After the end of an audit of financial statements, the auditor shall present his / her audit opinion in the audit report. So what is the audit report?
Content like? And how the audit opinion? Today, we will introduce you to the contents of the audit report.
An auditing report can be understood as a summary of the auditor’s conclusions on which the auditor’s assessment of the company’s financial statements has been honest or reasonable. Comply with the current Vietnamese Accounting Standards and Accounting. The auditor’s opinion on the financial statement.
The contents of the audit report include:
Audit reports must be made in writing
Specifications and Title:
The audit report must clearly state the serial number of the audit report and the title “Independent audit report”.
The report must specify the recipient of the audit report
Forensic reports must:
– Name of entity having audited financial statement;
– state clearly that the audited financial statement;
– The title of each report constituting a set of financial statements;
– Refer to the summary of significant accounting policies and other explanatory notes;
– Clarifying the accounting period or accounting period of each report constituting a set of financial statements;
– The date and page number of the audited financial statement.
Responsibilities of the audited entity:
To be responsible for the preparation and fair presentation of the financial statements in accordance with Vietnamese Accounting Standards, Vietnamese Accounting System and other legal regulations relating to the preparation and presentation of financial statements.
Responsibilities of auditors:
Provided opinions on the financial statements based on the results of the audit
Audit opinions on audited financial statements:
Types of audited financial statements:
– Auditing form of full acceptance is when the auditor concludes that the financial statements are prepared in material respects, in accordance with the framework of preparing and presenting the applied financial statements. The following statements should be used in the audit: “The financial statements give a true and fair view of the financial statements, in all material respects, in accordance with the applicable financial reporting framework. ”
– The type audit opinion is not a complete acceptance:
+ Based on audit evidence collected, the auditor concludes that the financial statement, in terms of overall, remains material; or
+ The auditor may not collect sufficient audit evidence to conclude that the financial statements, in their entirety, are free from material misstatement.
Signature of the auditor:
The audit report must contain two signatures of two practicing auditors, each signature must clearly state the full name and registration number of the practicing auditor
Date of making audit report:
The date of making an audit report must not be before the auditor has gathered sufficient audit evidence to serve as a basis for giving an audit opinion on the financial statements.
Name and address of the auditing enterprise:
The audit report must clearly state the name and address of the auditing enterprise
The above is the entire contents of the type of audit report. We will present a sample audit report as follows:
XYZ Auditing Company
Address, telephone, fax …
Number: … / 20 × 2
INDEPENDENT AUDITORS ‘REPORT
To: [Auditor of auditor’s report]
We have audited the accompanying financial statements of ABC Company, which was prepared on …, from page … to page …, including balance sheet at 31/12/20 × 1, Business operations, Statement of changes in equity (if any), Cash flow statement for the year then ended and Statement of financial position.
Responsibilities of the Board of Directors
The Board of Directors is responsible for the correctness and completeness of the financial statements of the Company in accordance with the Vietnamese Accounting Standards, the Vietnamese Accounting System and the relevant statutory requirements. the preparation and presentation of the financial statements and responsibility for the internal control that the Board of Directors determines is necessary to ensure that the preparation and presentation of the financial statements are free of material misstatement. confused or confused.
Responsibilities of auditors
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Vietnamese Standards on Auditing. These standards require that we comply with ethical standards and regulations, plan and execute the audit to obtain reasonable assurance about whether the Company’s financial statements are free from material misstatement. whether significant or not.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. When assessing these risks, the auditor considered the matter