Updated at 30/06/2022 - 05:02 pm
Scope of application
01. This Quality Control Standard (VSQC1) specifies and guides the firm's responsibility for the audit quality control system and to review financial statements, assurance services, and services. other related. When implementing this Standard, reference should be made to relevant ethical standards and regulations.
02. Other Vietnamese Auditing Standards provide and provide additional guidance on the responsibilities of the firm's staff and employees for quality control procedures for specific types of services. For example, Vietnam Auditing Standards No. 220 and provides guidance on quality control procedures for financial reporting audits.
03. The quality control system includes policies designed to achieve the goals set out at paragraph 11 This International Standard and the procedures required to implement and monitor compliance with those policies.
04. This Standard is applicable to all auditing firms performing the audit and review of financial statements, assurance services and other related services. The content and extent of the policies and procedures that each firm develops to comply with this Standard will depend on a variety of factors such as the size, nature of the firm's performance, and whether Whether or not the firm is part of a network.
05. This International Standard specifies the firm's goal of complying with standards and regulations that are designed to ensure that the firm is meeting its objectives. In addition, this Standard contains guidance on the application (See paragraph 08 Standard này), context-appropriate introduction to help correct understanding of the standards and terminology.
06. The objective of developing the requirements of this Standard is to assist the firm
(1) Understand the tasks to be performed;
(2) Decide if more work is needed to achieve the goal.
07. The general provisions section outlines the regulations that must be complied with.
08. Where necessary, the application guidance section further explains the regulations and instructions for their implementation, namely:
(1) A more detailed explanation of the meaning or scope of the regulations;
(2) Give examples of policies and procedures to suit specific circumstances.
Guidance that sets out how to apply regulations appropriately. The application guidance can provide information necessary to assist in understanding the standard's requirements. When necessary, the application guide also contains considerations for firms performing public sector audits and SMEs. These considerations help in the application of the provisions of this Standard, but do not limit or reduce the firm's responsibility for the application and compliance with this Standard.
09. The “Glossary” section explains the meanings of the terms used in this Standard. Terms explained are intended to assist in the understanding and consistent application of this Standard and do not supersede terms developed for other purposes, such as in laws and regulations. The glossary of the Vietnamese Standards on Auditing includes terms contained in this Standard and also explains other terms in this Standard to assist in the understanding and application of these Standards in a consistent manner.
Responsibilities of auditors, auditing firms and audited entities
10. The auditor, performing engagement and the firm shall comply with the provisions of this Standard in performing the audit, review of financial statements, assurance services and services. other related services.
Audited entities (customers) and entities, individuals involved in the audit, review of financial statements, assurance services and other related services must have the necessary knowledge about The requirements and instructions in this Standard for coordinating with the auditor, performing engagement and with the firm in the course of performing the audit, review of financial statements, assurance services, and other related services.
11. The firm's objective is to develop and maintain a quality control system that provides reasonable assurance that:
(a) The firm and its officers and employees have complied with professional standards, applicable laws and regulations;
(b) The report issued by the firm is appropriate to the circumstances.
The important content of the standard
Elements of the quality control system
16. The firm shall develop and maintain a quality control system that includes the policies and procedures for each of the following:
Management's responsibility for quality within the firm;
(b) Relevant ethical standards and regulations;
(c) Accept and maintain customer relationships and specific service contracts;
(d) Human resources;
(e) Performance of service contracts;
Full text view Quality control standard No. 1 (VSQC1)