Financial Statement Audit

Financial Statement Audit

Description of Purposes and Deliveries of the service ?

The primary purpose of the service is to implement an audit and provide clients with auditors' reports expressing an high-level assurance opinion on whether the financial statements give a true and fair view in accordance with the financial reporting framework or not. The client uses the auditor's report to submit to authorities (as required by laws) and/or stakeholders (to build trust and confidence). 

There are four types of opinion depending on possible effects of matters on the financial statements: (1) Unmodified Opinion; (2) Qualified Opinion; (3) Reverse Opinion; (4) Disclaimer Opinion.

Besides, another purpose of the service is to provide the client with "Management Letter" presenting useful recommendations (if any) on (1) deficiencies of the internal control system; (2) risks related to accounting and tax matters; (3) weaknesses in management

Who are clients of the service?

Companies and organizations who are subject to statutory audit by law such as:

  • FDI companies (Foreign Direct Investment)
  • Public companies
  • Security issuing organizations; Security-trading companies
  • Banks, Financial Institutions, Insurance companies
  • State-owned companies (except for some exceptional cases)

Companies or NGO projects who are required by mother companies or fund sponsors to have the financial statements independently audited.

Any companies or organizations that wish to add credibility to the financial statements submitted to stakeholders such as investors, shareholders, suppliers, lenders, business partners. Audited financial statements with auditors' report will help clients to earn trust and confidence of stakeholders.

How is the service delivered?

The service is delivered through the following steps:

  1. Kick-off discussion: we make it clear and agreed with clients about objectives, schedules, cooperation mechanisms, audit strategy, responsibilities of each party in the audit. This step can be done through email and/or directly meetings; it is up to clients.
  2. Planning (at our offices): we obtain a comprehensive understanding of clients' business environment and internal control system to assess risks and determine the most effective and efficient audit planning for the clients.
  3. Fieldwork (at clients’ offices): we customize and perform detailed audit procedures basing on planning work, including (1) check and test accounting and information system & processes, (2) trace and check accounting documents & related papers, (3) interview related people of functional departments (Accounting & Finance Dept, IT Dept, Purchase Dept, Sale Dept, Inventory Dept, Production Dept, HR Dept, Management,..), (4) observe physical counting of inventories and assets, (5) send and check confirmation letters to stakeholders such as customers, suppliers, lenders, investors; (6) analyze and reconcile data, (7) recalculate data with proper models; (8) consult industry experts…
  4. Audit-Finding Discussion: we present and explain our findings and solutions in detail with the management of clients. This step can be done through email and/or direct meetings.
  5. Reporting: we prepare and send draft auditors' reports to clients for review and confirmation, then print & issue the final reports.

Audit Methodology: We apply the risk-based methodology, which strictly meets the Standards of Audit and is in accordance with Crowe Global's Manual.

We always try to apply modern technology and tools to our work to increase automation and efficiency that will help to improve report quality, deadline commitment, confidentiality, and cost saving.

How long does the service take?

It depends very much on the scope of work and responses & cooperation from the client (including client's stakeholders such as suppliers/ customers/ lenders/ investors).

In reality, we usually manage to finish the service within 3 - 5 weeks in most cases. For urgent circumstances, we may apply special processes and resources together with active cooperation from the client.

Contact us

We provide services to enterprises across Vietnam. Should you want a meeting set-up, quotation, proposal or feedback