Conclusion on the Results of Direct Inspection of Audit Service Quality

Conclusion on the results of the direct examination of audit service quality (illustrative image)

Circular 157/2014/TT-BTC stipulates that depending on the level of compliance with professional standards, laws, and relevant regulations demonstrated in each file of audit service contracts and the overall audit firm reviewed according to the rating results of the system examination, technical examination, and professional judgment sections, the Review Team must draw the following conclusions:

- Conclusion on the system examination results must be evaluated according to one of the following 4 types of opinions:

- Type 1: The audit service quality control system is good;- Type 2: The audit service quality control system meets the requirements;- Type 3: The audit service quality control system does not meet the requirements;- Type 4: The audit service quality control system is weak, with serious errors.

- Conclusion on the technical examination results must be evaluated according to one of the following 4 types of opinions:

- Type 1: The audit file quality is good;- Type 2: The audit file quality meets the requirements;- Type 3: The audit file quality does not meet the requirements;- Type 4: The audit file quality is weak, with serious errors.

- Overall conclusion on the audit service quality examination results of the audit firm must be evaluated according to one of the following 4 types of opinions:

- Type 1: The audit service quality is good;- Type 2: The audit service quality meets the requirements;- Type 3: The audit service quality does not meet the requirements;- Type 4: The audit service quality is weak, with serious errors.

In the case where the audit firm being reviewed does not provide sufficient files and documents as requested by the Review Team, the audit service quality examination results of the audit firm can only be evaluated as Type 3 or Type 4 according to the overall conclusion on the audit service quality examination results of the audit firm.

The conclusion on the results of the audit service quality examination does not provide the audit firm with any assurance of the audit service quality control system and the quality of each audited service contract examined by the audit firm.

The examination authority is responsible for issuing and updating the set of criteria for evaluating and rating the audit service quality examination applied to the audit firms under the jurisdiction of the unit.

Details can be found in Circular 157/2014/TT-BTC, effective from October 23, 2014.

Ty Na

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