What is a financial statement audit according to standards?

What is a financial statement audit?

Audited financial statements currently plays an important role within businesses as well as the users of information in audit reports. In today's business environment, there is always careful scrutiny and skepticism about businesses' financial reports.

Investors now expect greater reliability, stricter oversight and clear evidence of internal controls. Meeting investor expectations often begins with ensuring financial reports contain complete and accurate information.

Based on best practices and extensive knowledge of each different industry, our audit method is designed to suit the size and type of business of each enterprise.

What is audit?

Auditing is the process by which independent, competent and ethical experts collect and evaluate evidence related to the information of the audited entity, for the purpose of confirming and reporting. Report the extent to which this information conforms to established standards.

The specific objectives of the Audit are as follows:

First, ensure users of financial reports about the truthfulness and reasonableness of financial reports; the effectiveness and efficiency of operations and compliance with relevant legal regulations;

Second, detect and promptly correct errors that can lead to violations and adversely affect the audited unit;

Third, serve the state's management in the use of the state's budget, money and other assets.

Based on the audit purpose, there are types of audits:

Operational audit: Operational audit is the practice of practicing auditors, auditing firms, and branches of foreign auditing firms in Vietnam examining and giving opinions on economy, effectiveness and efficiency. operations of a department or the entire audited unit.

Compliance audit: Compliance audit is the practice of practicing auditors, audit firms, branches of foreign audit firms in Vietnam inspecting and giving opinions on compliance with laws, regulations, regulations that the audited unit must comply with.

Audited financial statements: Audited financial statements is the practice of practicing auditors, auditing firms, and branches of foreign auditing firms in Vietnam examining and giving opinions on the truthfulness and reasonableness of key aspects of the financial statements of the company. The unit is audited according to the provisions of auditing standards.

AACS provides the following financial statement auditing services:

Financial statement auditing service to submit reports to competent authorities according to regulations.

Financial statement auditing service for bidding and preparing bidding documents.

Financial statement auditing service to submit reports to the parent company,

Financial Statement Auditing Services to identify tax and financial risks.

Financial Statement Auditing Services for bank loan purposes.

Internal Audit Services, Reporting to the Board of Shareholders.

The process of performing financial statement auditing services is as follows:

Field survey, contract agreement and financial statement audit planning.

Send a financial report audit team to work directly at the enterprise as planned;

Research and evaluate the effectiveness and suitability of the enterprise's internal control system;

Learn about the business's accounting, tax, financial systems...;

Participate in witnessing inventory work such as cash, fixed assets, and inventory of the unit at the time of preparing the audit report;

Check and compare items on financial statements such as Cash, Bank deposits, Customer receivables, Inventory, Fixed assets, Payables to sellers, Short and long-term loans, Capital contributions; Revenue, costs…

Send a letter confirming the Enterprise's debts

Review, advise and answer factors affecting tax obligations;

Discuss and adjust detected issues with accountants and provide necessary advice;

Send the client a summary report of issues during the audit process and a draft audit report;

Agree with customers on financial report data;

Release of official audit report.

AACS, is considered one of the leading providers of quality and reputable financial report auditing services with a team of leaders and staff with many years of experience in the fields of Accounting, Auditing and Tax.

Using AACS's financial statement auditing service, you will receive:

Provide professional, high-quality auditing services at reasonable costs.

Consulting on full compliance with current legal regulations on Accounting and Auditing; Tax

Other consulting and support services during the implementation of service provision contracts:

Review the internal control system and make suggestions to improve the operational efficiency of the internal control system;

Consulting on tax and legal compliance requirements, tax review as part of statutory audits;

Consulting on human resource policies, labor and wages, ……

AACS's commitment to financial statement auditing services

Perform fully and accurately according to the work content agreed in the contract;

Ensure preparation and submission of reports on time as requested by customers;

Comprehensive and complete consulting on internal management issues and tax risk identification;

Make efforts with the Client to resolve problems in the implementation process so that audit reports can be issued in compliance with the law.

We are committed to being the perfect choice for your business with comprehensive strengths in Financial Statement Auditing, Financial Accounting and Tax Consulting.