Vietnam Standards on Auditing

1

Standard Number

1. 200

2. 210

3. Quality control of auditing activities 220

4. 230

5. Fraud and error 240

6. Considering the observance of laws and regulations in the audit of financial reports 250

7. Planning 300

8. Understanding of Business situation 310

9. Audit Materiality 320

10. Risk assessments and internal control 400

11. Auditing evidences 500

12. Additional audit evidences for special items and events 501

13. First years auditing – Fiscal year – Starts Balance 510

14. Analytical process 520

15. Auditing sampling and other selective testing procedures 530

16. Auditing of accounting estimates 540

17. Events occurring after the date of closing accounting books and making financial statements 560

18. Directors expositions 580

19. Use of other auditors materials 600

20. Considering the work of internal auditing 610

21. 700

22. Auditing in a computer information systems environment 401

23. Related Parties 550

24. Going concern 570

25. The auditors report on special purpose audit engagements 800

26. Engagements to review financial statements 910

27. Engagements to perform agreed – upon procedures regarding financial information 920

28. Audit considerations relating to entities using service arganizations 402

29. Using the work of an expert 620

30. Comparatives 710

31. Other information iin documents containing audited financial statements 720

32. Engagement to compile financial information 930

33. Audit of final accounts of investment 1000

34. Communication of audit matters with those charged with governance 260

35. The auditors procedures in response to assessed risks 330

36. External confirmation 505

37. Auditing fair values measurements and disclosures 545

38.

39.

40.

STANDARD No. 250

CONSIDERING THE OBSERVANCE OF LAWS AND REGULATIONS IN THE AUDIT OF FINANCIAL REPORTS

GENERAL PROVISIONS

1. This standard aims to prescribe the basic principles and procedures and guide ways of applying the basic principles and procedures related to the auditors and auditing companies when considering the observance of laws and regulations by the audited units in the process of auditing the financial reports.

2. When drawing up plans and carrying out procedures for audit, when evaluating the results and making reports on audit, auditors and auditing companies must pay attention to the question that the non-observance of laws and relevant regulations by audited units may greatly affect the financial reports, though in an audit of financial reports all acts of non-observance of laws and relevant regulations cannot be fully detected.

3. The assessment and determination of acts of non-observance of laws and regulations generally do not professionally rest with auditors and auditing companies. Where it must be determined whether acts of non-observance of laws and regulations greatly affect the financial reports or not, the auditors and auditing companies shall have to consult with the legal experts or concerned functional bodies.

4. The regulations and guidance on responsibilities of auditors and auditing companies in considering "frauds and errors" in an audit of financial reports are prescribed in another specific standard but not in this standard.

5. This standard shall apply to the audit of financial reports and also to the audit of other financial information as well as relevant services of auditing companies. This standard shall not apply to the audit of the observance, which is performed by auditing companies under separate contracts.

Auditors and auditing companies must abide by the provisions of this standard when considering the observance of laws and regulations in the process of auditing the financial reports.

The audited units and the parties using the auditing results must have necessary knowledge about the principles and procedures prescribed in this standard in order to fulfill their duties and coordinate with auditors and auditing companies in dealing with relations in the auditing process.

Terms used in this standards are construed as follows:

6. Laws and regulations mean legal documents promulgated by competent bodies (the National Assembly, the National Assembly Standing Committee, the State President, the Government, the Prime Minister, the ministries and ministerial-level agencies, the agencies attached to the Government; joint documents of competent agencies, organizations, People?s Councils and People?s Committees of all levels and other agencies prescribed by law); documents issued by the superiors of professional societies, Management Boards and directors, which are not contrary to laws and related to production and business activities as well as economic and financial and accounting management belonging to the units? domains.

7. Non-observance means acts of wrongly implementing, omitting, inadequately and/or untimely implementing or not implementing laws and regulations, whether unintentionally or intentionally, by units. These acts committed by collectives, individuals in the names of units or the units? representatives. This standard does not mention acts of non-observance committed by collectives or individuals of units but not relating to the financial reports of units