For the State and Vietnam Association of Practitioners

CHAPTER 6

CONCLUSION AND RECOMMENDATIONS

6.1. CONCLUSION

The auditing industry is increasingly operating strongly in line with the general development trend of the economy. And auditing activities have become an indispensable part of economic activities. Realizing that importance, auditing companies have constantly developed and improved to compete fairly to bring the best services and benefits to customers. AA is the same, since its establishment, AA has continuously developed, perfecting the services that AA is providing and reaching new heights.

Through the process of auditing financial statements at the branch of American Auditing Company Limited - Can Tho Branch, the author has studied the auditing process of cost items in financial statement auditing currently applied at the company, combining documents kept at AA branch and applying the process in practice. And cost is an important item, it affects profits. Therefore, the auditing process of this item is built by AA quite completely, ensuring compliance with the regulations of Vietnamese auditing standards. AA also pays great attention to the qualifications of employees as well as the quality of audits. Therefore, it contributes to bringing prestige and trust to old customers and attracting many new customers, at the same time creating strong competition in the auditing field.

To complete the topic, the writer has received enthusiastic help from the auditors in the company, and has learned many things related to auditing in depth. Due to limitations in time, space and knowledge, it is certain that there will be no mistakes. I hope that the Company and teachers will give me feedback so that the writer can improve his article.

6.2. RECOMMENDATIONS

6.2.1. For American Auditing Company Limited

On AA's side, there should be training sessions on IT techniques for employees. Because most of the operating companies are doing accounting on the computer.

Computer. Accountants must be proficient in using and know how to use common accounting software to detect possible errors or fraud.

AA should organize training on common mistakes in all types of businesses. Or organize events to test and answer questions about auditing and accounting issues. In order to continuously provide knowledge for auditors and audit assistants on the ability to make decisions or make personal judgments,...

Before going to the unit to perform audit or inventory work, the auditor should have a small meeting before proceeding. This is a condition for auditors to exchange experiences and note important issues of the audited unit and determine the objectives of the trip.

Improve the quality of organization and recruitment of personnel at the company to meet all customer needs for the quality and efficiency of the services provided by the company. The auditing industry is an industry that often has a large turnover of personnel, so AA should have preferential policies for old employees and create conditions for supplementing young human resources, forming a core force for the company.

AA's customers in Can Tho are increasing, AA should also increase human resources for the Can Tho branch, to facilitate the arrangement of audit work, avoid overload and too much work pressure.

In addition to the auditing services that AA provides, AA should have advice on accounting, how to store accounting documents, effective cost management or accounting standards, etc., even though it is outside the signed contract. In order to create a good relationship, trust for customers, maintain a long-term relationship to facilitate the audit process in the following year.

6.2.2. For audited units

In order to facilitate the audit process to be carried out quickly and effectively, the client should prepare the reports and related documents that the auditor has requested in advance. And after each audit, the client should also provide feedback on the audit process.

The unit should actively discuss with the auditor in the spirit of mutual assistance to increasingly improve the accounting process or errors of the unit. Create a friendly and comfortable working environment between the auditor and the enterprise accountant to aim at the working efficiency of both parties.

6.2.3. For the State and the Vietnam Association of Practising Accountants

6.2.3.1. For the State

Establish and improve the system of legal documents on accounting and especially the law on auditing activities to create a legal environment for auditing companies to operate more effectively. It is possible to increase the form of strong handling to increase the responsibility of individuals and organizations operating in the field of auditing fraud in giving false opinions on financial statements.

Regularly update legal documents under International Standards related to the field of accounting and auditing. Then select and modify appropriately for Vietnamese Auditing Companies.

Strictly control the organization of exams and issuance of practice certificates to ensure and improve audit quality.

Carefully research and consult experts in auditing, accounting, tax or related fields before issuing new laws. To avoid "overlapping" laws, creating difficulties in auditing work.

6.2.3.2. For the Vietnam Association of Practising Accountants

Actively participate in activities in the environment of professional organizations with countries around the world. Create conditions for domestic technicians to exchange and learn more professional experience.

Strengthen research to improve the sample audit program and audit quality control. Innovate training methods and improve the quality of exams for practicing auditor certification.

