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I. INTRODUCTION OF IAFC INTERNATIONAL AUDITING AND ACCOUNTING – FINACIAL CONSULTANCY COMPANY LIMITED (IAFC)
IAFC International Auditing and Accounting – Financial Consultancy Company Limited is a company which was established according to Business Law and operates under the Business License No. 0102029183 dated 14 December 2006 granted by the Hanoi Authority for Planning and Investment
1. Functions
IAFC is an independent auditing firm providing services of auditing and consulting, including:
· Auditing
- Financial statements
- Budgets and final accounts of civil construction projects
- Reports on project expenditure
· Financial inspection
· Giving consultative advices on management, accounts, taxation, etc.
· Providing accounting service and other services related to business activities at the clients’ requests.
· Professional further training on auditing, accounting, finance and taxation as well as other programs related to all market economical fields.
2. Staff of IAFC
IAFC is proud of our qualified staff who have been trained frequently and systematically. During the business operation, IAFC’s staffs have further trained in order to improve their knowledge, professional skills and other supplementing knowledge on laws, economics, technology, marketing, etc. to meet client’s requirement.
Our operation is based on combining the international standards and practices on auditing and accounting together with the prevailing regulations in Vietnam. This operation principle has helped us establish our goodwill as well as achieve the confidence from the clients who have received our services.
3. Clients and their working fields
Up to now, IAFC has been providing services to clients of various business aspects, including:
- Foreign invested enterprises and business co-operation contracts operating under the Laws on Foreign Investment in Vietnam.
- Vietnamese enterprises of all economic sectors including manufacturing, construction, trading, hotel, banking, transportation, oil and gas, etc.
- International and local organizations, representative offices and individuals who are in need of our services.
And other clients.
II. WORKING METHOD TO MEET YOUR REQUIREMENTS
1. Audit background
The audit is conducted in accordance with the International Auditing Standards accepted in Vietnam as well as the Regulations and the Standards on Independent Auditing issued under the Decree No. 105/2004/ND-CP dated 30 March 2004 by the Government of Vietnam.
2. Contents of the audit
The audit course will be carried out in accordance with the International Auditing Standards and the Regulations on Independent Auditing which are currently applied in Vietnam including inspecting the accuracy of the financial transactions occurred in the fiscal year, checking the evidences for the data and the notes to the financial statements of the corporation, assessing the forecasts and important decisions of the Management Board of the corporation in preparing the financial statements and checking vouchers, accounting books, implementing basic tests as we consider necessary in each specific case.
On that base, we will express an opinion on the true and fair view of the financial statements, the conformity with the Vietnamese Regulations as well as the policies of financial management inside the corporation. At the same time, we also review the accounting principles which whether have been suitable with the current situation of the corporation and applied consistently and have sufficient notes or not.
Besides, we will review the internal control system of the corporation in order to ensure the harmony in operation mechanism of your Company.
The audit course, which will be carried out on the basis of selecting models and will cover all the financial transactions during each quarter and the whole year without any limits of audit scope, includes the major activities as follows:
- Studying and reviewing the legal documents of the corporation, which relate to audit evidences.
- Investigating the business position, the internal control system and the accounting performance.
- On the basis of investigation results, we will make audit schedule and program for specific accounts.
- Collecting evidences to audit the norms of the financial statements including:
+ Checking data of general and detailed accounting of the accounts which reflect assets, liabilities, equities in the balance sheet and incomes, expenses in the income statement.
+ Checking, comparing with documents, minutes and contracts relating to the financial statements.
+ Discussing and providing guidance to accountants on supplementing and adjusting entries.
- Summing up and drafting auditor's report to represent auditor's opinion on the truth and accuracy of the financial statements for each quarter and for the whole fiscal year ended as of 31 December 2007 to submit the Management Board of the Company.
- Issuing the official Auditor's Report after receiving the reply of agreement from you.
The audit scope is targeted to express an opinion on the true and fair view of the financial statements in accordance with the prevailing accounting standards in Vietnam.
Besides, we will issue the Management Letter which expresses auditor's comments on the accounting system, business position, material discoveries relating to the internal control system, the management activities of the corporation. The Management Letter also includes some auditor's suggestions in order to help the Management Board of the corporation perfect the accounting system, the internal control system and prepare the financial statements.
III. SUPPORTING SERVICES
Our support services accompanying with the audit fieldwork for the financial statements includes:
- Providing guidance on the accounting such as vouchers, accounting books, making the financial statements.
- Explaining, providing guidance on the implementation of the prevailing taxation laws of Vietnam including VAT, incorporate income tax, personal income tax, etc.
- Supplying information, documents on accounting, taxes related to the Company.
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