1. Scope of application
Auditing Standard No. 450 prescribes and guides the auditor's responsibilities. and auditing firms (hereinafter referred to as "auditors") in assessing the impact of misstatements identified during the audit, including uncorrected misstatements (if any), on the financial statements.
Vietnamese Auditing Standard No. 700 stipulates that when forming an audit opinion on financial statements, the auditor is responsible for concluding whether reasonable assurance has been obtained as to whether the financial statements, taken as a whole, are free from material misstatement. The auditor's conclusion as prescribed in paragraphs 10 - 11 of Vietnamese Auditing Standard No. 700 takes into account the auditor's assessment of uncorrected misstatements (if any) in the financial statements, in accordance with this Standard.
Vietnamese Auditing Standard No. 320 addresses the auditor's responsibility to apply the concept of materiality appropriately in planning and performing an audit of financial statements.
The auditor and the firm shall comply with the requirements of this Standard in the course of performing the audit of financial statements.
The audited entity (customer) must have certain knowledge of this International Standard in order to coordinate work and deal with the information that is audited.
2. Goals
Auditor's goal and corporate auditing is the evaluation:
- The impact of the detected misstatements on the audit;
- The effect of uncorrected errors (if any) on the financial statements.
See full text Auditing Standard No. 450