Scope of application
01. This Standard specifies and provides guidance on (See paragraph A1 for guidance on this Standard):
(a) Responsibilities of the auditor and the firm (hereinafter referred to as “the auditor”) when performing the services of reviewing the past financial statements (hereinafter “financial statements”). for an entity for which the auditor did not audit the entity's financial statements;
(b) Form and content of the independent review of the auditor's financial report (hereinafter "Report of independent review" or "Review report").
02. This Standard do not apply for financial statement review service or Reviewing interim financial information performed by an auditor who is also an independent auditor who audits the financial statements of that entity (See paragraph A2 for guidance on this Standard).
03. This Standard has been used appropriately to review other historical financial information. In addition to a review of the historical financial statements performed in accordance with this Standard, other limited assurance services are provided in accordance with this Standard. Vietnamese Standard on Security Service Contract No. 3000 Assurance service contract in addition to auditing and reviewing past financial information.
Relationship with Quality Control Standard 1
04. The firm is responsible for developing and implementing quality control policies and procedures in accordance with applicable laws and regulations. Quality control standard No. 1 - Quality control of enterprises performing auditing, reviewing financial statements, assurance services and other related services (hereinafter referred to as Quality Control Standard 1). Quality Control Standard 1 is applicable to an firm when performing financial reporting services.See paragraph 04 Quality Control Standards No. 1). The provisions of this Standard relate to quality control to the extent that each review contract is based on the firm's compliance with Quality Control Standard 1 or requirements that, as a minimum, equivalent to Quality Control Standard 1 (See paragraphs A3 - A5 for guidance in this Standard).
Past financial report review service
05. Historical review of financial statements is limited security services as described in the Vietnamese Security Services Contract Framework (hereinafter referred to as the "Guarantee Framework") (See paragraphs 10 and paragraphs 14 - 16 of the Assurance Framework and for guidance in paragraphs A6 - A7 of this Standard.).
06. In reviewing the financial statements, the auditor concludes that it is intended to increase the reliability of users of the report as to whether the financial statements have been prepared in accordance with the financial reporting framework. key is applied or not. The auditor's conclusion is based on the limited assurance the auditor has obtained. The review report shall include a description of the nature of the review service as well as a basis for readers to understand the conclusions in the report..
07. The auditor primarily performs the interview and analytical procedures to obtain sufficient appropriate evidence on which to base conclusions on the overall financial statements in accordance with this Standard.
08. Where the auditor realizes that there are problems that cause the auditor to believe that the financial statements may contain material misstatement, the auditor shall design and implement necessary additional procedures, depending on the circumstances. in particular, in order to be able to draw conclusions about the financial statements in accordance with this Standard.
09. This Standard includes the auditor's goal in complying with this Standard, which sets out the rationale for the requirements and instructions in this Standard to help the auditor understand the work to be performed. in a review service agreement.
10. This Standard has the sections “General Regulations”, the “Standard Content” and the “Instructions for Application” that are appropriate to the specific circumstances to help readers to understand correctly this Standard.
11. The provisions in the "Standard content" section must be applied to ensure that the auditor meets the objectives.
12. The section “Instructions for Application” gives more specific interpretations of the standard's requirements and provides guidance on how each standard requirement is to be fulfilled. Guidance sets out how to apply regulations appropriately. The “Application Guidelines” section also provides information on which to base the matters covered in the “Content of the Standards” to support the application of the regulations and guidelines of this Standard.
Responsibilities of auditors, auditing firms and audited entities
13. The auditor and the firm shall comply with the provisions and instructions of this Standard in agreeing to and performing historical review contracts.
The reviewed entity (customers), related entities and individuals and parties using the results of a review should have the necessary understanding of the requirements and guidelines of this Standard in order to coordinate work. and dealing with relationships related to contract execution and agreement reviewing and using the correct results.
The important content of the standard
14. The auditor's objectives in performing a historical review of the financial statements in accordance with this Standard include:
(a) To obtain limited assurance, primarily through interviewing and performing analytical procedures, of whether the financial statements as a whole contain material misstatement, Consequently, enabling the auditor to draw conclusions about whether there is an event that would lead the auditor to believe that the financial statements have not been prepared in accordance with the applicable financial reporting framework. material aspect or not;
(b) Prepare an overall review report and communicate in accordance with this Standard.
15. Where limited assurance cannot be obtained and the exception in the review report is incomplete, this Standard requires the auditor to refuse conclusions or withdraw from the engagement of a control. in accordance with relevant laws and regulations (See paragraphs A8 - A10, A115 - A116 for this Standard).
Full text view Standard No. 2400