# How to calculate audit costs according to Circular 09

## CIRCULAR 09:

 Number: 09/2016/TT-BTC

REGULATIONS ON SETTLEMENT OF COMPLETED PROJECTS UNDER STATE CAPITAL

## Article 21. Expenses for verification and approval of settlement; Independent audit costs

### 1. Determine costs for verification and approval of settlement; Independent audit costs:

The cost norms for verification and approval of settlement and the cost norms for auditing finalization reports of completed projects are determined on the basis of the total approved (or adjusted) investment of the specific project and the rate specified in the Table of Norms for costs of verification and approval of final settlement; Audit costs are below:

 Total investment (Billion VND) ≤ 5 10 50 100 500 1.000 ³ 10.000 ThACheck and approve (%) 0,95 0,65 0,475 0,375 0,225 0,15 0,08 Kiehmath (%) 1,60 1,075 0,75 0,575 0,325 0,215 0,115

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a) Norms for verification and settlement approval costs (symbolized as KTTPD) and norms for auditing costs (symbolized as KKT) are determined according to the following general formula:

In there:

+ Ki: Cost norm corresponding to the project to be calculated (unit: %);

+ Ka: Cost norm corresponding to the upper limit project (unit: %);

+ Kb: Cost norm corresponding to the lower bound project (unit: %);

+ Gi: Total investment of the project to be calculated, unit: billion VND;

+ Ga: Total investment of the upper limit project, unit: billion VND;

+ Gb: Total investment of the lower bound project, unit: billion VND.

b) Costs for verification, approval of settlement and audit costs of the project are determined according to the following formula:

+ Maximum cost of verification and approval of settlement = Ki-TTPD % x Total investment

+ Maximum audit cost = Ki-KT % x Total investment + VAT

+ The minimum cost of verification and approval of settlement is five hundred thousand VND; The minimum audit cost is one million VND plus VAT.

c) Expenses for verification and approval of settlement; Audit costs of work items or bidding packages in the project are determined as follows:

 Item cost = Cost of the entire project x HMCT's estimates Total investment of the project

d) In case the project has an equipment capital structure of 51% or more compared to the total investment, the cost of verification, final approval and audit cost is calculated by 70% according to the prescribed rate. in Clause 1 of this Article.

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d) In case the project has had its settlement report audited, the cost of verification and approval of settlement is calculated by 50%, the norm specified in Clause 1 of this Article.

e) In case of national important projects, group A projects, project programs with sub-projects or component projects with separate investment decisions, the costs of verification, approval of settlement and audit costs counted as an independent project.

g) For independent compensation, support and resettlement projects and sub-projects, the cost norms for verification, final approval and audit costs are calculated at a maximum of 70%, the prescribed norm in Clause 1 of this Article.

### 2. Management and use of costs for verification and finalization approval:

a) When performing the verification, the agency in charge of the verification shall send a document requesting the investor to pay the verification costs and approve the final settlement according to the ratio specified in Clause 1 of this Article. Expenses for verification and approval of settlement include:

– Pay remuneration to members who directly verify and approve settlement according to a set level or over time;

– Payments to experts or consulting organizations to verify the project settlement in case the agency in charge of verifying and approving the settlement signs a time-based contract with the experts or consulting organization. ;

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– Expenditures on travel expenses, stationery, translation, printing, conferences, seminars, purchasing computers or equipment to serve the verification and approval of settlements;

– Other expenses related to settlement work.

b) The agency in charge of verification and settlement may use the costs of verification and approval of settlement according to the ratio in Clause 1 of this Article, and spend according to the contents specified in Point a of this Clause. The funds for verification and settlement approval have been paid by the control agency according to regulations. When the verification agency has not used it all during the year, it is allowed to be transferred to the next year for implementation.

### 4. In case the investor hires an independent auditor to audit the final settlement report of the completed project

Independent audit unit except for the amount of work not performed; The investor, based on the contract conditions and implementation contents, adjusts and reduces independent audit costs in proportion to the amount of work excepted.