Audit standards and professional ethical standards of accounting and auditing

1. Auditing standards mean the rules and guidelines on the requirements, principles, auditing procedures, and handling of the relationship arising from audit activities that members participating in the audit and the auditing firms, branches of foreign auditing firms in Vietnam must comply with.
2. Professional ethical standards of accounting and auditing mean the rules and guidelines on principles, contents of the application of professional ethical standards for members participating in the audit and auditing firms, branches of foreign auditing firms in Vietnam.

3. Auditing standards and professional ethical standards of accounting and auditing are the bases to inspect and evaluate the quality of audit and professional ethical of members participating in the audit and auditing firms, branches of foreign auditing firms in Vietnam.
4. Ministry of Finance stipulates auditing standards and professional ethical standards of accounting and auditing on the basis of international standards.

Value of audit statement

1. The audit statements on financial statements assess the honesty and rationality of the financial statements in conformity with accounting standards, the accounting regime issued by competent agencies or organizations.
2. Compliance audit statements assessing the compliance with laws, rules, and regulations in the management and use of money, property and other resources of the audited units.
3. Operation audit statements assessing the economy, effectiveness, and efficiency in management and use of money, property and other resources in the audited units.
4. Audit statements are used for:
a) Shareholders, investors and parties participating in the joint venture, association, customers and other organizations and individuals having direct interests or related to the audited units to handle relations on rights and obligations of stakeholders;
b) State agencies manage and administer under functions and assigned tasks;
c) Audited units detect, handle, and prevent timely errors and weakness in the operation of the units.