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We conduct our audit in accordance with Vietnamese Auditing Standards to give our opinion on the financial statements present fairly, in all material respects, the financial position of the Company, in accordance with the prevailing Vietnamese Accounting Standards and System and relevant regulations on preparation and presentation of financial statements.

Our audit is performed based on a deep understanding of the business position, internal control systems and risks related to business operations of the Company. Before making an audit plan and assisting in risk assessment, we anticipate and analyze generally. With a large number of available predictable tools, this approach will help us identify potential problems and enhance the insights gained during the audit. Our approach method is in accordance with the increasingly stringent requirements of reasonablity and transparency of financial statements.

This approach method allows us to

·        Plan and perform the audit to provide a reasonable basis for giving opinion on the financial statements of the Company; 

·        Identify and focus appropriately on the risks related to production - business activities;

·        Implement an effective and optimistic audit;

·        Identify the requirements and expectations of the Company for professional services to prepare and implement the best plan;

·        Provide advice to benefit the Company’s operation; 

·        Perform an audit in a consistent manner and quality.

The main characteristic of this approach

·        Take advantage of the knowledge and experience of accounting, auditing experts

Our accounting and auditing experts will participate in the review of plan and perform the audit based on the knowledge and experience of clients’ business and management of financial accounting.

·        Focus on the high risk evaluation areas

We will make a risk assessment for business, accounts and major business transactions of customers. This approach allows us to build an effective audit plan focused on the region which has high risk. To assess risks, this approach requires our auditors to have: Understanding of the details of the clients’ business and the customer’s field operations, understanding control environment and internal control systems and the accounting work process of clients.


·        Cooperation with customers

We will be in close contact with the customers, regularly and timely discuss about issues arising during the audit. Therefore, we could:

-      Assist the client's business during the year;

-      Detect the errors in a timely manner before the year-end audit was performed;

-      Reduce the entanglement in the process of clients’ work.

·        Independence and privacy

During the audit, we commit to ensure the independence and security of the information collected. This is not only the specialized requirements but also the requirements of the company with harmless for businesses.

The process of our audit method, as follows:

I.       Audit planning

In audit planning, we will implement procedures to achieve a deep understanding of the clients’ business, the internal control system and accounting systems to assess the potential risks and risks of control associated with business activities and financial statements of the client. During this period, we will also carry out a preliminary analytical procedure for preliminary assessment of the financial position of the Company and its financial performance in the year,consider as a basis for determining the possible risks for financial statements and clients’ business.

On the basis of the understanding and assessment above, we will focus on risk assessment in detail for each type of accounts and transactions, especially the financial statements, then making a detailed audit plan. 

The audit plan will be prepared by our audit team leader and reviewed by audit manager in charge of audit clients, by members of the Board of Directors- client service and members of the Board of Directors who are responsible for risk control and quality of auditing.

In details:          

·  Obtaining the necessary documentsand information to have a deep understanding of the characteristics of business activities, include the understanding of the elements of the Company’s business such as organizational management, business target, the principal activities of the company, the finance and accounting policies; external factors such as business environment, competitive situation on the market, the specific problems of the sector, the legal regulations relating to the business operations and the risk control processsuch as environment control, risk assessment processes, the control system activities and information of the management.

·         Collecting documents, interviewing and observing the employees of the Company to be able to understand and evaluate the system of internal control and accounting system. This includes understanding and evaluating the business cycle as follows:

-   The process of financial statements preparing in accordance with prevailing regulations; 

-   The process of cash on hand, cash in bank and cash transactions management;

-      Revenue, other income and other receivables cycle;

-      Management and monitoring the use of fixed assets and investments Cycle;

-      Management and monitoring inventory and cost of purchasing Cycle;

-      Management and monitoring salary and payables to employees Cycle; 

-      Monitoring taxes and obligations to the State Budget Cycle;  

-      Management and monitoring loans and debts Cycle;

In review these process, our auditors must understand the principal activities in each cycle, the application of technology in the management of each cycle to be able to have the preliminary conclusions about the reliability of the financial informationprocess.

·         Analytical review of the financial position of the company and its performance: This includes the  of financial and non-financial information; calculations and comparisons of indicators and information; analysis of the results based on the initial calculations and further analysis on the basis of combining the information with the one obtained in the original calculations.

·         The assessment of the risks for the main items on the financial statements of the Company: This includes consideration of the risks detected in the process of understanding the business operations, accounting systems and internal control systems of business, the analytical review the financial position and its performance from the steps above and identify more details of the risks related to each account balance;

·         Preparation of detailed audit plan for each item in the financial statements.

II.   Audit performance

The audit performance includes examination and assessment of internal control system and accounting system of the client and check the details, synthesis and evaluation the results of checking the details for each item presented in the financial statements. The performance of audit plan will be implemented by audit team. Each audit team will include the leader and audit members. The audit are reviewed by the Audit managers, members of the Board of Directors in charge of clients’ and member of the Board of Directors who is responsible for risk management and quality of audit.

Detail steps:

·         Review the procedures for signing contracts with customers control process, sales, expenses and related financial obligations;

·         Review the procedures for control process of production costs management, and monitoring of liabilities; 

·         Review the compliance with the regulations on fixed assets management and using; 

·         Review the control procedures for management and monitoring process of salary and payments, advances to employees; 

·         Review the management and monitoring of tax and obligations to the State budget; 

·         Review the control procedures for process of management inventory; 

·         Send confirmation of cash in bank, investment, receivables, payables and compare responses with balance in GL at the year-end; 

·         Compare  receivables, payables; 

·         Physical witness of important fix assets and examine the recognition of their value at the year-end; 

·         Witness physical count of inventory and cash on hand based on sampling (if any);

·         Perform test based on sampling for the balance and transactions presented on the financial statements;

·         Analyze and evaluate some main financial ratios;

·         Perform other audit procedures or alternative procedures if necessary;

·         Synthesis and evaluate the results in detail testing of each item presented in the financial statements.

III.   Audit ending

·         Analyze in overall the latest financial statement to confirm that the information in the financial statements is consistent with our understanding of the business operations. This analysis includes calculating the index, comparable indicators and information, then analyzing the results. Through the analysis of the latest financial statements we can recognize revaluation of financial statements as a whole as a basis for our audit opinion and provide to audited company the related consulting of accounting. The overall analysis of the latest financial statements to consider the presentation of information and accounting policies on the financial statements.

·         Analyze and review events arising after the closing date. This procedure is done primarily by reviewing the documents and interviews; 

·         Prepare reports of problems arising in the audit as a basis for the preparation of the audit report and management letter. 

-      Prepare audit report draft and management letter; 

-      Sendaudit report draft and management letter to the client’s Leadership;

-      Discuss with the leaders on the audit findings and recommendations given in the management letter;

-      Complete audit reports, management letters and official release of the audited financial statements.