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WAREHOUSE OF ENTERPRISE MANAGEMENT KNOWLEDGE

Specialized content, carefully edited, compiled and updated by the Expertis Committee

Auditing knowledge for directors

  • Banks provide information to tax authorities: Do businesses need to worry?
  • Transfer pricing: Vietnamese enterprises are careful to collect tax arrears
  • Some new points Decree 102/2021/ND-CP on administrative sanctions in the field of accounting and auditing
  • How do tax regulations affect the presentation of financial statements?
  • What information do investors want to read from financial statements?
  • What is the difference between Compliance Audit and Internal Audit?
  • Why compliance audit? What benefits do businesses get from this?
  • Accounting for expenses incurred due to the impact of the Covid 19 epidemic
  • Converting financial statements from VAS to IFRS: detailed steps
  • Why apply IFRS in Vietnam and why should businesses care about IFRS?
  • Difference between VAS and IAS/IFRS
  • Where can I find the easiest and most accurate IFRS standards to download?
  • IFRS history: the process of formation, recognition and development
  • What is IFRS? What is the importance of IFRS today?
  • What are the benefits of auditing financial statements for businesses?
  • When did the audit start?
  • Auditing financial statements: what businesses need to know
  • Places to submit audited financial statements at the end of the year
  • Things to know about audit contracts
  • What is a financial statement and what is inside it?
  • Applying to convert financial statements from VAS to IFRS in Vietnam
  • Tax authorities and the fight against profiteering from value added tax (VAT)
  • Guidelines for the mechanism of prior agreement on tax calculation method (APA)
  • Affiliate transactions (transfer pricing) – Part 3: Classification of associated transactions and the principle that the substance determines the form
  • Internal audit helps relieve accounting pressure
  • Notes to the Board of Directors when preparing the Financial Statements
  • How artificial intelligence is changing the global economy
  • The importance of auditors
  • Vietnam economic forecast 2021
  • Financial planning for business
  • Witnessing inventory - Auditing method out of documents
  • COVID-19: Programs to assist businesses in responding to pandemic
  • Is financial reporting for tax purposes only?
  • How to optimize efficiency from using Annual Financial Statement Auditing Services
  • COVID-19: How do leaders maintain business continuity
  • Small and medium enterprises (SMEs) and continuity of activity during COVID-19
  • Business subjects often forget to audit their financial statements
  • Inventory of assets at the end of the fiscal year, the things that businesses should note
  • Use digital signature (electronic signature) to sign audit reports, why not?
  • COVID-19: Several solutions to improve cash flow management efficiency
  • Sample internal audit regulations applicable to firms
  • Reasonable and valid expenses are deductible when the enterprise makes tax finalization
  • Building processes, problems from letting go of management
  • Tax policy: a constant worry of foreign investors
  • Auditing Financial Statements: Enterprises "must" or "should" audit?
  • The role of audit compliance with the accounting financial system
  • Conclusion of audit contract: The time required to perform

Legal provisions on auditing

  • Decree 102/2021/ND-CP on penalties for administrative violations in the fields of taxation, invoices, accounting and auditing
  • Sanctions for administrative violations on accounting and auditing
  • Decree 84/2016 / ND-CP on auditing for units with public interest
  • Independent auditing law
  • Decree 165 / 2018 / ND-CP on electronic transactions in financial activities
  • Decree 41/2018/ND-CP on penalties for administrative violations in the field of accounting and auditing
  • Regulations on Consolidation of legal documents and how to use Consolidated documents

