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The working papers prepared during the engagement, including those prepared by the client for the auditor, are the property of the auditor. The only time anyone else, including the client, has a legal right to examine the papers is limited specified situa

The working papers prepared during the engagement, including those prepared by the client for the auditor, are the property of the auditor. The only time anyone else, including the client, has a legal right to examine the papers is limited specified situa

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MAJOR THESIS



Supervisor: Phạm Kim Ngọc,M.A



specify the date printed. For data sources used on the computer, the auditor is required

to indicate the source, content, usage and file reference number used. This remark is

the basic for access to data when necessary. Auditors should provide full details on the

data sources in order to help other auditors could find information stored on paper

work



The Audit scope

This section tells us that the scope of information collected and the scope of the

audit was conducted. It provides some information such as some elements of the

sample is chosen, the conditions for sampling or audited accounting period



The Outlined work

Auditors should record all work carried out for each item during the audit on

paper work. This is the basis for the auditor concluded the audit and set up the audit

report later



Audit results

This section gives the results of each audit evidence obtained during the audit

through comparing 0the audit data compared with figures on financial statements. The

audit results are shown clearly on paper work. If not, the auditor should provide more

detailed description of the results obtained, attach with these analysis and discussion.



The Final conclusion of each part

This section tells us that the auditor's conclusion drawn by relying on these

audit results above. This is the most important part because conclusions will help

accomplish the goals that the auditors stated in the working paper

2.2.2.3 PAPERS PREPARED BY CLIENT

Certain working papers required by the auditor may have already been prepared

by client staff. The auditor should make arrangements, whenever possible, for copies

of these to be made available to the audit team. If client staff prepares working papers

which are to be retained by the auditor, the auditor should agree the form of the

working papers with client staff at an early stage in the audit, and include this

information in the audit timetable.

When arranging for working papers to be prepared, the auditor should take care

to ensure that the working papers will give all the information required. All such

working papers should normally be clearly identified as having been prepared by the

client. The member of audit staff directly responsible for an audit area in which

working papers prepared by client staff are included should sign those papers – this

will show that they have been checked and that they can be reviewed by the manager

and the partner, and by subsequent reviewers. The signature of the audit team member

indicates that the working paper (prepared by client staff) has been ‘audited’.

2.2.2.4 SOME CHARACTERISTICS OF A GOOD WORKING PAPER

On the basis of the discussion above, a good working paper should meet the

requirements of ISA 230 by displaying the following characteristics:

Student: Nguyễn Quang Trung



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MAJOR THESIS



Supervisor: Phạm Kim Ngọc,M.A



+ It should state a clear audit objective, usually in terms of an audit assertion

(for example, ‘to ensure the completeness of trade creditors’).

+ It should fully state the year/period end (eg 31 October 2006), so that the

working paper is not confused with documentation belonging to a different

year/period.

+ It should state the full extent of the test (ie how many items were tested and

how this number was determined). This will enable the preparer, and any subsequent

reviewers, to determine the sufficiency of the audit evidence provided by the working

paper.

+ Where there is necessary reference to another working paper, the full

reference of that other working paper must be given. A statement that details of testing

can be found on ‘another working paper’ is insufficient.

+ The working paper should clearly and objectively state the results of the test,

without bias, and based on the facts documented.

+ The conclusions reached should be consistent with the results of the test and

should be able to withstand independent scrutiny.

+ The working paper should be clearly referenced so that it can be filed

appropriately and found easily when required at a later date.

+ It should be signed by the person who prepares it so that queries can be

directed to the appropriate person.

+ It should be signed and dated by any person who reviews it, in order to meet

the quality control requirements of the review.

+ The reviewer of audit working papers should ensure that every paper has

these characteristics. If any relevant characteristic is judged absent, then this should

result in an audit review point (ie a comment by the reviewer directing the original

preparer to rectify the fault on the working paper).

+ In the paper work, auditors may use some symbols to express the content of

work. The notation used in the paper work to be defined uniformly as follows:



