,384,584,641 67,599,684,800 Program Management Unit 23,888,733,462 8,249,972,046 Thai Nguyen Pedagogical University 3,191,652,089 227,470,504 National Institute of Education Management 7,571,773,844 8,277,712,070 Hanoi Pedagogical University 16,839,334,994 15,436,079,250 Hue Pedagogical University 10,273,040,837 12,749,891,000 Vinh University 17,156,070,197 10,780,586,980 Da Nang Pedagogical University 6,116,967,958 5,500,000,000 Ho Chi Minh City Pedagogical University 22,347,011,260 6,377,972,950 107,835,090,462 68,680,320,509 5. Advance to staff 31/12/2020 31/12/2019 VND VND Advance to staff to implement the Program Program Management Unit 86,363,815 312,837,827 Hanoi Pedagogical University 1,290,700,000 4,653,399,500 Hue Pedagogical University 22,800,000 - Da Nang Pedagogical University 470,940,000 625,160,000 1,870,803,815 5,591,397,327 6. Advances to suppliers 31/12/2020 31/12/2019 VND VND Hanoi Pedagogical University 2 Tien Phong Co., Ltd 3, 100,000,000 Hanel Electronics Service JSC 2,300,000,000 Tan Phat Furniture and Construction Investment JSC 770,090,000 Others 635,883,000 6,805,973,000 - 11 Enhancing Teacher Education Program Financial Statements Credit Agreement No. 5878 VN Year ended 31 December 2020 7. Payables to suppliers 31/12/2020 31/12/2019 VND VND Program Management Unit 3,686,521,540 3,336,929,600 Thai Nguyen Pedagogical University 15,658,504,145 National Institute of Education Management 180,944,200 Hanoi Pedagogical University 14,081,123,997 6,675,104,600 Hanoi Pedagogical University 2 2,828,151,200 Hue Pedagogical University 20,115,633,987 2,893,317,600 Vinh University 25,696,524,892 643,824,451 Da Nang Pedagogical University 12,578,475,724 737,960,000 Ho Chi Minh City Pedagogical University 33,849,930,566 - 128,675,810,251 14,287,136,251 Detailed by suppliers: 31/12/2020 31/12/2019 VND VND Net Computer Co., Ltd 26,889,640,622 - Khoa Tri Co., Ltd 13,466,453,272 - MBA International JSC 11,512,579,000 - Hoa Binh International Tour Co., Ltd 4,691,409,023 - Tri Nam Group JSC 4,663,584,200 - Kinh Bac Technology Development and Trading JSC 3,033,555,000 - ITGROUP Vietnam Information Services and Technology 6,817,045,456 - JSC Long Vu Trading and Service Co., Ltd 4,019,135,772 - Branch in Hue City -Vietnam Tourism Hano., JSC 5,653,350,000 1,909,814,000 Sun Travel Transport Communication Trade Union Travel 6,773,537,244 Institute for Quality Education 1,411,635,540 2,688,829,600 Others 39,743,885,122 9,688,492,651 128,675,810,251 14,287,136,251 12 Enhancing Teacher Education Program Financial Statements Credit Agreement No. 5878 - VN Year ended 31 December 2020 8. Other payables 31/12/2020 31/12/2019 VND VND Payables to staff of PMU 125,418,000 209,095,252 Payables to LTFUs and others to implement the Program 69,398,760,703 33,641,508,706 - Thai Nguyen Pedagogical University 843,457,000 856, 164,540 - National Institute of Education Management 23,112,873,844 6,653,651,620 - Hanoi Pedagogical University 4,040, 118,967 3,213,399,700 - Hue Pedagogical University 9,973,208, 700 9,856,487,163 - Vinh University 13,504,903,690 6,520,504,100 Da Nang Pedagogical University 11,303,364,008 2, 873,292,493 - Ho Chi Minh City Pedagogical University 6,620, 834,494 3,668,009,090 Advance from Vietnamese Government (i) 64,443,825,992 64,443,825,992 - Program Management Unit 31,612,542, 898 31,612,542,898 - Thai Nguyen Pedagogical University 4,974,060,000 4,974,060,000 - National Institute of Education Management 3,418,972,944 3,418,972,944 - Hanoi Pedagogical University 4,460,993,200 4,460,993,200 - Hanoi Pedagogical University 2 4,353,300,000 4,353,300,000 - Hue Pedagogical University 3,920,220,000 3,920, 220,000 - Vinh University 4,150,000,000 4, 150, 000,000 - Da Nang Pedagogical University 2,933,516,950 2,933, 