Audit standards

  • Professional ethical standards of accounting and auditing, issued together with Circular 70/2015 / TT-BTC
  • Vietnamese framework on guarantee service contracts, issued together with Circular 69/2015 / TT-BTC
  • Standard No. 4410 on financial information synthesis service, issued together with Circular 68/2015 / TT-BTC
  • Standard No. 4400 on Contracts for Implementation of Pre-Agreed Procedures for Information, issued together with Circular 68/2015 / TT-BTC
  • Standard No. 1000 on audit of settlement reports for completed projects, issued together with Circular 67/2015 / TT-BTC
  • Standard No. 3420 on service contracts to ensure the BC synthesizes TC information according to the convention in the prospectus, issued together with the Circular 66/2015 / TT-BTC
  • Standard No. 3400 on checking future financial information, issued together with Circular 66/2015 / TT-BTC
  • Standard No. 3000 on service contracts to ensure outside service auditing and reviewing TC information in the past, issued together with Circular 66/2015 / TT-BTC
  • Standard No. 2410 on reviewing interim TC information implemented by independent auditor of the unit, issued together with Circular 65/2015 / TT-BTC
  • Standard No. 2400 on reviewing past financial statements, issued together with Circular 65/2015 / TT-BTC
  • Quality control standard No. 1 on quality control enterprises performing auditing, reviewing financial statements, assurance services and other related services, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 810 on reporting services on summary financial statements, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 805 on notes when auditing individual financial statements and when auditing specific elements, accounts or items of the financial statements, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 800 on notes when auditing financial statements is prepared in accordance with the framework of preparing and presenting financial statements for special purposes, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 720 on other information in documents containing audited financial statements, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 710 on Comparative Information - Corresponding data and comparative financial statements, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 530 on audit sampling issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 550 on related parties issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 540 on auditing accounting estimates issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 706 on the paragraph "Matters to emphasize" and "Other issues" in the financial statements of financial statements, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 520 on analytical procedures issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 510 on the first year audit - Opening balance issued together with Circular No. 214/2012 / TT-BTC
  • Auditing Standard No. 505 on external confirmation issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 501 on audit evidence for special items and events issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 705 on the audit opinion is not a fully accepted opinion, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 500 on audit evidence attached to Circular 214/2012 / TT-BTC
  • Auditing Standard No. 450 on assessing errors detected during the audit process issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 402 on factors to consider when auditing an entity using external services, issued with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 700 on the formation of audit opinions and audit reports on financial statements, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 620 on the use of experts' work, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 610 on the use of work by internal auditors, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 600 on notes when auditing the Group's financial statements (including the work of member auditors), issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 580 on written explanations, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 570 on continuous operations, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 560 on events arising after the balance sheet date, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 330 on the auditor's handling of assessed risks, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 320 on materiality in audit planning and implementation, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 315 on identifying and assessing risks of material misstatement issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 300 on planning to audit financial statements issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 265 Communicating deficiencies in internal control with those charged with governance and management of the entity audited in conjunction with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 260 on communicating issues with management of entities audited, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 250 on Review of compliance with laws and regulations in auditing financial statements issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 240 on the auditor's responsibilities related to fraud in the auditing of financial statements, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 230 on audit documents and records issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 220 on quality control auditing financial statements issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 210 on audit contracts issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 200 on the overall goals of auditors and auditors issued together with Circular 214/2012 / TT-BTC

Line of audit updates

  • Data sharing between Social Insurance (SI) and Tax Authority: What are businesses concerned about?
  • Transfer pricing: Vietnamese enterprises are careful to collect tax arrears
  • How do tax regulations affect the presentation of financial statements?
  • What information do investors want to read from financial statements?
  • Accounting for expenses incurred due to the impact of the Covid 19 epidemic
  • Applying to convert financial statements from VAS to IFRS in Vietnam
  • Affiliate transactions (transfer pricing) – Part 3: Classification of associated transactions and the principle that the substance determines the form
  • Home
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  • Auditing Standard No. 240 on the auditor's responsibilities related to fraud in the auditing of financial statements, issued together with Circular 214/2012 / TT-BTC

Auditing Standard No. 240 on the auditor's responsibilities related to fraud in the auditing of financial statements, issued together with Circular 214/2012 / TT-BTC

Scope of application

  1. This Auditing Standard specifies and guides the auditor's responsibility and corporate auditing (hereinafter referred to as an "auditor") for fraud in the financial statement audit process. In particular, this Standard also stipulates and further guides the application of Vietnamese Standards on Auditing No. 315 and No. 330 to the risks of material misstatement due to fraud.

