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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 knowledge for directors
  • Conclusion of audit contract: The time required to perform

Conclusion of audit contract: The time required to perform

Category
  • Is there a time limit for signing an audit contract?
    • What will businesses suffer if they do not sign at the prescribed time?
    • Auditing What is a financial statement?
    • Why do we have to audit the financial statements?
    • Is there any other benefit from early signing?

Is there a time limit for signing an audit contract? #

If your business belongs to Subjects required to be audited financial statements, with a fiscal year ending on December 31, the deadline for signing an audit contract is December 12 of that year. If the fiscal year ends on June 01, the deadline for signing the audit contract is May 12 of that year.

This is based on the provisions of Clause 2, Article 9 of the 2011 Law on Independent Audit which clearly states:

"Auditing contract of annual financial statements of enterprises, organizations is required to audit financial statements must be concluded at least thirty days before the end of the annual accounting period".

What will businesses suffer if they do not sign at the prescribed time? #

As prescribed at Clause 2, Article 54 of Decree 41/2018 / ND-CP guiding regulations on sanctioning of administrative violations in the field of accounting and independent audit, effective from May 01, 05, the act of entering into audit contracts is late compared to the maximum penalty. is 2018 million dong, specifically: 

"A fine of from 5.000.000 VND to 10.000.000 VND shall be imposed on the enterprise or organization that is required to audit the annual financial statements that perform the conclusion of the audit contract of the financial statement slower than the period of time. term".

Auditing What is a financial statement? #

The implementation of procedures intended to obtain audit evidence about the amounts and disclosures in the financial statements. Procedures selected on the basis of the auditor's judgment, including assessing the risk of material misstatement of the financial statements due to fraud or error Audit also includes a assessment of appropriateness. of the accounting policies used and the reasonableness of accounting estimates, as well as evaluating the overall presentation of the financial statements.

It is the auditor's responsibility to express an opinion on these financial statements based on the audit results.

Why do we have to audit the financial statements? #

Because your business belongs to Subjects required to be audited annually according to current regulations of the State such as foreign-invested enterprises, listed enterprises and some other entities.

In addition, for the purpose of managing financial - accounting - tax risks, corporate governance, the implementation of auditing of financial statements helps enterprises to have their financial statements presented appropriately and properly. business operations and is always ready to provide information to third parties.

Is there any other benefit from early signing? #

The most important thing is that businesses have many benefits from early signing contracts as follows:

  • review reports before implementing year-end data closing;
  • be updated on the implementation of financial statements in accordance with current regulations;
  • update current regulations and documents affecting business operations, financial statements of enterprises;
  • guide enterprises to carry out compulsory inventory at the end of the year according to current regulations;
  • save time completing financial statements from error correction;
  • promptly detect errors, inappropriate issues when presenting information in the financial statements;
  • Early completion of financial statements to submit to parties in accordance with current law.

With the above clear provisions and benefits, enterprises that are required to audit their annual financial statements should pay attention to concluding audit contracts ahead of time in accordance with the above provisions to avoid penalties. Unfortunately, as well as using audit costs to bring added value to your own business.

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Updated on September 27, 2021
The role of audit compliance with the accounting financial system

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Category
  • Is there a time limit for signing an audit contract?
    • What will businesses suffer if they do not sign at the prescribed time?
    • Auditing What is a financial statement?
    • Why do we have to audit the financial statements?
    • Is there any other benefit from early signing?
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