Ý nghĩa

hiệu

Ký hiệu này điền trong ô vuông □ để thể hiện có tài liệu lưu trong Hồ sơ kiểm



toán hoặc thể hiện dữ kiện nêu ra là đúng

X

N/A

BS



PL



Ký hiệu này điền trong ô vuông □ để thể hiện khơng có tài liệu lưu trong Hồ sơ

kiểm tốn hoặc thể hiện dữ kiện nêu ra là sai

Không áp dụng / None applicable

Khớp với số liệu trên Bảng cân đối kế toán/ Agreed to balance sheet: Ký hiệu

này đặt sau số liệu để thể hiện KTV đã đối chiếu số liệu đó phù hợp với số liệu

trên BCĐKT

Khớp với số liệu trên Báo cáo kết quả kinh doanh/ Agreed to profit and loss

statement: Ký hiệu này đặt sau số liệu để thể hiện KTV đã đối chiếu số liệu đó



Student: Nguyễn Quang Trung



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MAJOR THESIS



hiệu



Supervisor: Phạm Kim Ngọc,M.A



Ý nghĩa



phù hợp với số liệu trên BCKQKD

PY

Khớp với số liệu trên BCKT năm trước / Agreed to Previous year ‘s report: Ký

hiệu này đặt sau số liệu để thể hiện KTV đã đối chiếu số liệu đó phù hợp với số

liệu trên BCTC đã kiểm toán năm trước

TB

Khớp với số liệu trên Bảng cân đối phát sinh/ Agreed to trial balance: Ký hiệu

này đặt sau số liệu để thể hiện KTV đã đối chiếu số liệu đó phù hợp với số liệu

trên BCĐPS

LS

Khớp với số liệu trên Bảng số liệu tổng hợp/ Agreed to leadsheet: Ký hiệu này

đặt sau số liệu để thể hiện KTV đã đối chiếu số liệu đó phù hợp với số liệu trên

Bảng số liệu tổng hợp

GL

Khớp với số liệu trên sổ cái / Agreed to general ledger: Ký hiệu này đặt sau số

liệu để thể hiện KTV đã đối chiếu số liệu đó phù hợp với số liệu trên sổ cái tài

khoản

SL

Khớp với số liệu trên sổ chi tiết / Agreed to sub- ledger: Ký hiệu này đặt sau số

liệu để thể hiện KTV đã đối chiếu số liệu đó phù hợp với số liệu trên sổ chi tiết

tài khoản

AC

Khớp với số liệu trên Thư xác nhận/ Agreed to audit confirmation: Ký hiệu

này đặt sau số liệu để thể hiện KTV đã đối chiếu số liệu đó phù hợp với số liệu

trên thư xác nhận do KTV gửi

Note: All symbols references are written in red ink and write compact alongside

figures.

2.2.2.5 AVOIDING UNNECESSARY PAPERS

Before deciding to prepare a particular audit working paper, the auditor should

be satisfied that it is:

Necessary either because it will serve an essential or useful purpose in

support of the auditor’s report, or because it will provide information needed for tax or

other client-related statutory/regulatory purposes.

Not practicable for the client staff to prepare the working paper, or for

the auditor to make copies of papers that the client staff (including internal auditors)

have prepared as part of their normal regular duties.

2.2.3 Importance of working papers

+ Quality control purpose in respect of the audit

+ Assurance that the work delegated by the audit partner has been properly

completed

+ Evidence: the effective audit has been carried out

+ 3Es: increase the economy, efficiency and effectiveness of the audit

+ Support auditor conclusion: contain sufficiently detailed and up to date facts

with justify the reasonableness of the auditor’s conclusions.\



Student: Nguyễn Quang Trung



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MAJOR THESIS



Supervisor: Phạm Kim Ngọc,M.A



+ Future audits: retain a record of matters of continuing significance to future

audits.

2.2.3.1 Importance of Working papers

1. Working papers are instruments vital to the successful accomplishment of

all audit assignments performed. The working papers provide documented evidence of

an examination and evaluation and provide a connecting link between the work which

is performed and the final audit report. Hence, their importance cannot be overly

emphasized.

2. To a major extent, every auditor is judged by his skill and ability in

preparing working papers. When working papers are prepared in good form with

proper attention to layout, design, and legibility, with complete headings, explanations

of sources, and verification of work performed, they create a feeling of confidence in

the ability of staff member. Working papers should always make an impression of

system and order and conscientious attention to detail, coupled with a clear distinction

between the important and trivial

3. Another test of good working papers occurs when it is necessary for one

staff member to leave a partially completed assignment and turn it over to another staff

member. Ig the latter can proceed without confusion the working papers have stood the

critical test of being able to stand on their own

4. Every auditor will be expected to continuously strive for the highest

standards of excellence in the preparation of working papers.

2.2.4 Review of working paper

2.2.4.1 Review of working paper

Checking working papers is a very stage because of the benefits it brings to the audit.

Those are

+ It ensures the audit works is taking place properly, matching with the audit

procedure outlined.

+ Checking working papers is also confirm again the evidences collected and

the analysis to reinforce the final conclusions

+ It’s also confirm the exchange records with the client to reconfirm the client’s

conflict had solve and the audit works had completed

Working papers are checked by the team of senior auditors when the lower

levels completed their audits work in the working papers. The examination of paper

work is done through many levels; it could be two levels with the second level made

by the other senior auditor other when the audit end, or it could be three levels with the

purpose of third level is to consider the quality of this audit.

When inspecting the paper work, the inspector should point out any paper work

was inspected by stating the name and date of inspection shall check on paper work.

All doubts arising while inspectors checked the working papers are recorded and then



Student: Nguyễn Quang Trung



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MAJOR THESIS



Supervisor: Phạm Kim Ngọc,M.A



the auditor who performs the working paper containing that question have to respond

the explain it all.

In the big audit, this is very important to have an fully examination of entire

audited by an auditor who is completely independent with such audits conducted. This

examiner will play a role of reviewer in order to ensure the quality of the audits.

2.2.4.2 Checking the working papers:

+ Hot review: WP Prepared by an audit staff is reviewed by a more experienced

staff during the course of the audit.

+ Post audit review: The audit manager and partner review the audit file and the

financial statement

+ Second partner review: applicable for large and complex audit.

