In Vietnamese auditing standards, a first-year audit is defined as an audit in which:
Although the auditor only has to express an opinion on the current period's financial statements, they still need to obtain sufficient and appropriate audit evidence to ensure that the opening balances have been presented fairly and reasonably. Because:
Accordingly, if a company uses auditing service for the first time or changes the audit firm, it is important to note the following points to ensure that the audit process runs smoothly and efficiently: