Independent Financial Statement Audit
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Services
General description of the service
Regarding Independent Financial Statement Audit services, Crowe Vietnam’s auditors perform audit procedures in accordance with applicable auditing standards to provide: (1) an independent opinion on the true and fair view of the financial statements, for submission to state authorities, bidding purposes, or investors; and (2) a management letter outlining findings and recommendations regarding potential risks, compliance issues, and internal control deficiencies.
Service Usage Context
- FDI enterprises are required by law to undergo an independent audit, and/or to meet group consolidation requirements from the parent company, and/or to ensure compliance with regulations on bookkeeping, accounting, finance, taxation, and invoicing.
- Public and listed companies must have their financial statements audited for disclosure purposes in accordance with securities regulations and shareholder expectations. The credibility and brand of the audit firm also significantly influence investor confidence in the disclosed financial statements.
- Vietnamese enterprises may wish to engage a reputable audit firm to enhance credibility with partners and stakeholders by disclosing audited financial statements, while also improving the awareness and competency of their internal accounting and finance teams.
- NGO projects often require independently audited financial statements to fulfill donor requirements.
Service delivery process and timeline
Service process
- Gather initial information about the business, including its industry, size, accounting system, and purpose of the audit.
- Determine the scope of services, including the financial year, whether separate or consolidated financial statements are required, and the applicable accounting standards (VAS or IFRS).
- Assess client acceptance, including auditor independence, potential conflicts of interest, and compliance with professional ethical standards.
- Agree on the scope of work, timeline, and service fees.
- Execute the audit engagement contract in accordance with the Ministry of Finance’s prescribed form and applicable professional standards.
- Obtain relevant documentation, including financial statements, accounting records, and internal control procedures.
- Assess risks of material misstatement and the control environment.
- Develop detailed audit procedures for each account area, including assets, liabilities, equity, revenue, and expenses.
- Perform tests of controls to evaluate the effectiveness of the internal control system.
- Perform substantive procedures, such as:
- Reconcile account balances to supporting source documents.
- Send confirmation requests for receivables, payables, and bank balances.
- Physically inspect assets and inventory.
- Analyze fluctuations in financial data to identify unusual items or trends.
- Evaluate whether the financial statements present a true and fair view.
- Discuss identified misstatements, proposed adjustments, and other matters with management.
- Prepare the Independent Auditor’s Report and a Management Letter outlining recommendations for improvement.
- The audit report includes:
- The auditor’s opinion (unmodified, qualified, adverse, or disclaimer of opinion).
- Other information required by the applicable auditing standards.
- Deliver the report to the company and relevant stakeholders, such as regulators, banks, and investors.
- Assist with explanations and responses to regulators, shareholders, or investors.
- Advise on improvements to accounting and internal control systems based on the recommendations in the Management Letter.
Timeline for Service Delivery
The timeline largely depends on the scope of work, responsiveness, and cooperation of the client (including related third parties such as suppliers, customers, lenders, or investors).
In practice, this service is typically completed within 2 - 4 weeks for most cases. For engagements with urgent deadlines, we implement special measures, such as allocating additional resources, adjusting our workflows flexibly, and requesting proactive collaboration from the client.
IFRS library
A collection of in-depth insights on International Financial Reporting Standards (IFRS), developed by Crowe Vietnam’s team of professionals, featuring publications, guidance, and practical information to help businesses stay informed of key developments, strengthen their understanding, and apply IFRS effectively in practice.
Explore the latest IFRS publications and resources from Crowe Vietnam:
Quotation process and service fees
To prepare and send you a tailored quotation, we kindly request that you provide relevant information via our form and/or through an in-depth discussion. Based on the information collected, we will analyze your needs and specific requirements in order to:
- Assess the feasibility of service delivery: Determine whether we can provide the requested service appropriately and at a guaranteed quality level.
- Advise on optimal solutions: Recommend alternative solutions (if any) to help optimize efficiency and cost-effectiveness for your organization.
If we are able to support you, we will propose a reasonable fee based on:
- An estimated workload of the engagement;
- The level of professional expertise required from our team.
Estimated response time: The quotation process will be completed within 12 to 24 hours upon receiving your request.
Frequently asked questions
1. Is my enterprise required to have its financial statements audited?
Whether an audit is mandatory depends on the type of enterprise, its industry and the applicable legal requirements at the relevant time. In addition to statutory requirements, an enterprise may also choose to have its financial statements audited when reliable financial information is required by banks, investors, shareholders, the parent company or business partners.
2. What is the difference between a financial statement audit and a financial statement review?
An audit provides reasonable assurance and includes an audit opinion on whether the financial statements are presented fairly, in all material respects. A review, in contrast, provides limited assurance and generally involves a narrower scope of procedures than an audit. The appropriate engagement depends on legal requirements, the intended use of the financial statements and the needs of relevant stakeholders.
3. What should an enterprise prepare before an audit begins?
Enterprises are generally required to prepare financial statements, accounting books and records, supporting documents relating to material balances, contracts, tax matters, assets, receivables and payables, and significant transactions during the period. A detailed list of required documents will be agreed in advance so that the enterprise can prepare proactively and coordinate efficiently throughout the audit.
4. How long does an audit usually take, and will it affect the enterprise’s operations?
The timeline depends on the size of the enterprise, the complexity of its operations, the quality of its accounting records and the scope of the engagement. Before commencement, Crowe Vietnam will agree the audit plan, timeline and key coordination contacts with the enterprise to minimise disruption to day-to-day operations and ensure the timely issuance of the report.
5. In addition to the audit report, will the enterprise receive recommendations for improvement?
Depending on the scope and findings of the audit, the enterprise may receive discussions or a management letter covering matters identified during the engagement, such as risks, compliance observations, or limitations in processes and internal controls. These insights can help management identify areas for improvement and strengthen the quality of financial governance.
Brand commitment
Crowe Vietnam is committed to building and delivering on its brand personality, with the goal of fostering trust and providing an exceptional experience throughout our journey with clients and partners.
High professional quality at a reasonable cost
Crowe Vietnam is committed to delivering high quality solutions and services at reasonable costs, ensuring an exceptional client experience. We consistently strive for differentiation and continuously enhance the professional capabilities of our team to best meet the evolving needs of our clients.
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Overview of Crowe Vietnam
Top 9
International brand in Audit, Accounting, Tax, and Business Advisory
Top 9
Audit service provider for FDI enterprises in Vietnam
Top 15
Audit and Advisory service providers in Vietnam
18+
Years of operation (since 2008)
200+
Personnel (350+ including personnel of Crowe’s business associates in Vietnam)
4
Offices
1000+
Clients (1500+ including clients of Crowe’s business associates in Vietnam)
Crowe Vietnam Introduction Video
Why choose us for this service?
Choosing the right service partner is a key factor in ensuring both effectiveness and peace of mind. Here’s why Crowe Vietnam is the trusted choice for you.
International Brand
Crowe Vietnam is a full member of Crowe Global, a top 10 global network of audit, accounting, tax and advisory firms operating in 150 countries. Our international brand enables us to provide high-quality, internationally compliant audit services, enhancing clients’ credibility in the marketplace.
Assured Expertise
With a team of experienced professionals holding internationally recognised qualifications such as ACCA, CPA, ICAEW and CA ANZ, Crowe Vietnam is committed to delivering audit and assurance services of high professional quality, fully aligned with both international & Vietnamese standards.
Professional Services
Our audit clients regularly receive useful newsletters and publications, have opportunities to participate in professional seminars/webinars with experienced specialists, and gain access to a range of modern and practical support tools developed and continuously enhanced by Crowe Vietnam.
Strict Confidentiality
We place the highest priority on confidentiality and compliance, applying rigorous control measures to protect client information and prevent data security risks, thereby ensuring maximum transparency and security throughout the audit engagement.
Global Support
Through our extensive connection with the Crowe Global network, Crowe Vietnam is always ready to help clients access international professionals and seconded personnel, providing comprehensive advisory and support to address complex issues in today’s global business environment.
Reasonable Fees
Crowe Vietnam is committed to delivering high-quality audit and assurance solutions at reasonable fees, helping clients optimise costs. We continuously strive to improve and enhance operational efficiency, enabling clients to achieve maximum value within an appropriate budget.
Senior Personnel
Nam Nguyen
Chairman & Managing PartnerFCPA, CTA, FCCA
Lam Vu
General Director & Audit DirectorCPA VN, CPA AU, CTA, MA
Phat Tran
Partner, Audit & AssuranceFCCA, CIA, CPA VN, CTA
Nga Le
Audit Associate PartnerCPA VN, CTA
Dung Nguyen
Audit Associate PartnerCPA AU, CPA VN, CTA
Thuy Phan
Audit Associate PartnerCPA VN, CTA
Ngoc Tran
Audit Associate PartnerCMA (U.S.), CPA VN, CTA
Thiem Vu
Audit Associate PartnerCPA VN, CTA