Financial statement audit service
Audited financial statements
An effective tool for the Board of Directors
Increase transparency
By evaluating and confirming financial information, auditors can help clients provide accurate and reliable information to stakeholders such as shareholders, investors and business partners.
Improve reputation
The audit report includes an accurate and complete assessment of the client's financial condition, ensuring that the stakeholders have confidence in the client's ability to manage finances and operate the business.
Oriented development
Through assessments and recommendations on issues related to finance and business operations, the Board of Directors can orient business development more rationally and effectively, while minimizing risks.
FDI accounting services
Audited financial statements
Contents of the service
- Evaluate and analyze the company's internal control system
The auditor will analyze, evaluate and compare the internal control systems of the enterprise with auditing regulations and standards.
- Collect documents and information
The auditor will collect necessary documents and information to check and determine the accuracy of the financial statements, including information on income, expenditure, assets, liabilities, financial statements related documents and other documents.
- Perform tests and checks
The auditor will perform tests and checks to determine the accuracy of the financial statements, including checking the accounts, assessing the risks and checking the reasonableness of the information contained in the statements. finance.
- Detect and report errors
If there are errors in the financial statements, the auditors will present the findings and report back to the business to adjust and improve the accounting process.
- Prepare audit report
After completing the audit work, the auditor will prepare an audit report, which presents the audit results and important findings, and gives opinions and solutions to improve and enhance the audit. accounting process in the enterprise.
Financial statement audit service
Option
Bonus services
We provide reporting services on consolidated financial statements according to IFRS at the request of the group, parent company.
We support the implementation of Group - Corporate reporting for clients who are members of multinational corporations.
Business Management
An effective tool for the Board of Directors
- Advice letter
We will provide detailed financial statement advice and explanations to help our clients better understand the financial position of their business.
- Support for adjustments
We are also ready to assist customers in solving problems arising after the audit to overcome problems arising during the audit process and help you improve the management system of your business.
FDI financial statement audit service
Struggling with financial data?
Customize according to your needs
We work closely with you to understand your unique needs and provide support tailored to your situation. Our team of experienced professionals will guide you every step of the way, from design to implementation and ongoing support.
financial statement audit service price
FDI financial statement audit service
FAQ
Top Q&A
What is an audit of financial statements?
Auditing of financial statements means a practice by a practicing auditor, an audit firm to examine and express an opinion on the truthfulness and reasonableness of material aspects of the audited entity's financial statements in accordance with the law. provisions of auditing standards.
What is the purpose of auditing financial statements?
The purpose of an audit of financial statements is to achieve one of the following objectives:
- To submit audit reports to state agencies for enterprises on the list of required audits of financial statements.
- Disclosure of financial statements to related parties.
- Publicity and financial transparency among investors.
- Provide reference information for business decisions.
- At the request of the bank.
- For tax settlement purposes, control.
What is Financial Statement Auditing?
Financial statement audit service is a service of an auditing firm. In which, independent and capable auditors conduct professional activities according to the audit process. From there, give an opinion on the truthfulness and reasonableness of the financial statements based on established standards and norms.
Which businesses need to use Financial Statements Auditing Services?
Those are businesses and organizations whose annual financial statements are required by law to be audited. For example, a foreign-invested enterprise.
Enterprises and other organizations use audit services for management purposes.
Who cares about the results of a financial statement audit?
1. Shareholders, investors, parties to joint ventures, associates, customers and other organizations and individuals with direct interests or related to the audited entity handle the relations of interests and obligations of related parties;
2. The audited unit detects, handles and prevents timely errors and weaknesses in its operations.
3. State agencies manage and administer according to their assigned functions and tasks;
Why does my business have to audit its financial statements every year?
The law stipulates that enterprises and organizations whose annual financial statements must be audited by an audit firm include:
a) Foreign-invested enterprises;
b) Credit institutions established and operating under the Law on Credit Institutions, including foreign bank branches in Vietnam;
c) Financial institutions, insurance enterprises, reinsurance enterprises, insurance brokerage enterprises and foreign non-life insurance enterprises' branches.
d) Public companies, issuing organizations and securities trading organizations.
If your business is one of the above-mentioned types of businesses, you must audit your financial statements every year.
What is a foreign-invested enterprise subject to audited financial statements?
Time before date 01 / 07 / 2015
Pursuant to Clause 6, Article 3 of the Law on Investment dated November 29, 11 and effective on July 2005, 01
Foreign-invested enterprise means an enterprise established by a foreign investor to carry out investment activities in Vietnam or a Vietnamese enterprise where shares purchased, merged or acquired by foreign investors. .
Time from date of 01 / 07 / 2015
Article 3 Investment Law dated 26 month 11 year 2014 takes effect from the date of 01 / 07 / 2015 specified:
“17. Foreign-invested economic organization means an economic organization whose foreign investor is a member or shareholder. ”
Time from date of 01 / 01 / 2021
Article 3 of the Law on Investment dated June 17, 06 taking effect from January 2020, 01 stipulates:
“22. Foreign-invested economic organization means an economic organization in which foreign investors are members or shareholders. ”
Regarding investment conditions, there is a difference between the case where the percentage of foreign investment capital is 51% or more and 50% or less. However, regarding the determination of foreign-invested enterprises, the percentage of foreign capital is not specified, but only "with foreign investors as members/shareholders".
