Updated at 30/06/2022 - 12:14 pm
Scope of application
- This Auditing Standard specifies and guides the auditor's responsibility and auditing firms (hereinafter referred to as "auditors") in assessing the effects of identified misstatements during the audit, including unadjusted misstatements (if any) on the financial statements. VAS 700 states that, when formulating an auditor's opinion on the financial statements, the responsible auditor must conclude whether there is a reasonable guarantee that the financial statements are made. as a whole, whether there are still material flaws. The auditor's conclusions in accordance with Vietnamese Standard on Auditing 10 taking into account the auditor's assessment of the unadjusted (if any) misstatement of the financial statements. in accordance with this Standard. Vietnamese Standard on Auditing 11 deals with the auditor's responsibility for applying the concept of materiality appropriately in the planning and performance steps of the 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.
- Auditor's goal and corporate auditing is the evaluation:
(a) The effects of identified errors on the audit;
(b) The effect of unadjusted errors (if any) on the financial statements.
See full text Auditing Standard No. 450