516,950 - Ho Chi Minh City Pedagogical University 4,620,220,000 4,620,220,000 Others 71,753,713 81,027,816 134,039,758,408 98,375,457,766 (i) Amount advanced from the State budget to finance the Program and will be returned to the State budget when receiving funds from the IDA. 9. Counterpart funds Accumulated Year 2020 to 31/12/2020 VND VND Program Management Unit 3,500,000,000 13,811,293,857 Thai Nguyen Pedagogical University 1,194,582,228 3,175,227,418 National Institute of Education Management 622,190,618 2,479,216,527 Hanoi Pedagogical University 3,478,971,320 9,455,164,960 Hanoi Pedagogical University 2 602,924,559 1,158,649,928 Hue Pedagogical University 2,952,193,795 4,732,059,795 Vinh University 1,988,755,650 5,369,954,420 Da Nang Pedagogical University 11,153,419,000 11,908,190,200 Ho Chi Minh City Pedagogical University 2,856,050,763 9,577,208,775 28,349,087,933 61,666,865,880 13 ио р м м 1 � сч z ш ш � о � с� сч в �л �л � оо оо � � ;' о о � С й� � � � II .U � �� й � j �� � f С � 6 � LL Ш � I � г�, � а о ш cv � �si мi � = о � о пs �- ш сл .., >- о � aNO о�о с� с� ш �� � м � � ш � � � Q с� rn � С � � °� о о � г` r с, r- t� са i� ti � С г� м - с�э с� .` о р м м � � � � rn rn � а� оо " � ш � � c�Yr м �ц cv м �� м м � и и �r- У- � о о � cci со ° а с°�i с°.� о h1 с � � � о о у�. -� смч N � �1J с� с� � ца и � ro т � сд со U � � � � С сд сл � � �-- т � � о � � � L о о � � с z ш о � s � � с�э � � до � ш "' "' '°°к' �� ' г о �С � �� � � � � cv v и т с � �' � � � С � �_ � Q Q � � � О ш U t-- fЛ 4 �"' N го д cv сд � С] Z �`'� г� �v ш vd о � � [U N }� � °� �''7 О � !� tд t� � N �- N' С� '_ � W +r �+�-' .L] � 4� см"] й�i N О � �_ м С'1 О� О Qj е� О М � � � М и гь �+ N г� се� м СП Ш о i. .- гv а, ш т cv Ш rn ° � rn v � � гт- .U � � с� rn С �-- � � � � р N � � , � о � о LL Q.1 �� цJ i� гз � � N С � � � � 1� N сд � ° а т м м � Ш } г д м . � р CJ -а n с� т a�i � j � � � � � � о �°w � `° .с о i. й � г � � `9 р' * � ^ °о а' � й � � м � � р U ш � о й о о �ri �ri v ¢ � �` a�i м �С'а h � � р � - _ р � �О цi С� N п с°ц й 'ь� г � �-= т j `� rn м ш с�п ш � rn � � ° � � pryj е� ц} � г .С D � ° N О � м _+'�.. т � � О � О О � c�D � �S Ш м � бmi ^ � �' CV с0 т h � aq д, N as N � �- � И О t1 т� � а v cv о cv rn � Н 7 Г с� с`�" а°� ш ш ш ro и й7 м о й ^ г� v н as г� _ м �rr о, с°'ц о ,°л' {�.. а � � � oi ai цi v о � `� �п м й с"'" о � v i] � N cV N CV� О V о � �р �,.' �о , Ф cV N `° гл ш и х т- ъ р Q � , , , ° , � � � � о °о °о о О -С N �Р (fl Ш � � N N � м ''"' ' и � � С О � N z � С� �rMj м т N О О� ' м � ��� � � ш г�д О п trмi � � � � � ° Q ц7 h LKj Е- � О� N � р q Q i�' N � N^ гд �D С4 1� Т � � "� " '`� о °�„ м м п� U N � ,- ,- � К О � � С Ш � �л о � гЛ т� с`nv ° rn v v° � о� м � �р 7 v и .� t� � и т Ф о С -� `° `п � о й � rn � Ш � .� о м м си N N и и м � � � сч "� °� м со л v� оо Q � � � �'? м г� й о � � о � � � � � й т c�v � � v v � .� т U О L _о 'i� � Q G�j ' Ш о ` � � ro � � � � л _о '� � � �б � U � й � � сл � Д � '� Ш г'�� .О �р N (J ьl.� Ц7 U "6 И�6 ц с��.И_ � Ф �р -С ? д) U,О t� ' О �i �' С С с. а ,� J :� .� � � � -�С '� � � гл .С � � � � � V "" � 4 b 6 ,� � � ч= ъ .о и о с � � � i � л .� .D � .° �' w т г� � � ° о °о �, и с � т � т � � � .° с � ш С�У � ,э�.. ч.�+ �� .."]� � � c�i °р' Q у � � �й й о cLi с � а �' � c�i .� ° � т � й � и Н � .� � � � о � а й � ё о .о �5 ro 4 � � �э �° � � � � °�' � с� а 'й � Ш LS? � � С � 'с � п � � � R р iв а �л � й � � й � г�л tn � ъ � � `° Q � � � G� б7 -о '� о � С � tr � � т о и � .о � v `о � � � с Q- '� � а l] LL�f о ш й.и и fi �, ��, �� ti� 4� а#, о ш и й т.а ~°о ш���� о с=ll � � Q� � и t с'� ��U т'`о �- о��� U V ro о сл, � й й О, � t�, � т � Ш U � пj � Н� а� �� ч`0 � а, г�о � о b ro�� °� й� tт 4 р Е� � пi si � Q и о �- о, �N а� � � � � � `�' � � ° �� О � 7 � � ш v ° �� v- ry� r-_ � N о ч� �л м rn сд.