Financial statement review services in Vietnam are crucial for enterprises aiming to ensure robust control over their accounting apparatus, as well as accurate verification of accounting records, tax finalization, and the resulting financial statements. This essential compliance check needs to be performed regularly for every business operation. Viet An Tax Agent is pleased to introduce our comprehensive financial statement review services in Vietnam to all prospective clients. We will also highlight key considerations and important notes that businesses should be aware of when undertaking this vital process. Understanding these aspects ensures greater compliance and transparency in your financial reporting..
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The concept of reviewing financial statements in Vietnam
Review of financial statements is simply understood as an activity to review and re-examine accounting tasks: checking all archived accounting documents, checking all entries, carrying forward entries and financial statements in previous years submitted to the tax authority.
Reviewing financial statements does not require accountants to have all knowledge of internal controls, exposure to fraud risks, or any audit processes. Therefore, an audit report will provide sufficient evidence or information rather than reviewing financial statements.
Why should use financial statement review services?
Financial statement review services help businesses clearly assess the working capacity and professional qualifications of accounting staff. From there, minimize the risks due to not understanding the law or not keeping up with changes in the provisions of specialized laws, especially for foreign enterprises that are not familiar with tax, accounting, insurance and commercial procedures and laws. …
When do businesses need financial statement review services?
Businesses want to periodically check the operation of their accounting system and perform periodic kiểm tra (checking/reviewing) of accounting organization work.
Businesses are preparing for periodic inspections/audits and tax finalization.
Businesses want to review the currently applied tax policies to see if they are reasonable and valid.
Businesses want to know the exact results of their business operations.
Through the financial statement review service of Viet An Tax Agent to supplement, enhance the operation of the accounting system, and improve the internal control system.
Contents of the financial statement review service in Vietnam
Review the policies, procedures, and functional systems of the accounting department and relevant departments
Check the current status of the accounting system of the enterprise
Checking the conformity of accounting documents
Audits of accounted accounting transactions to ensure compliance with accounting standards and compliance with applicable tax laws
Check the existence of balances on the Balance Sheet through audit procedures such as cash inventory, inventory inventory, fixed asset inventory, sending a third-party confirmation letter to reconcile debts
Examining revenues, cost prices, and expenses in the year and period to assess real arising and in accordance with accounting standards and tax laws. Check the appropriateness of expenses corresponding to revenue in the period
Inspecting the preparation and declaration of tax reports and finalization reports monthly, quarterly and annually
Collating discrepancies between books and tax returns and advising on appropriate adjustments
Review and detect if there are errors that arise that are not in accordance with tax law and accounting standards
Advising on the process of storing and circulating internal documents to facilitate accountability to tax authorities, optimize the labor productivity of the accounting department and comply with internal system control.
Overall analysis of financial statements, giving indicators of business efficiency, capital use efficiency according to the needs of enterprises
Provide a management letter that mentions the problems that arise, potential risks, and offers solutions that are suitable for the current state of the business
Issue audited financial statements when there is a need after carrying out review procedures
What to do in financial statement review services in Vietnam
Review services at Viet An Tax Agent, a team of experts in the field of finance, accounting and auditing here will do the following tasks on behalf of the client’s business:
Conducting an inspection of the current status of the accounting system of the enterprise
Review and check the conformity of accounting vouchers for enterprises
Preparation and declaration of tax reports and settlement reports on a monthly, quarterly and annual basis
Inspect and detect if there are errors arising that are not in accordance with tax and accounting laws
Overall analysis of financial statements, in order to provide indicators of business efficiency, efficiency of capital use according to the needs of enterprises
Review of business activities in terms of financial legality
The process of performing financial statement review services in Vietnam
Financial statement review services are conducted through the following steps:
Initial preliminary exchange meeting on the purpose of the review, time limit and implementation schedule
Implementing procedures for reviewing specific financial statements
When detecting problems, we will discuss, report and explain in detail to customers and propose solutions
Prepare a report and a draft report for review, exchange and confirm the final version, before it is printed out and sent to the client
Commitment of Viet An Tax Agent when performing financial statement review services
Independent – objective – confidentiality of customer data and information;
Ensure maximum, legal benefits for customers. Provide recommendations before potential issues that could cause damage;
Clear service contract content, detailed documentation requirements, specific work plan, helping the work to be implemented smoothly and most effectively;
Work with the highest sense of responsibility with the goal of ensuring quality, maintaining reputation, and building long-term relationships with customers;
Reasonable fees, harmonizing the interests of all parties.
If you have any difficulties or questions related to the financial statement review service, please contact Viet An Tax Agent for the most specific advice.
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