MINISTRY OF
FINANCE
--------
|
SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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|
No.
69/2015/TT-BTC
|
Hanoi, May 08,
2015
|
CIRCULAR
VIETNAM’S FRAMEWORK FOR ASSURANCE SERVICE CONTRACTS
Pursuant to the Law on Independent audit No.
67/2011/QH12 dated March 29, 2011;
Pursuant to the Government's Decree No.
17/2012/ND-CP dated March 13, 2012 on guidelines for some Articles of the Law
on Independent audit;
Pursuant to the Government's Decree No.
215/2013/ND-CP dated December 23, 2013 defining the functions, tasks,
entitlements and organizational structure of the Ministry of Finance;
At the request of President of Vietnam
Auditor Association and Director of the Department of Audit and Accounting,
The Minister of Finance promulgates a
Circular on Vietnam’s Framework for assurance service contracts.
Article 1. Vietnam’s
Framework for assurance service contracts is promulgated together with this
Circular.
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Article 3. This Circular
comes into force from January 01, 2016.
Article 4. Director of
the Department of Audit and Accounting, audit firms, branches of foreign audit
firms in Vietnam, practicing auditors, relevant organizations and individuals
are responsible for the implementation of this Circular./.
PP MINISTER
DEPUTY MINISTER
Tran Xuan Ha
VIETNAM’S
FRAMEWORK FOR ASSURANCE SERVICE CONTRACTS
(Promulgated
together with Circular No. 69/2015/TT-BTC dated May 08, 2015 of the Ministry of
Finance)
Introduction
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02. This
Framework is not standardized, which means it does not contain any Regulation
and instructions on requirements, principles, or procedures that are compulsory
for audit services, examination services, and other assurance services. A
report of assurance services must not claim that the services comply with
Vietnam’s Legal Framework for assurance service contracts. Instead, it must
mention relevant standards for assurance service contracts. Each standard for
assurance service contracts contains targets, requirements, instructions,
appendices, introduction, and definitions that are consistent with this
Framework and are applied to audit services, examination services, and other
assurance services. Appendix 01 of this Framework describes the scope and
relationship between Standards for ethics of professional accountants,
auditors, and relevant standards.
03. This Framework applies to:
(a) Auditors: Auditors are persons who execute
assurance service contracts, including members of the Board of Directors in
charge of overall execution of the contract, practicing auditors, other members
that execute the contract, and, in most cases, audit firms. Whenever this
Framework emphasizes necessary qualities or responsibility of members of the
Board of Directors in charge of overall execution of the contract or
responsibility of the audit firm, the term ”members of the Board of Directors
in charge of overall execution of the contract” or “audit firm” must be used
instead of “auditor”. The term ”members of the Board of Directors in charge of
overall execution of the contract” or “audit firm” are used for the sector of
public services where applicable;
(b) Other entities involved in the assurance
service contract, including users of the report on assurance services and
service buyers;
(c) Drafting Board of Vietnam’s Audit Standard
during the process of formulation and promulgation of Vietnam’s Audit Standard,
Vietnam’s Standards for examination contracts, Vietnam Standards for assurance
service contracts, and instructional documents.
04. Overview of the Framework:
(1) Introduction: This Framework is used for
assurance services provided by auditors;
(2) Assurance services: This section deals with
assurance services, differences between attestation services and direct
assurance services, between reasonable assurance services and limited assurance
services;
(3) Scope of the Framework: This section deals
with differences between assurance services and other services such as
consulting services;
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(5) Elements of an assurance service contract:
This section determines and presents 5 elements of an assurance service
contract, including: (i) Tripartite relationship; (ii) Subject matter; (iii)
Criteria; (iv) Evidence; (v) Report on assurance services. This section
presents important differences between reasonable assurance services and
limited assurance services. This section also deals with other issues such as
subject matters, characteristics of a suitable criterion, risks and materiality
of assurance services, method of conclusion for reasonable assurance services
and limited assurance services;
(6) Other issues: This section deals with: (i)
Responsibility to exchange other information; (ii) Documents about the
contract; (iii) Improper use of auditors' names.
Code of ethics and quality
control standards
05. The audit firm is responsible for quality
control and conformity with code of ethics, including independence, in order to
protect the public interest which is an essential part of high quality
assurance services. These services must comply with standards for assurance
services based on the following prerequisites:
(a) Members
of contract execution group and the service contract quality controller (if
any) must comply with regulations on assurance services in Part A and Part B of
Code of Ethics for professional accountants, auditors, or other professional
requirements, or requirements prescribed by law, and relevant regulations that
are at least equivalent to the Code of Ethics for professional accountants,
auditors;
(b) Auditors who are employees of the audit
firms that execute the contract must comply with Standards for quality control
No. 1 – Control of quality of audit firms providing audit services, examining
financial statements, assurance services, and relevant services (hereinafter
referred to as Standards for quality control No. 1), or other professional
requirements, or requirements prescribed by law and regulations on
responsibility of audit firms to quality control system that are at least
equivalent to Standard for quality control No. 1.
Code of ethics for professional accountants
and auditors
06. Part A of Code of ethics for professional
accountants and auditors provides for basic ethical principles that auditors
must abide by, including:
(a) Integrity;
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(c) Proficiency and discretion;
(d) Confidentiality;
(e) Professional qualification.
07. Part A also provides a framework to be
applied by professional accountants and auditors and to determine the risks
that affect the observance of basic ethical principles, evaluate the
seriousness of such risks, and take necessary measures to eliminate or minimize
them.