Based on the above provisions, foreign-invested enterprises (or foreign-invested economic organizations) are enterprises with capital-contributing investors being foreign individuals and organizations subject to compulsory audited financial statements.
What is the administrative penalty for auditing financial statements?
According to Article 12 of Decree No. 41/2018 / ND-CP stipulating the Penalties for violations against regulations on filing and publishing financial statements as follows:
"Article 12. Penalties for violations of the regulations on submitting and publicizing financial statements
1. A fine of VND 5.000.000 to VND 10.000.000 for one of the following acts:
a) Submitting financial statements to competent state agencies less than 03 months compared to the prescribed time limit;
b) Disclosure of financial statements is slower than the monthly import deadline.
2. A fine of VND 10.000.000 to VND 20.000.000 for one of the following acts:
a) Publicizing incomplete financial statements as prescribed;
b) Submitting financial statements to competent state agencies without attaching audit reports to cases where the law requires auditing financial statements;
c) Submitting financial statements to competent state agencies at a later than the monthly import and export deadline compared with the prescribed time limit;
d) Publicizing financial statements without accompanying audit reports in cases where the law requires auditing financial statements;
dd) Disclosure of financial statements is delayed for a month or more compared to the prescribed deadline.
3. A fine of VND 20.000.000 to VND 30.000.000 for one of the following acts:
a) Publicing untruthful financial statements and figures;
b) Providing and publishing financial statements for use in Vietnam with heterogeneous data in an accounting period.
4. A fine of VND 40.000.000 to VND 50.000.000 for one of the following acts:
a) Failing to submit financial statements to competent state agencies;
b) Failure to publish financial statements as prescribed.
5. Remedies:
Forcible submission and publicity of audit reports attached to financial statements, for acts of violations specified at Points b and d, Clause 2 of this Article. "
How long does it take to audit financial statements?
The time limit for performing an audit of financial statements is normally about 10-15 working days from the date of completion of the financial statements as the basis for the audit.
According to regulations, the deadline for submitting audited financial statements is 90 days, so the deadline for completing the audit report must be 90 days before the deadline from December 31 every year.
So, for a year where February has 2 days, the deadline is March 28, and for a year where February has 31 days, the deadline is March 03.
Time to sign an audit contract
If your business is required to audit financial statements, with the fiscal year ending on December 31, the deadline for signing the audit contract is December 12 of that year. If the fiscal year ends on June 01, the implementation deadline for signing audit contract is May 12 of that year.
This is based on the provisions of Clause 2, Article 9 of the 2011 Law on Independent Audit which clearly states:
The contract to audit the annual financial statements of an enterprise or organization that is required to audit the financial statements must be concluded at least thirty days before the end of the annual accounting period.
Is there any benefit to signing a contract to audit financial statements early?
Businesses have many practical benefits from early contract signing as follows:
- Reviewing reports before closing year-end data;
- To update the implementation of financial statements in accordance with current regulations;
- To be updated with current regulations and new documents affecting business activities and financial statements of enterprises;
- To guide enterprises to carry out the compulsory inventory at the end of the year according to current regulations;
- Save time completing financial statements from correcting errors;
- Timely detect errors and inappropriate issues when presenting information on financial statements;
- Early completion of financial statements to submit to parties in accordance with current law.
What will businesses suffer if they do not sign the audit contract at the right time?
According to the provisions of Clause 2, Article 54 of Decree 41/2018/ND-CP guiding regulations on sanctioning of administrative violations in the field of accounting and independent audit, effective from May 01, 05. , the act of entering into an audit contract late in comparison with regulations will be subject to a maximum fine of 2018 million VND, specifically:
A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed on enterprises and organizations that are required to audit annual financial statements and conclude contracts to audit financial statements later than specified period”.
In fact, businesses have not been penalized for this late sign. The consequence is often that the opinion is excluded when issuing the audit report because the time limit for carrying out some procedures has passed and cannot be supplemented.
How much does a financial statement audit usually cost?
Each audit firm has a different way of charging service fees, based on different parameters.
However, what businesses using auditing services are most interested in is "the reasonableness of service fees".
“The fee for audit services of financial statements is Unreasonable” usually occurs in 2 cases:
+ Not reasonable in the LOWER direction will reduce the quality of the audit, and the audit objectives may not be achieved.
+ Unreasonably in the HIGHER direction will lead to losses for businesses using the service.
Expertis's service fee is calculated very reasonably based on the professional factors necessary to perform the audit work to achieve the business's objectives and in accordance with the regulations on auditing.
Expertis's financial statement audit service fee is calculated scientifically and very reasonably based on the number of wasted hours of the expert team.