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Topic 1
Relevant guidance
INTRODUCTION TO ISA/VSA 200 Overall objectives of the independent auditor and the conduct
of an audit in accordance with ISAs
Law on Independent Audit No 67/2011/QH12
ASSUARANCE & FS
AUDITING
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Established criteria
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AUDIT AUDIT
CLASSIFICATION CLASSIFICATION
•A systematic review of part or all of an organization’s activities to Determine the extent to which rules, policies, laws, covenants, or
evaluate whether resources are being used effectively and government regulations are followed by the entities being audited
efficiently Chủ thể Chủ thể
e.g., examination of tax returns of individuals or companies by the
•Assess performance, identify area for improvement, and develop tax authorities
recommendations
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Financial statement
• To obtain reasonable assurance about whether the financial audit
Chủ thể material misstatement, AUDIT
report as a whole is free from CLASSIFICATION
whether due to fraud or error, thereby enabling the auditor to
express an opinion on whether the financial report is prepared, Internal auditor
in all material respects, in accordance with an applicable
financial reporting framework. AUDITORS
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Entrust resources
Investors Managers
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4. The roles of external audit in the economy 4. The roles of external audit in the economy
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5. Auditors, Audit firms and Professional bodies 5. Auditor, Audit firms and Professional bodies
a. External auditors Certified Public Accountant (CPA)
An auditor must meet the following standards (Article 14 - Law on
Independent Audit):
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5. Auditor, Audit firms and Professional bodies 5. Auditor, Audit firms and Professional bodies
Certified Public Accountant Certified Public Accountant
Conditions for the candidates: (Circular No 129/2012/TT-BTC ) Candidates for Audit practitioner certificates must take the tests on
7 subjects:
- Professionally ethical, honest, upright, and law-abiding;
- Having the Bachelor’s degree or higher in finance, banking, accounting,
1. Economic law and the Law on Enterprise;
2. Advanced finance and financial management;
audit;
3. Advanced tax and tax administration;
- Having worked in finance or accounting for at least 60 months from the
4. Advanced public sector accounting, financial accounting;
month of graduation written on the higher education graduation decision at 5. Advanced audit and assurance services;
the time of exam registration; or having worked as an audit assistant in an 6. Advanced financial analysis;
audit enterprise for at least 48 months from the month of graduation 7. C-level qualification in one of the following foreign languages:
written on the higher education graduation decision at the time of exam English, Russian, French, Chinese, German.
registration; The candidates that pass all 7 subjects, and the total mark (except of
- Completely and correctly submit the exam application and fee as prescribed. foreign language subjects) is 38 or more, are considered passed.
5. Auditor, Audit firms and Professional bodies SERVICES PROVIDED BY AUDIT FIRMS
b. Audit firms •Assurrance service Audit
Review
Other assurance services
Partner
•Related services Agreed-upon procedures regarding
financial information
Manager •Tax consultance Compilation of financial information
Tax consultancy/ Tax planning
Senior •Management consultance Financial consultancy/ Strategy
development
•Others Education/ Training
Staff Assistant
Head hunter
Career Path
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5. Auditor, Audit firm and Professional bodies 5. Auditor, Audit firm and Professional bodies
Professional Organizations in Vietnam Professional Organizations in the world
The Vietnam Association of Certified Public Accountants (VACPA)
established on 15/04/2005 and started to operate from International Federation of Accountants (IFAC) is the global
01/01/2006. organization for the accountancy profession dedicated to
68th member of the Vietnam Union of Science and
serving the public interest by strengthening the
Technology Associations (VUSTA)
Member of the Confederation of Asian and Pacific profession and contributing to the development of strong
Accountants (CAPA) since 2010 international economies.
Member of the International Federation of Accountants (IFAC)
on 11 November 2015.
5. Auditor, Audit firm and Professional bodies 5. Auditor, Audit firm and Professional bodies
Professional Organizations in Vietnam Professional Organizations in the world
The Vietnam Association of Certified Public Accountants (VACPA)
established on 15/04/2005 and started to operate from International Federation of Accountants (IFAC) is the global
01/01/2006. organization for the accountancy profession dedicated to
68th member of the Vietnam Union of Science and
serving the public interest by strengthening the
Technology Associations (VUSTA)
Member of the Confederation of Asian and Pacific profession and contributing to the development of strong
Accountants (CAPA) since 2010 international economies.
Member of the International Federation of Accountants (IFAC)
on 11 November 2015.
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•Was the collected audit evidence sufficient to provide an opinion? Issue auditor’s reports
◦Unmodified Opinion
•Have the aggregated effect of unadjusted audit differences been below the ◦Qualified Opinion
acceptable level? ◦Adverse Opinion
•Is the audit working paper complete? ◦Disclaimer of Opinion
•In general, the financial situation and business results are reasonable?
Resolve events occurring after issuing the auditor’s report
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THANKS FOR
YOUR LISTENING
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