Scope of application
01. Vietnamese audit standards are also applicable to corporate audits. This Auditing Standard specifies and guides the issues that the auditor and the firm (hereinafter referred to as an “auditor”) should be aware of when auditing the group, in particular the group audit. with the participation of unit auditors.
02. The auditor may use the provisions and guidelines of this Standard when working with other auditors in an audit where the financial statements are not group financial, for example when An auditor may need the participation of another auditor to observe inventory inventories or inspect fixed assets at a remote location.
03. By law or for other reasons, the component auditor may be required to express an auditor's opinion on the component's financial statements. The group engagement team may decide to use audit evidence as a basis for an auditor's opinion on the component's financial statements as audit evidence for the group engagement, however. The provisions of this Standard shall apply.See paragraph A1 for guidance on this Standard).
04. In accordance with paragraphs 14-15, the members of the Board of Directors in charge of overall group engagement should ensure that individuals participating in the group audit Both unit auditors must have appropriate professional qualifications and abilities. The group engagement team member responsible for the group engagement overall is also responsible for directing, monitoring and performing the group engagement team's audit.
05. The group engagement member in charge of the group engagement shall apply the requirements of VAS 220 whether the group engagement team or a component auditor conducts the audit. accounting or reviewing an entity's financial information or financial report. This Standard enables the member of management in charge of overall group engagement to meet the requirements of VAS 220 when the component auditors perform the audit or review the information. financial statements or financial statements of the member units.
06. Auditing risk is the result of the risk of material misstatement in the financial statements and the risk that the auditor cannot detect these errors (paragraph A32 Vietnamese Standards on Auditing No. 200). In a group audit, this risk also includes:
(a) the risk that the component auditor may fail to discover that an error in the component's financial information or the financial statements could result in material misstatement in the reporting. corporate finance, and
(b) the risk that the group engagement team may not discover this error. This International Standard specifies and provides guidance on matters that the group engagement team should consider when determining the content, schedule and extent of participation in risk assessment and subsequent audit procedures due to The component auditor performs the component's financial information or the financial statements. The purpose of such participation is to obtain sufficient appropriate audit evidence on which to base the auditor's opinion on the group financial statements.
07. The auditor and the firm are required to comply with this Standard in the performance of the group financial statements audit.
Audited entities (groups, affiliates), entities and individuals involved in the audit of the group financial statements that use the work of the component auditor must Having the necessary understanding of the requirements and guidance of this Standard for coordinating the engagement with the firm and the group auditor during the audit process.
08. Objectives of auditors and auditing firms are:
(a) A decision whether to accept an audit of the group financial statements;
(b) When accepting an audit of the group's financial statements:
(i) Communicate clearly with the component auditors about the scope and schedule of the audit or review of the component's financial information or reporting and their findings;
(ii) Obtain sufficient appropriate audit evidence regarding the financial information of the components and the consolidation process to express an opinion on whether the group financial statements are has been prepared and presented fairly and reasonably, in all material respects, in accordance with the applicable financial reporting framework.
Full text view Auditing Standard No. 600