� м �га rn гv а ча ~ м у� г� � м � г,`-г. `° ^ й rn �+ .S� ш и а � r iп •°- Ч/�ь� � �[! 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W " й ш о_ сл « и г�г � � с` с+� w v � с� 4 м N �- ш� г� м й а о со г- N � n. г о а � � м гЗ т •Q � tr г*�� '� `� ы�i � � � L � п�i � Z v �цi �' � � с� �gi ш р 7, � �� �g F �° � � � _ �, � � � � `'� � � � Q 4 � � � у г-] � т � С м � � v� чi cs� г� О � � � :н+ � ,� еб � V � С � ' �- � � � � � о � � �] и _� -`о�' t7 -�' .,, _, �л LLi � ц n`' о-' г��с'+' ��_ а с 5-г `г�� cs� S о G' �= `а �, � 4) а � N о� � � `� ш '� °- - c�n � t 'zz cfi � $� .° °.' � к.' т о 'гл ��� '`° с и ш о й � � � � -7 � -iv � ,fq U �i а � о � `о ш � и � � � ° U с F� � � � � гis � � -=� го `ш .ш о � � �� `о � � ` `� � � -� 4' ,г] -r о �. �i -а' с :9 � Ф � �' � � г� � `ц�' � й � о ш N т � � й � а т `��°� � 9 `Ё1 U Ст 'С � ,N С: U U Q� С � � о-'"� '�i и й ш � :� � т �о � � о � .о с°� �й �' � � �V' ш � ¢ C,i � -� � -� '� _ш � о ш °� as � :� � � � � � R .° � � � _Ё r� �, Е ��' Q Q � т п� ��cs о �� €Q' �г� а и �° г� _° � 4 а "' с га � � � � _ _ b' -�-' L1 � � � ➢� i- '� � �'] � �о �Q� � � > � � U � �""' R W U � = v- Н 2� й п�� Ш �> �L �� г-г � .� г N 4i r- N'�3 г6' `- N N О F- Enhancing Teacher Education Program Financial Statements Credit Agreemen _No. 5878 - VN Year ended 31 December 2020 12. Subsequent events There have been no significant events occurring after the Feporting date, which would requ re adjustments or disclosures to be made in the financial statements. 13. Corresponding figures The corresponding figures are the financial statements for the fiscal year ended as at 31 December 2019 which were audited by Grant Thornton Limited Vietnam. In which, some items have been represented a9 follows: Statement of Funds and Expenditures: Accumulated to 31112/2019 Represented Presented Variances Note (a) (b) (a) - (b) 1, Funds Funds received from the World Bank 234,510,406,340 298 954,232 332 (64,443,825,992) (2) fi. Expenditures 1.1 Enhancing selected LTTUs' capacity in 123,519,613.466 123,697,986,362 (178,372,896) (1) terms of teacher quality, facikties, equipment, aclm nistration capadty and coordnation Wth general education management authorities and institutions 1.3 Supporting LTTUs in developing the ICT - 12,590,935,359 12,474,935,359 116,000,000 (1) based open course ware for school teachers and educabon managers of general education schools 1.5 Program implementation management 62,923,034,094 62,860,661,198 62,372,896 (1) and mon toring 111. (Deficit) (40,466,245,010) (23,977,580,982) (64,443,825,992) (2) Statement of Funds balance: As at 31/1212019 Represented Presented Variances Note (a) (b) (a) - (b) Current liabilities 114,786,808,102 50,342,982,110 64,443,825,992 Other payables 98,375,457,766 33,931,631,774 64,443,825.992 (2) (1) Redassificatior of accumulated expenses as at 31 December 2019 by categories at Thai Nguyen Peclagogica University; (2) Advance from the Vietnamese Government to finance the Program are considered as other payables. Enhancing Teacher Education Program Financial Statements Credit Agreement No. 5878 - VN Year ended 31 December 2020 14. Approval of the Financial statements The financial statements were approved by Program Management Unit for issuance on 28 July 2021. Nguyen Ngoc Dung Hoang Thi Thu Huyen Director Chief Accountant Hanoi, 28 July 2021 19 No.: 280721.003/BCTC.FIS2 INDEPENDENT AUDITORS' REPORT ON THE INTERNAL CONTROL SYSTEM To: The Management Unit of the Enhancing Teacher Education Program We have audited, in accordance with International Standards on Auditing, the financial statements of the Enhancing Teacher Education Program ("the Program") for the year ended 31 December 2020 and issued the auditors' report thereon dated 28 July 2021 