Strengthen innovation and implementation of accounting and auditing practice management. In particular, it is necessary to pay attention to managing the professional ethics of auditors, regularly renewing programs and updating knowledge, and strengthening service quality control.

REFERENCES

1. Department of Auditing, Faculty of Accounting - Auditing, Ho Chi Minh City University of Economics, Auditing , Labor and Social Publishing House, 2009.

2. Ministry of Finance, Vietnam Accounting Standards System.

3. Ministry of Finance, Vietnam Auditing Standards System.

4. Ministry of Finance, Decision 15/TT-BTC dated March 20, 2006 of the Ministry of Finance on promulgating the enterprise accounting regime.

5. VACPA sample audit program issued in 2010. Issued under Decision 1089/QD-VACPA dated October 1, 2010 of the Chairman of VACPA.

APPENDIX

Appendix 1. Audit program

AMERICAN AUDIT COMPANY LIMITED (AA)

G1
Customer name: ABC JSC		Name	Day
Closing date: December 31, 2012	The performer	Bright	March 22, 2013
Content: Auditing cost items	Reviewer 1
Content: Auditing cost items	Reviewer 2

Maybe you are interested!

COMMAND TABLE

Unit: Dong

Account name

section

Control data math 12/31/2011	Ledger data December 31, 2012	Thing adjust	Control data math 12/31/2012
Cost of goods sold for sale	373,686,114,562	391.610.603.976		391.610.603.976
Expense sell	4,126,480,426	4,347,344,598	55,000,000	4,402,344,598
Financial costs main	17,272,035,906	11,184,999,240		11,184,999,240
Expense Business Management	13,095,014,456	11,184,999,240		11,184,999,240
Expense other	1,564,825,269	3,175,406,977		3,175,406,977
	PY	TB		PL
PY: Matches audited prior year balance TB: Matches the figures on the balance sheet PL: Matches adjusted statement of operations
Conclusion: The balance of expense items is true and reasonable.

AMERICAN AUDIT COMPANY LIMITED (AA)

G2
Customer name: ABC JSC		Name	Day
Closing date: December 31, 2012	The performer	Bright	March 22, 2013
Content: Auditing cost items	Reviewer 1
Content: Auditing cost items	Reviewer 2

ERROR SUMMARY TABLE

Unit: Dong

Account Name

/ Content

Code	Business performance report		Table of financial statements
Code	In debt	Have	In debt	Have
1. Advance sales expenses
Debit account 641	G12-1, G12-1/1	55,000,000
Have account 331	G12-1, G12-1/1				55,000,000

AMERICAN AUDIT COMPANY LIMITED (AA)

G3
Customer name: ABC JSC		Name	Day
Closing date: December 31, 2012	The performer	Bright	March 22, 2013
Content: Auditing cost items	Reviewer 1
Content: Auditing cost items	Reviewer 2

AUDIT PROGRAM

STT

Procedure	People perform	Reference mat
I. Analytical procedures
1	Compare cost fluctuations this year (2012) with last year (2011) to find out the cause of the variation. unusual movements (if any).	Bright	G4
2	Compare operating expense variation to revenue net between this period and the previous period.	Bright	G5
3	Compare cost of goods sold this year with last year combined with revenue, gross profit margin.	Bright	G6
II. Detailed testing
1	Make a detailed list of expense items during the year, evaluate their reasonableness and compare with the general ledger, Balance sheet and income statement.	Bright	G7
2	Account reconciliation analysis to see any unusual fluctuations Regularly during the year. Conduct a check of original documents to ensure that expenses are real.	Bright	G8
3	Check the exchange rate difference arising in the transaction year, check the calculation again.	Bright	G9
4	Estimated interest expense for the period compared with the book book, see if the difference is reasonable.	Bright	G10
5	Check the unit's method of calculating the warehouse price whether it is consistent with the announcement or not.	Bright	G11

STT	Procedure	People perform	Reference mat
II. Detailed testing (continued)
6	Check the closing of expense items before and after 10 days of the end of the 2012 fiscal year.	Bright	G12
7	Select the test sample, compare with the original document. expense items. Pay attention to large amounts.	Bright	G13

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