+ Cold review: A group of experienced staff form a team to review in detail the

work performed by an audit team and ensuring that the audit has been

conducted in accordance with the firm standard procedures.

2.2.4.3 Confidentiality of working papers.

+ Should not be made available to third parties without client consent.

+ Appropriate procedures should be undertaken to maintain confidentiality and

safe custody of working papers.

+ Should be retained for a sufficient period of time to meet regulatory

requirements.



Student: Nguyễn Quang Trung



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MAJOR THESIS



Supervisor: Phạm Kim Ngọc,M.A



Chapter 2: Current situations of designing audit

procedures in auditing the financial statements of listed

companies implemented by AAC Auditing and Accounting

Co., Ltd

1



Overview of AAC Auditing and Accounting Co., Ltd



1.1 Establishment and development history

Summary:

 Head office:

 Branch:

 78-80, 30/4 Street, Hai Chau District,

 Hoang Dan Building ( 4th

Da Nang, Vietnam

Floor), 47-49 Hoang Sa Street,

 Tel: 84 511 3655 886

District 1, Ho Chi Minh City

 Fax: 84 511 3655 887

 Tel: 84 8 3910 2235

 Email: aac@dng.vnn.vn

 Fax: 84 8 3910 2349

 Website: www.aac.com.vn

 Email: aac.hcm@aac.com.vn

1.1.1



The establishment and development of AAC

AAC Auditing and Accounting Co., Ltd, previously being Auditing and

Accounting Company attached to the Ministry of Finance, is one of the earliest audit

firms established and operating in Vietnam. AAC (thành viên của PrimeGlobal) was

founded in April 1993 and restructured in March 1995.

In May 2007, the ownership type of AAC was transformed from state-owned

enterprise attached to the Ministry of Finance into limited liability company. In

September 2008, AAC became a member of Prime Global which is one of five largest

associations of independent accounting firms in the world headquartered in the United

States.

Currently, AAC’s head office is located in Da Nang and its branch is in Ho

Chi Minh City. AAC also has many representatives in various provinces throughout

Vietnam. With a team of over 170 professionals, including more than 50 national CPAs

and certified consultants, AAC is always in top 7 independent audit firm owning the

largest number of national CPAs among more than 170 audit and consulting firms

currently operating in Vietnam as accounced by VACPA from 2009 to now.

AAC provides a wide range professional services, such as auditing,

accounting, finance and investment advisory, tax advisory, training and staffing

services. It is fully qualified to audit all types of enterprises of all sectors, including

ones under the special regulations on selection and appointment of independent audit

firm such as listed companies on the stock exchanges, public companies, businesses

issuing and trading securities...



Student: Nguyễn Quang Trung



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MAJOR THESIS



Supervisor: Phạm Kim Ngọc,M.A



AAC currently provides auditing and consulting services to more than 1000

customers nationwide. AAC's customers are businesses and organizations of all

economic sectors. Among them, there are 70 companies listed on the stock market, 230

public companies, 150 companies with foreign capital, institutions and international

projects, 50 management boads of specialized capital and over 500 companies of

different types of businesses.

1.1.2 Professional, technically competent, experienced leaders and staff

Over 20 years, AAC has built an army of qualified auditors who are

competent in professional skills and comply with professional standards. In recent

years, especially when it became a member of PrimeGlobal and frequently receives the

active support by this associations in periodic training sessions, AAC has being

accelerated the process of internationalizing their professional auditor team.

AAC always emphasizes on developing high-quality human resources who are

capable satisfying the demanding needs of diverse services. 100% of its professional

staff gained undergraduate and postgraduate degress and 15% of them have been

recognized as expert in accounting, PhD in economics from many university at home

and abroad such as Australia, Japan, Ireland, Belgium ...

The training sessions for officers and employees of AAC are held annually in

both centralized and decentralized forms ensuring that all officer, employee have

access to and acquire the necessary knowledge and skills in accordance with their

levels and finally improve their expertise in theit field.

Most of the auditors and leading professional consultants of AAC have been

trained directly by the senior experts in auditing of the European Community through

the EURO – TAPVIET project. Besides, AAC receive not only the regular traning

program from PrimeGlobal but also the exchange of human resources program from

members in this associations

Besides, AAC receive not only the regular traning program from PrimeGlobal

but also the exchange of human resources program from members in this associations

1.1.3 Qualifications, professional reputation, customer and the relevant

authorities’ trust

AAC opertes under the motto “ Quality in every activity” and well observes

the principles of independence, integrity and confidentiality in their rendered services.

Their operational objective is to assist thier clients and stakeholders inprotecting their

legal rights and interests; providing eamest information and optimal solutions for

corporate management and investment.

AAC always bears in mind that benefits and trust of customer are reliable

measures of the quality of AAC’s services. During the formation and development

process, AAC staff and leaders always strive to improve and enhance their ability in

providing diverse types of high-quality services, which eventually best meet the needs

and interests of clients.



Student: Nguyễn Quang Trung



Page 18



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The working papers prepared during the engagement, including those prepared by the client for the auditor, are the property of the auditor. The only time anyone else, including the client, has a legal right to examine the papers is limited specified situa

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