1. Scope of application
Auditing Standard No. 200 prescribes and guides the auditor's responsibilities. and corporate auditing (hereinafter referred to as an "auditor") when performing auditing financial statements in accordance with Vietnamese auditing standards. This Auditing Standard specifies the overall objectives of the auditor and corporate auditing and guide the nature and scope of an audit designed to enable the auditor to achieve those objectives.
This standard also prescribes and guides the scope of application and structure of Vietnamese auditing standards, including requirements on auditor responsibilities. and corporate auditing in all audits, including the responsibility to comply with auditing standards in Vietnam. In the Vietnamese auditing standards, "auditor" is understood as an "independent auditor".
Vietnamese Auditing Standards are applicable when the auditor is performing the audit of the financial statements and, if necessary, also apply to the audit of other financial information in the past. The Vietnamese Standards on Auditing do not specify and guide the responsibility of auditors and corporate auditing for relevant matters prescribed in legal documents and other regulations, for example public offering of securities.
The responsibilities prescribed in legal documents may differ from the regulations and guidance in Vietnamese auditing standards. Although the regulations and guidance in Vietnamese auditing standards are useful for auditors to refer to, auditors must first and foremost be responsible for complying with relevant laws and regulations.
2. Overall objectives of auditors and auditing firms
11 The overall objectives of the auditor and the firm in performing an audit of the financial statements are:
(a) Obtaining reasonable assurance that the financial statements, as a whole, remain material misstatement due to fraud or error, thereby enabling the auditor to express an opinion on whether the financial statements have been prepared in accordance with the applicable financial reporting framework, in all material respects;
(b) Prepare an auditor's report on the financial statements and exchange information in accordance with the Vietnamese Standards on Auditing, in accordance with the auditor's findings.
12 In cases where reasonable assurance cannot be obtained and the auditor's exceptional opinion is insufficient to inform the intended user of the financial statements, VASA requires auditing. Auditors must refuse to express an opinion or withdraw from the audit in accordance with relevant laws and regulations.
Full text view Auditing Standard No. 200 valid from date of 01 / 01 / 2014.