Vinasc network is operating in 6 provinces and cities of Vietnam including Ho Chi Minh City, Binh Duong, Dong Nai, Long An, Dong Thap, and Phu Quoc Island. We are providing varied high-quality services in field auditing, accounting, tax consulting, and legal advice. Our main operating is to provide auditing services in Ho Chi Minh City, that provide the most effective ways of organizing activities in Vietnam to clients. Vinasc also provides early warning and support you to deal with risks.
Contents of the auditing services
Vinasc will provide service of auditing financial statements of the entity, including. balance sheet, income statement, the statement of changes. in equity (if any), statement of cash flows and notes to the financial statement. The audit is conducted by Vinasc for the purpose of providing audit opinion on the financial statements of the entity.
The financial statements are prepare in accordance with Vietnamese Accounting. Standards, Vietnamese business accounting regimes, and regulations relate to the preparation and presentation of financial statements.
Finally, audit of the financial statement, Vinasc will audit the financial statement of the entity in accordance with the Vietnamese Accounting Standards.
Vinasc auditing service’s responsibilities
Vinasc will perform the auditing services in Vietnam in accordance with Vietnamese auditing standards, related laws, and regulations. These auditing standards require Vinasc to adhere to such standards and codes of ethics, to make a plan and conduct an audit to obtain reasonable assurance as to whether financial statements, as a whole, contain material misstatements or not. In the audit, Vinasc will carry out procedures to collect audit evidence about data and information presented in the financial statements. Such procedures are conduct depending on an assessment by the auditors, including the assessment of risks of material misstatements in the financial statements due to fraud or error. An audit also includes the assessment of the suitability of used accounting policies and accounting estimates made by the Board of Directors, as well as the assessment of the overall presentation of the financial statements.
We will be informing the entity of the contents and the plan of the audit, for appointing auditors and qualify and experience assistants to conduct the audit.
Vinasc performs the audit in the principles of independence, objectivity, and data confidentiality. Accordingly, Vinasc is not entitle to disclose to any third party without the consent of the entity, except as require by law and relevant regulations, or in the case where such information as above has been widely available to the public or announce by the entity.
Vinasc is responsible for requesting the entity to confirm the explanations provided to Vinasc during the audit process. According to the Vietnamese auditing standards, compliance with these requirements and the Representation Letter from the Board of Directors and the Management Board of the entity about related issues is one of the bases for Vinasc to give its opinions on financial statements of the entity.
Limitations of auditing services in Ho Chi Minh City
Due to the inherent limitations of the audit as well as internal controls, there is an unavoidable risk. that the auditors may not be able to detect material misstatements, even though. the audit was plan and conduct according to the Vietnamese auditing standards.
For purposes of assessment of risks, Vinasc will consider internal controls. applied by the entity in the preparation of financial statements to design appropriate audit procedures. in each case, but not for the purpose of giving opinions on. efficiency of the internal controls of the entity. However, Vinasc will notify the entity in writing of serious defects in the internal controls. discovered by Vinasc during the process of auditing financial statements.
Upon the completion of the audit, Vinasc shall provide the entity with sets of audit reports enclosed with the audited financial statement and sets of management letters mentioning errors and deficiencies to be corrected and supplemented and recommendations of the auditors to complete the accounting system and internal control system of the entity. The number of audit reports and management letters can change dependent on the demand of the entity.
The audit report will be prepare in writing, including contents in accordance. with the Independent Audit Law, Vietnamese Accounting Standards No. 700, No. 705 and No. 706, Auditing Standards, and other related regulations.
Finally, if you are interested in Vinasc’s auditing services in Ho Chi Minh City, please contact us. The audit department will send a detailed offer letter for your consideration.