expressing an opinion on those financial statements. In 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 year ended 31 December 2020. Responsibilities of the Program Management Unit The Program 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. Auditors' Responsibility Our responsibility is to express an opinion on the effectiveness of internal control based on our examination. Our examination was conducted in accordance with the International Standard on Assurance Engagements (ISAE) 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 and 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 our opinion. Because of the inherent limitations of internal control over financial reporting, including the 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. In 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 basis for our opinion. HANG KM TOAN AASC 20 Auditors' opinion In our opinion, the Program has maintained an effective internal control over misstatements that could have a direct and material financial effect on the Program financial statements for the year ended 31 December 2020. AASC tnited Do Manh Cuong Nguyen Pham Hung Deputy General Director Auditor in-charge CPA Registered No,: 0744-2018-002-1 CPA Registered No.: 2893-2020-002-1 Hanoi, 28 July 2021 21 No.: 280721.003/BCTC.FIS2 INDEPENDENT AUDITORS' REPORT ON THE COMPLIANCE To: The Management Unit of the Enhancing Teacher Education Program We have audited, in accordance with the International Standards on Auditing, the financial statements of the Enhancing Teacher Education Program ("the Program") for the year ended 31 December 2020 and issued the auditors' report thereon dated on 28 July 2021 expressing an opinion on those financial statements. In connection with the audit of the financial statements, we also performed procedures on the Program's compliance with the Credit Agreement No. 5878 - VN dated 06 February 2017 law and regulations that have a direct and material effect on the Program's financial statements for the year ended 31 December 2020 ("the Requirements"). Responsibilities of the Program Management Unit The Program Management Unit is responsible for complying with the Requirements applicable to the Program. Auditors' Responsibility Our responsibility is to express an opinion on the Program'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 Program. We performed our work in accordance with the International Standard on Assurance Engagements (ISAE) 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 Program has complied with the Requirements. An assurance engagement to report on the compliance with the Requirements at the Program involves performing procedures to obtain evidence about whether the Program's activities are free :f material non-compliance with the Requirements, including obtaining an understanding of the internal control relevant to the Program's compliance with the Requirements. The procedures selected depend on the auditors' judgment, including the assessment of risks that the Program does not comply with the Requirements and whether such non-compliance could have a direct and material financial effect on the Program'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 Program. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. T N 2G ' F 1 F 3973 1 1 L Ph-ing iKu. H Vietnam A TOeA of 22t nationli HANG KICEM TOAN AASC 22 Auditors' opinion In our opinion, the Program has complied with the Requirements that could have a direct and material financial effect on the Program's financial statements for the year ended 31 December 2020. AASc Limited Do Manh Cuong Nguyen Pham Hung Deputy General Director Auditor in-charge CPA Registered No.: 0744-2018-002-1 CPA Registered No.: 2893-2020-002-1 Hanoi, 28 July 2021 23