Selection of criteria to determine the level of importance for the overall local budget reports in Vietnam

Le Hai

09:02, 10/07/2024

On December 31, 2019, the State Auditor General issued Decision 04/2019/QD-KTNN Guideline on the audit approach based on risk assessment and materiality determination in financial statements and final settlement reports of local budget.

The selection of criteria to determine materiality levels for the overall financial statements and final settlement reports of local budget estimation units is guided by Decision 04 as follows:

- Appropriate criteria for determining the materiality level for the overall reports of local budget can be selected from one or several items such as: total revenue; total expenditure; state budget revenue, etc.;

- The selection of criteria to determine the materiality level for the overall final settlement reports of local budget estimation units depends on the professional judgment of the State Audit Office of Vietnam;

- In the case of selecting multiple criteria to determine the materiality level, the materiality level for the overall reports of local budget is the lowest value determined from the above criteria;

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More details can be found in Decision 04/2019/QD-KTNN, effective from February 14, 2020.

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