08. Part B of Code of ethics for professional
accountants and auditors provides instructions for application of the framework
in Part A to some specific situations that accountants and auditors may
encounter during their practice, including independence. Code of ethics for
professional accountants and auditors defines that independence includes both
independence mindset and independence in manners. Independence ensures that
auditors give their conclusion without being affected by elements that may
influence such conclusion. Independence increases the chance that a person acts
with integrity, objectivity, and maintains a professional skepticism.
Standard for quality control No. 1
09. Standard for quality control No. 1 provide
regulations and instructions on responsibility of audit firms for developing
and maintaining a quality control system for assurance service contracts, which
consists of policies and procedures for each element of the quality control
system. Such policies and procedures must be provided in writing and
disseminate among employees and executives of the audit firm. Elements of
quality control system under Standard for quality control No. 1:
(a) Responsibility of the Board of Directors for
quality within the firm;
(b) Relevant standards and regulations on
professional ethics;
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(d) Human resources;
(e) Execution of service contracts;
(f) Supervision.
Assurance service
10. Assurance services are services through
which an auditor collects adequate evidence to give a conclusion in order to
enhance the degree of confidence of intended users, not only the responsible
party, in the result of measurement or evaluation of subject matters by certain
criteria.
11. Result of measurement or evaluation of a subject matter is information
collected from application of criteria to the subject matter. Example:
(1) A financial statement is the result of
measurement of finance, operation, and cash flow of a unit (subject matter) by
applying a framework for making and presenting a financial statement
(criterion);
(2) A financial statement is the result of
measurement of finance, operation, and cash flow of a unit (subject matter) by
applying a framework for making and presenting a financial statement
(criteria);
(3) A report on specific operation of a unit is
the result of measurement of various aspect of such operation (subject matter)
by applying relevant measurement methods (criteria);
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(5) A report on conformity is the result of
evaluation of conformity of a unit (subject matter) with certain criteria e.g.
law and relevant regulations (criteria);
The term “information about subject matter”
means the result of measurement or evaluation of a subject matter by certain
criteria. Auditors must collect adequate evidence and information about the
subject matter to have a solid foundation for giving their conclusions.
Attestation services and
direct assurance services
12. When providing authenticated assurance
services, a party other than auditors shall evaluate or measure the subject
matter by criteria. This party usually presents information about the subject
matter in the form of a report. However, in some cases, auditors may present
information about the subject matter in the report on assurance services. The
conclusion of the auditor who presents information about the subject matter
(see paragraph 85 of this Framework) with regard to presence of material misstatements.
13. When providing direct assurance services,
auditors shall directly measure or evaluate the subject matter by certain
criteria. Besides, auditors shall apply their skills and techniques to collect
adequate evidence for giving a conclusion about the measurement of evaluation
of the subject matter. Auditors may collect evidence before, after, or in the
process of measurement of evaluation of the subject matter. When providing
direct assurance services, the auditor’s conclusion is the result of the measurement
of evaluation of the subject matter by certain criteria. In some direct
assurance services, the auditor’s conclusion is information or part of
information about the subject matter (see Appendix 02 of this Framework).
Reasonable assurance
services and limited assurance services
14. When providing reasonable assurance
services, the auditor shall reduce the service risk to an acceptably low level
in a specific situation of the service contract which is the basis for giving
the auditor’s conclusion. The auditor’s conclusion shall be given in the form
of his/her opinion about the result of measurement of evaluation of the subject
matter by certain criteria.
15. When providing limited assurance services,
the auditor shall reduce the service risk to an acceptably low level in a
specific situation of the service contract and higher than the risk of
reasonable assurance services. This is the basis for giving the auditor’s
conclusion. The auditor’s conclusion shall be given in the form of his/her
opinion about the case, whether or not the auditor finds issues that make
he/she believes that information about the subject matter contains material
misstatements according to the procedures or collected information. Contents,
schedule, scope of procedures for limited assurance services is more limited
than those of reasonable assurance services. However, they are planed to reach
a level of assurance that is acceptable to the auditor. The acceptable level of
assurance is the level of assurance that an auditor reaches which might enhance
the degree of confidence of users of information about the subject matter at a
remarkable level.
16. Among limited assurance services, the
acceptable level of assurance may vary from above the minimum level of
assurance (the level that builds up development of users of information about
the subject matter at a remarkable level) to below the reasonable level of
assurance. Auditors must utilize the professional judgment to determine the
acceptable level of assurance within that spectrum depending on the specific
situation of the service contract, including necessary information about a
group of users, criteria, and subject matter. In some cases, consequences for
inappropriate conclusion could be enormous. Therefore, auditors must execute
reasonable assurance service contract to reach an acceptable level of assurance
in such cases.
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17. Not all services provided by auditors are
assurance services. Some common services that are not defined in paragraph 10
and not regulated by this Framework:
(1) Services under VSRS such as
"Engagements to perform agreed-upon procedures regarding financial
information” (VSRS 4400) and “Engagements to compile financial information”
(VSRS 4410);
(2) Tax declaration services without conclusion
about assurance;
(3) Consulting services such as administration
consulting or tax consulting.
(When providing consulting services, auditors
will apply their skills, professional knowledge, observation, and experience.
The consulting process include survey, evaluation, analysis, usually combined
with activities related to establishment of targets, survey, determination of
issues or opportunity, evaluation of substitute options, completion and giving
solutions including activities, exchange of result, sometimes contract
execution and monitoring. Reports (if any) are usually made in writing with
figures and descriptions (long reports). Services usually serve the customers’
interest. The nature and scope of services are determined by the contract
between the audit firm and its customer. Any service that fits the definition
of assurance services is not a consulting service).
18. An
assurance service contract may be part of a larger service contract such as contract
for consultancy on enterprise acquisition. The contract may contain assurance
services for financial information in the past or in the future. In this case,
this Framework only applies to the assurance service part.
19. The services below may fit the definition in
paragraph 10 of this Framework but are not considered assurance services within
the scope of this Framework:
(a) Legal services related to accounting,
auditing, tax, or other issues;
(b) Services that offer opinions, viewpoints, or
terminologies that their users may receive a certain level of assurance if they
satisfy all of the conditions below:
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(ii) Every written report is only restricted to
specific users mentioned therein;
(iii) The written agreement with service users
clearly states that the services are not considered assurance services;
(iv) The services are not mentioned as assurance
services in the auditor’s report.
Report on non-assurance
services
20. The auditor’s report on provision of
services other than assurance services regulated by this Framework (hereinafter
referred to as non-assurance services) must be different from the report on
assurance services. In order to avoid confusion, the report on non-assurance
services must avoid:
(1) implying compliance to this Framework or
standards for assurance services;
(2) inappropriately using words like
“assurance”, “audit”, or “examination”;
(3) confusingly
asserting that a conclusion is given on adequate evidence to enhance the
degree of confidence of users of the report
on the result of measurement of evaluation of subject matter by certain
criteria.
21. Auditors
and the responsible party may reach an agreement on applying principles of this
Framework to a service contract when the report user is only the responsible
party, unless all other requirements of standards for assurance services are
satisfied. In this case, the auditor’s report must specify the only the
responsible party may use the report.
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22. Prerequisites of an assurance service
contract must be considered before being agreed upon or renewal of contract,
including:
(a) Roles and responsibility of relevant parties
(including: responsible party, measuring or evaluating party, and service
buyer) that suit the situation of the contract;
(b) The assurance service contract must satisfy
all of the conditions below:
(i) The subject matter is appropriate;
(ii) The
criteria to be applied by auditors to expression of information about the
subject matter are suitable for the situation of the service contract,
including those having the characteristics mentioned in paragraph 44 of this
Framework;
(iii) The criteria
to be applied by auditors to expression of information about the subject matter
are available to users;
(iv) Auditors anticipate that they can collect
necessary evidence for giving their conclusion;
(v) The auditor’s conclusion is made in writing
in the form that is suitable for the reasonable assurance services or limited
assurance services;
(vi) In case of limited assurance services, the
contract must contain appropriate purposes, including requirements for auditors
to reach the acceptable level of assurance.
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24. When a potential service is not accepted as
an assurance service, the service buyer may request another form of service
that still satisfies their demands. Example:
(a) If the criteria applied by auditors are not
appropriate, an assurance service that satisfies the prerequisites in paragraph
22 of this Framework may still be provided when:
(i) The auditor can determine that one or some
aspects of the subject matter are appropriate. In this case the auditor may
provide the assurance service for the appropriate aspect as if a separate
subject matter. The report on assurance services must clearly state that the
report is not related to the initial subject matter; or
(ii) Select or establish other criteria that are
appropriate for the subject matter.
(b) The service buy may request another service
other than assurance services such as consulting services or engagements to
perform agreed-upon procedures regarding financial information.
25. When the assurance service contract is
accepted, the auditor must not convert an assurance service contract to a
non-assurance service contract, or from a reasonable assurance service contract
to a limited assurance service without justifiable reasons. Justifiable reasons
for converting a service contract may be the change of the situation that
affects the report user’s demands, or the service nature is misunderstood. If
there are changes, the auditor must not overlook the evidence collected before
services are changed. If adequate evidence cannot be collected to give a
reasonable assurance conclusion, the auditor must not convert a reasonable
assurance service contract into a limited assurance service contract.
Elements of assurance
service contract
26. An assurance service contract has the
following elements:
(a) A tripartite relationship, including: the
auditor (practitioner), the responsible party, and the user of assurance
service report;
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(c) Appropriate criteria;
(d) Adequate and appropriate evidence;
(e) A written report on assurance services in a
format that is suitable for reasonable assurance services or limited assurance
services.
Tripartite relationship
27. Every assurance service contract must
involve at least 03 parties: the auditor, the responsible party, and the user
of assurance service report. In some cases, the service contract may be
participated by the measuring or evaluating party or the service buyer (see
Appendix 03 of this Framework).
28. The responsible party and user of assurance
service report may be from different units or the same unit. Example: If an
entity has an Executive Board and a Board of Directors, the Executive Board may
request assurance of information provided by the Board of Directors. The
relationship between the responsible party and user of assurance service report
must be considered on a case-by-case basis. This may be different from the
common responsible parties. Example: The Board of Directors of an entity (user)
may hire auditors to provide assurance services regarding a specific aspect of
operation of a branch/department that is under the management of the
branch/department manager (the responsible party). However, the Board of
Directors is still has the ultimate responsibility.
Auditors
29. “Auditors” are persons who, with their
skills and techniques, execute guarantee contracts, including members of the
Board of Directors in charge of overall execution of the contract, practicing
auditors, other members of contract execution group, and, in most cases, the
audit firm in order to reach a level of reasonable assurance or limited
assurance about whether or not information about the subject matter has
material misstatements. Whenever this
Framework emphasizes necessary qualities or responsibility of members of the
Board of Directors in charge of overall execution of the contract or
responsibility of the audit firm, the term ”members of the Board of Directors
in charge of overall execution of the contract” or “audit firm” must be used
instead of “auditor”. The term ”members of the Board of Directors in charge of
overall execution of the contract” or “audit firm” are used for the sector of
public services where applicable. In a direct assurance service contract, the
auditor shall both perform measurement or evaluation of the subject matter by
established criteria and apply skills, techniques to reach reasonable assurance
or limited assurance about whether the measurement of evaluation has material
misstatements.
30. If a qualified practitioner other than an
auditor applies standards for assurance services, he/she must well know that
such standards include the requirements meant to reflect the prerequisites in
paragraph 5 of this Framework related to Code of ethics of professional accountants
and auditors No. 1 or other professional requirements or requirements
prescribed by law that are at least equivalent to Code of ethics of
professional accountants and auditors No. 1.
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32. The auditor must ensure that the expert or
another auditor participates in the work to an extent that they are responsible
for the assurance conclusion and collect necessary evidence to conclude that
the participation of that expert or another auditor is essential.
33. The auditor is the only person responsible
for the assurance conclusion given. This responsibility is not diminished
because of the participation of another expert of auditor. However, if the
auditor who hires the expert satisfies relevant assurance standards and
concludes that the expert’s participation is essential, the auditor may
consider the expert’s discovery or conclusion within the expert’s competence as
appropriate evidence.
Responsible party
34. The responsible party is the party
responsible for the subject matter. In an attestation service contract, the
responsible party is usually the measuring or evaluating party. The responsible
party might or might not be the party that hires the auditor to provide the
assurance services (the service buyer).
Users of assurance service report
35. The user of assurance service report might
be an individual, organization, or a group that is assumed by the auditor to be
the user of the assurance service report. The responsible party might also be
one of the users of assurance services, but is not the only.
36. In some cases, users of assurance service
report are not only the targets of the assurance service report. The auditor
might not be able to determine all users of assurance service report,
especially when it is accessible to many people. If the user has various
concerns about the subject matter, users of assurance service report might be
restricted to the entities that share the same concerns. Users of assurance
service report might be determined in many ways e.g. through an agreement
between the auditor and the responsible party or the service buyer, by law, or
according to relevant regulations.
37. Users of assurance service report or their
representatives may directly join the auditor and the responsible party (and
the service buyer if the service buyer is different from the responsible party)
in determining requirements of the service contract. However, even with the
participation of other entities:
(a) The auditor has the responsibility to
determine the contents, schedule and scope of procedures;
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38. In some
cases, users of assurance service report (e.g. banks, regulatory agencies) may
put forwards requirements or request other parties to provide an assurance
service for a special purpose. When using criteria established for the special
purpose, the assurance service report must inform the reader. In addition, the
auditor may states that the assurance service report is only meant to serve
special users. Depending on the situation of the service contract, the auditor
may restrict the provision or use of the assurance service report to fulfill
this purpose. When the assurance service report is restricted to certain users
or a special purpose, the auditor is not legally responsible for the users or
purposes that are restricted. The fact that whether the auditor has the legal
responsibility depends on the specific situation, law, and relevant
regulations.
Subject matter
39. Subject matter of an assurance service
contract may exist in many forms, for instance:
(1) The result or financial status in the past
(e.g. information about financial status in the past, business outcomes and
cash flow). In this case, information about the subject matter may be that
recorded, measured, presented, and explained in the financial statement.
(2) The result or financial status in the future
(e.g. information about financial status in the future, business outcomes and
cash flow). In this case, information about the subject matter may be that
recorded, measured, presented, and explained in the estimate.
(3) Result of non-financial activities (e.g.
getting new customers). In this case, information about the subject matter
might be indicators serving evaluation of effectiveness and productivity;
(4) Physical properties (e.g. capacity of a
factory). In this case, information about the subject matter might be technical
documents;
(5) System and procedures (e.g. internal control
system or IT system). In this case, information about the subject matter might
be the efficiency report;
(6) Behaviors (e.g. business administration,
conformity with HR management rules and regulations). In this case, information
about the subject matter might be conformity report or efficiency report.
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40. Different subject matters have different
qualitative or quantitative characteristics, objectivity, subjectivity, past or
future, and related to a point of time or period of time. Such characteristics
affect:
(a) The accuracy of measurement or evaluation by
established criteria;
(b) Persuasiveness of existing evidence.
Assurance service report may specify specific
characteristics related to the users of assurance service report.
41. The appropriateness of a subject matter is
not affected by the level of assurance, which means if a subject matter is not
appropriate for reasonable assurance services, it is also not appropriate for
limited assurance services and vice versa. An appropriate subject matter is an
identifiable subject and can be consistently measured or evaluated by certain
criteria. Therefore, the auditor may perform procedures to collect appropriate
evidence about the subject matter which is the basis for giving an appropriate
conclusion for the reasonable assurance services or limited assurance services.
Criteria
42. Criteria are standards used for measuring or
evaluating the subject matter. Criteria may be official e.g. when making a
financial statement, criteria may be Vietnam’s Accounting Standard; when making
a report on internal control effectiveness, criteria may be based on an
existing framework for internal control or separate targets; when making a
report on conformity, criteria may be laws, regulations, or terms and
conditions of a contract. Criteria may be less official e.g. internal rules and
regulations or agreed-upon levels of effectiveness of works (such as number of
meetings of the Board of Directors in a year).
43. When making a profession judgment about a
subject matter, it is necessary to have appropriate criteria measuring or evaluating
in a consistent and reasonable way. If there are not appropriate criteria, the
conclusion may be biased and confusing. Appropriate criteria must be related to
specific situations of the service contract. The same subject matter may have
different criteria which will bring different result of measurement or
evaluation. Example: To measure or evaluate customers’ satisfaction, one of the
criteria chosen by the measuring or evaluating party may be the number of
customers who lodged complaints that are satisfactorily settled, or the number
of repeated purchases within 03 months after the first purchase. In addition, a
criterion may be appropriate in a situation and not so appropriate in another
e.g. when making a report to a regulatory agency, it is necessary to use a set
of criteria that is not appropriate for a larger group of users.
44. An appropriate criterion has 05
characteristics below:
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(b) Completeness: A criterion is complete when
information about the subject matter provided according to such criterion does
not overlook elements that may affect the decision-making by the information
users. An adequate criterion shall contain standards for presentation and
explanation (where appropriate);
(c) Reliability: A criterion is reliable when it
allows consistent and reasonable measurement or evaluation of subject matter,
including presentation and explanation (where appropriate) by different
auditors and audit firms in similar cases;
(d) Neutrality: A criterion is neutral when it
helps providing unbiased information about the subject matter in the specific
situation of the service contract;
(e) Understandability: A criterion is understandable
when the user can understand information about the subject matter.
45. Vague presentation based on expectation,
judgment, or personal experience is not considered appropriate criterion.
46. The auditor has to utilize his/her
professional judgment to determine the importance of each characteristic when
evaluating the appropriateness of criteria of each particular service contract.
Appropriateness of criteria are not affected by the level of assurance, which
means if a criterion is not appropriate for a reasonable assurance service
contract, it is also not appropriate for the limited assurance service contract
and vice versa. Criteria may be prescribed by law and relevant regulations, or
established by reputable organizations under a standardized process (each
criterion is established separately). In some cases, other criteria may be
established for providing information about the subject matter. The criteria
established separately will affect the evaluation of their appropriateness for
a specific service contract e.g. if the existing criteria do not contravene the
separately established criteria, the former are assumed to be appropriate if
they are related to the demand for information of users.
47. The criteria must be notified to the users
for them to understand the method of measuring or evaluating the subject
matter. The criteria shall be notified to users in one or some of the following
manners:
(a) Announced publicly;
(b) Specified when presenting information about
subject matter;
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(d) Criteria are common knowledge e.g. time is
expressed as hours or minutes.
48. Some criteria might only be notified to a
restricted number of users e.g. terms and conditions of a contract, criteria of
a trade association shall only be notified to relevant entities because they
are related to a specific purpose (see paragraph 38 of this Framework).
49. According to the requirements of the service
contract, the auditor must evaluate the appropriateness of criteria.
Evidence
50. An assurance service contract shall be
planned and executed with professional skepticism to collect adequate evidence
as the basis for reporting result of measurement or evaluation of the subject
matter by established criteria. The auditor must utilize his/her professional
judgment when considering the materiality, risk of the service, quantity and
quality of existing evidence when planning and providing services, specifically
when determining the contents, schedule, scope of the procedures.
Professional skepticism
51. Professional skepticism is the vigilance
against issues such as:
(a) Inconsistency of pieces of evidence;
(b) Information that leads to doubt about
reliability of documents and interview results that are used as evidence;
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(d) Elements that are likely to cause errors.
52. The auditor must maintain his/her
professional skepticism throughout the process of service provision to reduce
risks such as:
(1) Overlooking unusual events and situations;
(2) Giving conclusion in haste that is based
only on observation;
(3) Use of inappropriate assumptions when determining
contents, schedule, scope of assurance service procedures and evaluation of
results thereof.
53. The auditor must have professional
skepticism to seriously evaluate collected evidence. This includes suspicion of
conflicting evidence and evaluation of reliability of documents, interview
result, and other information collected. Professional skepticism also includes
the evaluation of adequacy and appropriateness of evidence collected in each
specific situation.
54. If the
service contract is not related to the assurance of authenticity of documents,
the documents may be considered authentic if the auditor does not have any
reason to believe that they are not. However, the auditor must examine the
reliability of documents used as evidence.
55. The auditor may use his/her knowledge in the
past about the honesty and integrity of evidence providers. However, the
auditor must maintain his/her professional skepticism even if he/she believes
in the honesty and integrity of evidence providers.
Professional judgment
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(1) Materiality and risk of the assurance
services;
(2) Contents, schedule, scope of procedures for
satisfying assurance services standards and collecting evidence;
(3) Whether collected evidence is adequate;
whether additional procedures are necessary for satisfying assurance services
standards. Especially for limited assurance services, the auditor must utilize
his/her professional judgment to decide judge whether the acceptable level of
assurance is achieved or not;
(4) Selection, application of appropriate
criteria or establishment of criteria (if necessary) for the subject matter in
case of direct assurance services. Evaluation of judgments of other entities in
case of attestation service;
(5) Giving conclusion based on collected
evidence.
57. Because auditors are professionally trained,
have relevant knowledge and experience, they are able to develop abilities
necessary for making reasonable judgments.
