1. Scope of application
01. Standard 1000 specifies and guides the responsibilities of auditors and audit firms (hereinafter referred to as “auditors”) when Conduct audits of final project settlement reports funded by the State budget.The audit of final project accounts funded from other sources shall be conducted in accordance with the provisions and guidelines of this Standard.
This standard applies to the audit of final project completion reports, including: construction investment projects, project components, planning projects, and other investment projects.See guidance in paragraph A1 of Standard 1000.).
2. Purpose of auditing the final project settlement report
02. The purpose of auditing the final project settlement report is to increase user confidence in the final project settlement report and to provide a basis for the competent authority to consider approving the final settlement report. This is achieved through the auditor and auditing firm providing opinions, considering key aspects, on whether the project implementation process complied with investment management regulations and whether the final project settlement report truthfully and reasonably reflects the project settlement situation at the time of reporting, and whether it conforms to accounting standards, accounting systems, and relevant legal regulations regarding the preparation and presentation of the final project settlement report.
3. Overall objectives of auditors and audit firms
03. The overall objectives of auditors and audit firms when conducting an audit of a completed project's final settlement report are:
(a) To obtain reasonable assurance that the project implementation process complies with investment management regulations and the final project settlement report, and that, overall, there are no material misstatements due to fraud or error. This will help the auditor to express an opinion on whether the project implementation process complies with investment management regulations and whether the final project settlement report is prepared in accordance with accounting standards, accounting regimes and relevant legal provisions relating to the preparation and presentation of the final project settlement report in material respects;
(b) Prepare an audit report on the final settlement report of the completed project and communicate information in accordance with this Standard and relevant Vietnamese auditing standards, consistent with the auditor's findings.
If reasonable assurance cannot be obtained and a qualified audit opinion is insufficient to inform users of the expected project completion report, the auditor must decline to give an opinion or withdraw from the audit in accordance with relevant laws and regulations.
4. Responsibilities of the auditor, the audit firm, and the audited entity
04. Auditors, audit participants, and audit firms must comply with the provisions and guidelines of this Standard and relevant Vietnamese auditing standards, as well as legal regulations on investment and construction, during the audit of the final project settlement report.
The audited entity (the investor or the investor's representative) and the parties using the audit results must have the necessary understanding of the regulations and guidelines of this Standard and relevant Vietnamese auditing standards to fulfill their responsibilities and coordinate work with the audit firm and auditors, as well as when handling relationships related to the audited information.
View full text Standard 1000 (Vietnamese)
View full text Standard 1000 (English)