The sequence of steps in making the general audit plan of the audit ( known as the audit plan) by the State Audit Office of Vietnam is specified in detail at Decision 03/2021/QD-KTNN dated November 17, 2021.
Article table of contents
Guidelines for planning the overall audit of the audit (Illustration image)
As follows:
(1) Survey and collect information about the audited entity
Pursuant to the annual audit plan, the annual audit organization plan, the list of audit focal points promulgated by the State Auditor General; guiding the objectives, materiality, and key contents of the annual audit of the State Audit Office of Vietnam, the head of the unit presiding over the audit shall survey and collect information to develop the audit plan in the following order: :
- Prepare, approve and send the survey outline.
- Survey and collect information.
The detailed content of each step of the above work shall be carried out in accordance with the State Auditing Standards, the Auditing Process of the State Auditor, and the guidance on field audits relevant to the audit of Vietnam
(2) Evaluation of internal control system and collected information
On the basis of the results of the survey and collection of information on the internal control system of the audited entity, the head of the audit team organizes an assessment of the internal control system and the information collected in accordance with the provisions of this Decree. State Auditing Standards, Auditing Procedures of the State Auditor General and guidelines for sector audits relevant to the audit.
(3) Identify and assess the risks of material misstatement
On the basis of the collected information and the results of analysis and evaluation of information about the audited entity, the head of the audit team identifies and assesses the risk of material misstatement in accordance with the provisions of this Standard. State Audit, Audit Process of the State Auditor General, Guidelines for an audit approach based on risk assessment and materiality determination, Guidelines for sector audits relevant to the audit.
(4) Audit planning
On the basis of surveying, collecting, and evaluating the information on the internal control system, financial information, and other information about the audited entity, the head of the audit team organizes an audit plan.
The general audit plan is prepared according to the provisions of Paragraphs 11 to 35 of SAV 1300, Paragraphs 21 to 48 of SAV 3000, Paragraphs 8 to 38 of SAV 4000, and according to the form of the Audit Plan prescribed by the State Auditor General.
The audit plan includes the following basic contents:
1. Audit objectives.
2. Identify and assess the risks of material misstatement.
3. Determination of audit materiality.
4. Audit content.
5. Auditing methods and procedures.
6. Determine audit criteria.
7. Audit scope and limitations.
8. Audit period.
9. Arranging audit personnel.
10. Funds and necessary material conditions for the audit.
The detailed content of each step of the above work shall be carried out in accordance with the State Auditing Standards, the Auditing Process of the State Auditor, the guidance on field audits suitable to the audit, and the Regulation on organization and operation of the State Audit Team of Vietnam.
Decision 03/2021/QD-KTNN of Vietnam takes effect from January 1, 2022 and replaces Decision 09/2016/QD-KTNN dated December 26, 2016.
Bao Ngoc
- Key word:
- planning the overall audit in Vietnam