58. The utilization of professional judgment
must be based on the auditor’s understanding of the specific situation.
Discussion among the service provision group, consultation with relevant
parties inside and outside the audit firm at various levels in terms of
complicated or disputable issues throughout the process of service provision
will assist the auditor in making reasonable judgments.
59. A professional judgment may be evaluated by
considering whether the judgment reflects the reasonable application of
assurance principles, whether the measurement or evaluation principles are
appropriate and consistent regarding the auditor’s awareness of the situation
of the service contract up to the date of issue of the assurance service
report.
60. Professional judgment must be utilized
throughout the process of providing assurance services. The auditor must not
use his/her professional judgment to justify decisions that cannot be proven by
the actuality, specific situation of the service contract, or adequate and
appropriate evidence.
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61. Appropriateness and adequacy of evidence are
related. Adequacy is the standard for evaluating the quantity of evidence.
Quantity of evidence to be collected is affected by the risk that information
about the subject matter might have material misstatements (the higher the
risk, the higher the quantity of evidence needed) and by the quality of collected
evidence (the higher the quality of evidence, the lower the quantity needed).
However, abundant quantity of evidence does not guarantee quality of evidence
(see more in paragraph 81 and 82 of this Framework.
62. Appropriateness is the standards for evaluating
the quality of evidence, specifically the suitability and reliability in
assisting the auditor giving conclusion.
63. Reliability of evidence is affected by the
origins, contents, and depends on the situation in which the evidence is
collected. The auditor may generalize the reliability of various types of
evidence. However, some exceptions must be taken into account. Example:
Evidence collected from independent sources outside the unit may still be
unreliable if its origin is not clear or not objective. Regardless of some
exceptions, reliability of evidence can be evaluated according to the following
principles:
(1) The evidence is more reliable if it is
collected from independent sources outside the unit;
(2) Evidence produced within the unit is more reliable
when control is effective;
(3) Evidence collected by the auditor (such as
observing application of a type of control) is more reliable than evidence
collected indirectly or from through reasoning (such as interview about
application of a type of control);
(4) Evidence in the form of written documents,
electronic media, or other forms is more reliable than oral evidence (such as
minutes of meeting written in the process of the meeting is more reliable than
oral presentation of issues discussed in the meeting).
64. The consideration of consistent pieces of
evidence from various sources or evidence having different contents usually
provides more assurance than consideration of separate pieces of evidence. The
collection of evidence from various sources or evidence having different
contents may help support other pieces of evidence or prove that a specific
piece of evidence is not reliable. If pieces of evidence collected from various
sources are conflicting, the auditor must determine procedures for collecting
additional evidence to eliminate such conflict.
65. The collection of adequate evidence to
achieve assurance of information about the subject matter within a period of
time is usually more difficult than collecting adequate and appropriate
evidence to achieve assurance of information about the subject matter at a
point of time. In addition, auditors usually give conclusions about the
processes that are restricted within the duration of the service contract
instead of giving conclusion about whether or not such processes keep working
in the same manner in the future.
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Materiality
67. The materiality is considered while planning
and providing the assurance services, including determination of contents,
schedule, scope of the procedures, and when considering whether information
about the subject matter is correct. Professional judgment about a level of
competence is made according to the situation but is not affected by the level
of assurance, which means for the same user and purpose, the materiality of the
reasonable assurance services is the same as that of limited assurance services
because the materiality is determined according to demand for information of
users.
68. Errors,
including omissions, are considered material if they, when being considered at a reasonable extent, whether separately
or as a whole, could affect the decision of the user of information about the
subject matter. The auditor must make a professional judgment when evaluating
the materiality. The auditor's
understanding about the users’ demand for information will affect the
evaluation of materiality. If the
assurance service is not meant to satisfy the demand for information of certain
users, the impact of errors on them is usually disregarded.
69. The materiality is considered in the
relationship between quantitative and qualitative elements. When considering
the level of competence in a specific service contract, the importance of quantitative and qualitative
elements will need professional judgment.
70. The materiality is related to information
that need conclusion in the assurance service report. Therefore, when an
assurance service contract only covers some certain aspects of information
about the subject matter, the materiality shall only be considered based on the
part of information within the scope of the assurance service contract.
Risks to assurance
service contract
71. Information about the subject matter might
not be adequately reflected in the relationship between the subject matter and
the criteria. Thus, errors or material misstatements are potential. This
happens when information about the subject matter does not fully respect the
application of measurement or evaluation criteria to the subject matter.
72. Risks to the assurance service contract are
the risks that are considered inappropriate when information about the subject
matter still has material misstatements. Risks to the assurance service
contract is not related to or does not include the risks taken by the auditor
such as losing the case, revelation of information, or other events that occur
in the relationship with information about the specific subject matter.
73. It is
hard or impossible for the auditor to completely eliminate the risks to an
assurance service contract in terms of costs. Therefore, “reasonable assurance”
is the assurance at a lower level than absolute assurance and is the result of
the following elements:
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(2) Potential weaknesses of the internal
controls;
(3) The existing evidence is more convincing
than asserting
(4) The use of professional judgment in
collecting, evaluating evidence, and giving conclusion accordingly.
(5) In some cases, the characteristics of the
subject matter are measured or evaluated by certain criteria.