Features of cheating

  1. Errors in the financial statements can arise from fraud or error. To differentiate between fraud and error, it is important to consider whether the conduct that led to errors in the financial statements is intentional or unintentional.
  2. Although fraud is a very broad legal concept, in order to achieve the purpose of audit standards, the auditor must only consider frauds that lead to material misstatement of the financial statements. There are two types of intentional errors that the auditor should be concerned with: those arising from fraudulent financial reporting and misappropriation of assets. Although the auditor may suspect or in rare cases determine whether fraud has occurred, the auditor may not make a legal decision about whether a fraud is actually fraud or not. in paragraphs A1 - A6 of this Standard).

Responsibility to prevent and detect fraud

  1. The prevention and detection of fraud is primarily the responsibility of management and management of the audited entity. It is important that management, with management's oversight, pay special attention to fraud prevention in order to reduce the chances of fraud and detect fraud thereby convincing individuals do not commit fraud because of the possibility of detection and punishment. This responsibility includes a commitment to creating a culture of honesty and ethical behavior that can be enhanced by active oversight by the Board of Trustees. In performing its supervisory responsibility, management shall consider the possibility of an act of control or an action that improperly affects the financial reporting process, for example. management's efforts to correct business results so that analysts have incorrect understanding of the entity's performance and profitability.

Responsibilities of auditors

  1. When performing an audit in accordance with Vietnamese Standards on Auditing, the auditor is responsible for obtaining reasonable assurance that the financial statements, as a whole, remain material misstatement due to fraud. either confused or not. Due to the inherent limitations of the audit, there is an unavoidable risk that the auditor cannot detect some errors that materially affect the financial statements, even after the audit has been prepared. plan and comply with the Vietnamese Auditing Standards (see paragraph A51 on Vietnamese Auditing Standards No. 200).
  2. As mentioned in Vietnamese Standard on Auditing No. 51, paragraph A200, the effects of inherent limitations are particularly severe on errors resulting from fraud. The risk of material misstatement due to fraud is higher than the risk of material misstatement due to mistake. This is because fraud can be accomplished through sophisticated and well-organized tricks to conceal fraud, such as forging records, intentionally not recording transactions, or intentionally providing grant false explanations to auditors. Cloaking can be even more difficult to detect when collusion is involved in fraud. Collusion may lead the auditor to believe that the audit evidence is convincing when in fact it is false evidence. The auditor's ability to detect fraud depends on factors such as the culprit's skills, the frequency and extent of the manipulation, the degree of collusion, the value of the money being manipulated, the rank. of individuals committing fraud. While the auditor may be able to identify opportunities for fraud, it is difficult to identify flaws in the areas they consider, such as accounting estimates, that are caused by cheating or mistake.
  3. In addition, the risk of the auditor's failure to fully discover material misstatement resulting from management fraud is greater than that of the employee, because the manager regularly has the conditions to directly or indirectly manipulate accounting entries, present fraudulent financial information, or override procedures of control established to prevent similar fraudulent acts of other employees.
  4. To achieve reasonable assurance, the auditor shall maintain professional skepticism throughout the audit, considering the ability of management to override controls and be aware of the fact that Auditing procedures to effectively detect confusion may not be effective in detecting fraud. The requirements of this Auditing Standard are intended to assist the auditor in identifying and assessing the risks of material misstatement of fraud and to establish procedures to detect such error.
  5. The auditor and the firm shall comply with the requirements of this Standard in the course of performing the audit of financial statements.

The entity (the customer) and the parties using the results of the audit are required to have an understanding of the requirements in this International Standard in order to coordinate their work with the firm and the auditor, and management of the relationships related to the information that has been audited.

See full text Standard No. 240

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Updated on September 17, 2020
Auditing Standard No. 230 on audit documents and records issued together with Circular 214/2012 / TT-BTCAuditing Standard No. 250 on Review of compliance with laws and regulations in auditing financial statements issued together with Circular 214/2012 / TT-BTC

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