Why do auditors choose this criterion as a starting point in determining materiality and not the other criterion, and what ratio is appropriate?

Chart of Accounts under the Vietnamese Accounting System (AS Auditing)

In the audit profession, everyone must know about the audit program, each audit firm will have its own audit programs, but all of them are based on a general program, then further developed, called is the “Sample Audit Program” The universities that have trained audit major in Vietnam, currently, for various reasons, there are some schools teaching their students the Sample Audit Program or not.

Audit opinion - Auditing financial statement is a type of assurance service, the final product is the “audit opinion” for the audited financial statements of enterprises.

Depreciation of fixed assets is not a new concept, but the difference in determining the deductible depreciation expenses between tax law and accounting regulations, is a problem that confuses many enterprises. According to accounting regulations, all existing fixed assets of the enterprise related to production and business activities (including acceptance but not used, unused or awaiting liquidation assets) must be depreciated and recorded as expense of the enterprise. According to tax law, not all the depreciation expenses are included in the deductible expenses when determining corporate income tax (CIT).

Accounting vouchers are important documents. Not only for recording work, and providing information for management and administration in enterprises, but also they are must-have requirements of a company to provide for the government. After-tax finalization, the accounting vouchers are still archived. The time for archiving them will depend on each type of voucher, and corresponding to the archival period. There are three types of retention periods: minimum 5 years, minimum 10 years, and perpetual storage.

It can be conceptualized that an audit is a process by which the auditor collects and evaluates the evidence related to the financial and accounting information of the enterprise. Then, the auditor gives an opinion on the degree of concordance between the accounting information and the issued accounting and auditing standards. Depending on the needs and purposes, there are many ways to classify audits. The most typical classification according to audit purposes is divided into 3 types as follows:

Recently, the word IFRS has been mentioned a lot in the fields of accounting, auditing, corporate finance, and monetary - banking. In today's topic, we will learn about IFRS, and how IFRS is being applied in Vietnam. So, what is IFRS? IFRS is short for International Financial Reporting Standards. Currently, IFRS includes 16 standards.