74. Not all of the elements below are existing
or important to every assurance service contract. However, in general, the
risks to an assurance service contract include:
(a) Risks that cannot be intervened by the
auditor and audit firm, including:
(i) The risk that information about the subject
matter is likely to have material misstatements before considering the internal
controls of relevant responsible parties (potential risks);
(ii) The risk
that a material misstatement may exist in information about the subject matter
was not prevented, found, or corrected by internal controls of relevant
responsible parties (control risks);
(b) Risks
that can be intervened by the auditor and audit firm, including:
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(ii) Risk that there are errors when the auditor
measures or evaluates subject matters by applied criteria (measurement or
evaluation risks) in case of direct assurance services.
75. The appropriateness of each of the risks to
the assurance service contract mentioned in paragraph 74 of this Framework
depends on the situation of the service contract. To be specific:
(1) The nature of the subject matter and
information about the subject matter. Example: The term “control risk” may be
considered more useful when the subject matter is related to the production of
information about operation of a unit than when the subject matter is related
to information about the effectiveness of internal controls or existence of a
physical condition;
(2) Whether the service being provided is
reasonable assurance services or limited assurance services. Example: In a
limited assurance service contract, the auditor usually collects evidence by
methods other than control experiment. In this case, the consideration of
control risk may be not as appropriate as when the auditor provides the
reasonable assurance services with the same information about the subject
matter;
(3) Whether the service being provided is direct
assurance services or attestation services. While the term “control risk” might
be more appropriate for attestation service, the term “measurement risk” or
“evaluation risk” is more appropriate for direct assurance services.
The consideration of risks is an issue related
to professional judgment which cannot be accurately measured.
Contents, schedule, scope
of procedures
76. Procedures are usually combined to achieve
reasonable assurance or limited assurance, including:
(1) Inspection;
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(3) External confirmation;
(4) Recalculation;
(5) Re-implementation;
(6) Analysis procedures;
(7) Interview.
Each service contract will have different
contents, schedule, and scope of procedures. Theoretically, assurance services
are more likely to differ in terms of procedures. In fact, the difference is
unclear and hard to determine.
77. In reasonable assurance service contract and
limited assurance services contract, the auditor must apply suitable skills and
techniques to collect adequate evidence. These tasks are part of the systematic
service provision process, including finding information about the subject
matter and other situations of the service contract.
78. A reasonable assurance service contract
consists of the following tasks:
(a) Determine and evaluate the risk of material
misstatements in information about the subject matter according to information
about the subject matter and other situations of the service contract;
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(c) Evaluate the adequacy and appropriateness of
collected evidence in specific situations of the service contract and collect
more evidence (if necessary).
79. Requirements of contents, schedule, scope of
procedures for the purpose of collecting adequate evidence in limited assurance
services are usually more limited than reasonable assurance services. Vietnam’s standards for assurance service
contract applied to a specific subject matter might require that, for instance,
adequate and appropriate evidence for a type of limited assurance service
contract must be collected mainly through analysis and interview. However, if
there are not Vietnam’s standards for assurance services applied to a specific
subject matter of other types of limited assurance service contracts, the
procedures for collecting adequate and appropriate evidence are not necessarily
analysis and interview. Instead, they will vary according to the situation of
the service contract, especially the subject matter and demand for information
of the user of assurance service report and the services buyer, including
limitation of time and budget. Professional judgment is necessary for
determination of contents, schedule, scope of assurance service procedures and
will vary according to each assurance service contract.
80. A limited assurance service contract
consists of the following tasks:
(a) Determine the areas in which information
about the subject matter is likely to have material misstatements based on
understanding about the subject matter and other situations of the service
contract;
(b) Design and perform procedures in such areas
to achieve a limited assurance which assists the auditor in giving a
conclusion;
(c) Design and perform additional procedures to
collect more evidence if the auditor finds issues information about the subject
matter is likely to have material misstatements.
Quantity and quality of existing evidence
81. Quantity and quality of existing evidence
are affected by:
(a) The nature of the subject matter and
information about the subject matter. For instance, evidence is less objective
when information about the subject matter is future information instead of past
information (see paragraph 40 of this Framework);
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Usually, existing evidence is more convincing
than asserting.
82. An unqualified opinion is not appropriate
for reasonable assurance services and limited assurance services when:
(a) The situation of the service contract
renders the auditor unable to collect adequate evidence necessary for reducing
the risks to assurance services to an appropriate level; or
(b) Either party to the service contract impose
a limitation that renders the auditor unable to collect adequate evidence
necessary for reducing the risks to the contract to an appropriate level.
Assurance service report
83. The auditor shall reaches the conclusion
based on collected evidence and make a written report to clearly present the
conclusion about assurance of information about the subject matter. Basic
components of an assurance service report are specified by Vietnam’s standards
for assurance service contracts.
84. In case of reasonable assurance services,
the auditor’s conclusion is presented as an assertion which presents the
auditor’s opinions about the result of measurement of evaluation of the subject
matter.
The reasonable assurance
service report must bear signatures of 02 practicing auditors. The first
signature on the report is appended by the auditor in charge of service contract;
the second signature is appended by the legal representative of the audit firm
or a person authorized in writing by the legal representative. There must be
full name and number of the Certificate of audit practice registration below
each signature. The legal representative of the audit firm or a person
authorized in writing by the legal representative permitted to sign the
reasonable assurance service report must be a member of the Board of Directors
in charge of overall execution of the service contract. The seal of the audit
firm (or its branch) which is responsible for the report shall be appended on
the signature of the legal representative of the audit firm or the authorized
person. Members of the Board of Directors in charge of overall execution of the
service contract are responsible for directing, executing, supervising,
examining the work of the group in charge of execution of the service contract.
