Auditing financial statements has long become a characteristic of the financial accounting industry. So what is the actual audit of financial statements and why is it necessary to audit accounting book data. Please follow the article related to financial statement audit services from Viet An Tax Agent for more detailed information.
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What is the purpose of a financial statement audit
Auditing financial statements is actually the work of reviewing accounting records and books to ensure that the figures are reflected honestly and reasonably. Audited financial statements will serve businesses if they need to borrow capital from banks or bid.
What records and books need to be audited
Auditing financial statements involves the following mandatory data:
Report on financial situation.
Report on business results.
Balance sheet.
Cash flow statements.
Explanation of financial statements.
This is financial or non-financial information that auditors will use to evaluate the figures on the books of the enterprise corresponding to the situation of production and business activities.
Which entities are required to have their financial statements audited?
Subjects that need to audit financial statements are classified into 2 groups:
Mandatory target entities
The groups of subjects required to audit financial statements mentioned in the Law on Independent Audit dated March 29th 2011 include the following subjects:
FDI enterprises.
Credit institutions, insurance brokers.
Enterprises using capital allocated from the state budget.
Business projects are funded from ODA funds.
Securities trading and issuing companies.
Groups of subjects that are not required
The following enterprises belong to the group of subjects that are not required, but should still audit their financial statements:
A group of joint-stock companies that need to mobilize investment capital.
The group of enterprises that need to use financial statements for the purpose of borrowing capital and bidding,…
Should you hire financial statement auditing services
Financial statement audit services from Viet An tax agent are performed by experienced auditors and practicing certificates licensed by the Ministry of Finance. Businesses need to base on the scale and financial situation of their units to outsource so as to balance between the objectives to audit financial statements and the cost of that audit. Using the financial statement audit service of Viet An tax agent will help your business:
Limit unexpected risks in financial statements if the business owner makes adjustments and cooperates according to the auditor’s opinion.
Not only reviewing data but also providing solutions to improve production and business activities for businesses.
Ensure professionalism throughout the audit process, meet the deadline required by customers.
What businesses need to prepare when auditing financial statements
A set of financial statements in accordance with Circular 133/2016/TT-BTC guiding the accounting regime for small and medium-sized enterprises or Circular 200 guiding the accounting regime for enterprises.
Ledgers and detailed books of accounts used in the fiscal year to be audited.
The general journal for the fiscal year to be audited.
Summarizing the import and export of goods warehouses of enterprises.
Table of deduction and allocation of depreciation expenses of fixed assets, prepaid expenses, if any.
Bank sub-book or letter confirming the balance of the banks where the business opens an account.
Record of reconciliation of receivables and liabilities of customers and confirmation letters of relevant subjects.
Declaration of finalization of personal income tax and corporate income tax.
Value-added tax returns, official copies and supplements with detailed lists.
Salary calculation table with labor contracts, collective labor agreements, regulations, salaries and bonuses according to the company’s regulations.
Contracts for sale of goods and services to be requested.
The process of providing financial statement audit services to clients
The process of providing financial statement audit services of Viet An tax agent for customers in need will take place in the following steps:
Step 1: Survey the business situation and discuss with the board of directors about the purpose and content of the work to be carried out when auditing financial statements.
Step 2: Agree and make an independent audit contract.
Step 3: Send the appointment to the audit schedule.
Step 4: Auditors will come directly to the unit to review accounting records and books.
Step 5: Prepare an audit report and discuss with the board of directors about relevant issues.
Step 6: Release the audited report.
Above is all the information related to the financial statement audit service provided by Viet An tax agent. Please contact us via the hotline for advice and support if your unit needs to use audit services, financial statements!
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