The audit firm must specify the duties and responsibility of members of the
Board of Directors.
85. Examples about auditor’s conclusion in
reasonable assurance services:
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(2) Regarding information about subject matter
and applied criteria: “According to us; the financial statement truthfully and
reasonable, in all material respects, reflects the financial status of unit ABC
on .... as well as its business operation and cash flow of the fiscal year
which ends on the same day within framework XY1”; or
(3) Regarding the report made by the responsible
party: “According to us, the report of [the responsible party] on unit ABC’s
conformity with regulations XYZ is truthful and reasonable in all material
respects”; or “According to us, the report of [the responsible party] on
indicators for evaluation of conformity with criteria XY2 is truthful and
reasonable in all material respects”. In the direct assurance service contract,
the auditor’s conclusion is about the subject matter and criteria.
86. In a limited assurance service contract, the
auditor’s conclusion is about existence of issues that make the auditor
believes information about the subject matter still has material misstatements.
For instance: “Based on performed procedures and collected evidence, we finds
that there are not reasons that make us believe unit ABC does not comply with
regulations XYZ in all material respects”.
The limited assurance service report must
bear the signature of the legal representative of the audit firm or a person
authorized in writing by the legal representative. There must be full name and
number of the Certificate of audit practice registration below the signature.
The legal representative of the audit firm or a person authorized in writing by
the legal representative permitted to sign the limited assurance service report
must be a member of the Board of Directors in charge of overall execution of
the service contract. The seal of the audit firm (or its branch) which is
responsible for the report shall be appended on the signature of the legal
representative of the audit firm or the authorized person.
87. The auditor may make a “short” or “long”
report as long as it is convenient for the user. A short report is usually
contains basic elements. A long report also
contains other pieces of information and descriptions that do not affect the
auditor’s conclusion. Apart from basic elements, a long report may present
detailed terms and conditions of the service contract, applied criteria,
findings related to some specific aspect of the assurance services, capacity
and experience of the auditor and other parties to the assurance services, the
level of materiality and
recommendations in some cases. The inclusion of such information in the report
depends on its importance to the user.
88. The auditor’s conclusion must be presented
separately from other pieces of information or explanation that do not affect
the auditor’s conclusion such as “Important issues” or “Other issues”, findings
related to some specific aspect of the assurance service contract,
recommendations, and additional information in the assurance service report.
The auditor must emphasize that “important issues” or “other issues”, findings,
recommendations, and additional information are not meant to affect the
auditor’s conclusion.
89. The auditor will express an unqualified
opinion in the following cases:
(a) According
to the auditor's professional judgment, there is limitation to the scope of the
service contract which might have material impact. In this case, the
auditor will express a qualified opinion or disclaimer of opinion. In some
cases, the auditor needs to consider withdrawing from the service contract.
(b) According
to the auditor’s professional judgment, information about the subject matter
has material misstatements. In this case, the auditor will express a qualified
opinion or adverse opinion. In case of direct assurance services, when the
auditor has to give a conclusion that some or all of the subject matters are
not conformable with the criteria in all material respects, the auditor shall consider expressing a
qualified opinion (or adverse opinion if appropriate).
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91. After an assurance service contract is
accepted, if the auditor finds that one or some prerequisites are not
satisfied, he/she must discuss this with responsible parties and consider:
(a) Whether the issue can be satisfactorily
settled;
(b) Whether it is appropriate to keep providing
the service;
(c) Whether the issue is mentioned in the
assurance service report and how to mention it.
92. After accepting the contract, if the auditor
finds that some or all criteria are not satisfied or the subject matter are not
appropriate for an assurance service, the auditor needs to consider withdrawing
from the service contract if the withdrawal is lawful. If the auditor keeps
executing the service contract, he/she must give:
(a) A qualified opinion or adverse opinion
depending on the materiality and pervasion of the issue when the auditor finds
that the criteria are not satisfied or the subject matter is not appropriate that
may cause confusion for the users; or
(b) A qualified opinion or disclaimer of opinion
depending on the materiality and pervasion of the issue based on his/her
professional judgment in other cases.
Other issues
Responsibility to exchange other information
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Documents about service contract
94. Documents about an assurance service
contract include writings that are the basis for making the assurance service
report when documents are created promptly, adequately, and appropriately that
an experienced auditor who does not participate in the service contract can
understand.
(a) Contents, schedule, scope of procedures must
be conformable with standards for assurance services, law, and relevant
regulations;
(b) Results of procedures and collected
information:
(c) Important
issues that arise in the process of execution of the service contract,
conclusions given, and professional judgments made to reach such conclusions.
95. Documents about assurance service contract
must record the method by which the auditor eliminates the inconsistencies
between collected information and the final conclusion of the auditor about an
important issue.
Inappropriate use of auditor’s name
96. If an auditor’s name is associated with a subject
matter or information about a relevant subject matter when the auditor makes a
report on such subject matter or agrees with the use of his/her name for the
subject matter or information about the relevant subject matter. If an
auditor’s name is not so associated, third parties may admit that such auditor
is not involved. If an auditor finds that his/her name is not appropriately
attached to a subject matter or information about a relevant subject matter,
he/she must request that party to stop doing so. The auditor must consider
other necessary steps such as notifying the user being a third party of the
inappropriate use of his/her name, or consult with a legal expert.