THÔNG TIN TÀI LIỆU
MINISTRY OF EDUCATION AND TRAINING THUONGMAI UNIVERSITY (TMU) DAO NGOC HA THE EVALUATION OF INTERNAL CONTROL IN AUDITING FINANCIAL STATEMENTS OF CONSTRUCTION ENTERPRISES BY VIETNAM'S INDEPENDENT AUDITING COMPANIES Major Code : Accounting : 9.34.03.01 SUMMARY OF DOCTORAL THESIS IN ECONOMICS Hanoi, 2022 THE THESIS IS COMPLETED AT THUONGMAI UNIVERSITY Instructor Assoc Prof Tran Thi Hong Mai Assoc Prof Nguyen Phu Giang Referee 1: …………………………… Referee 2: …………………………… Referee 3: …………………………… The thesis will be examined by the Examination Board at Thuongmai University At hour day month year The thesis can be found at: Vietnam National Library Thuongmai University Library INTRODUCTION The necessity of the subject The globalization of the world economy, the development of financial markets, and the force of international investors have transcended the borders of countries, which has increased the need for ensuring the reliability of the information on financial statements The external audit has gradually played a significant role in the market economy The audit of financial statements is a tool to protect the economy's stability through an audit opinion To improve the audit quality of financial statements, the assessment of internal control also has a change in approach based on risk-based evaluations This requires the auditors to understand the entity's characteristics and properly assess the client's internal control In Vietnam, the construction industry has shown significant changes in recent years and is expected to continue to grow continuously based on capital mobilization from stakeholders in the economy To ensure the quality of information to serve the requirements of the related subjects, it is required that the auditing firms need to improve further the quality of auditing the financial statements of enterprises When it comes to construction enterprises, it is extremely difficult and risky to directly inspect each object and operation to detect mistakes due to the enormous workload, while the level of violations and very subtle error concealment Therefore, it is necessary to predict errors to localize the audit scope and determine the audit focus Evaluation of internal control in the construction enterprises audit is critical The auditor can adequately assess the risks at the construction enterprises as a basis for determining the suitable content, scope, and audit methods However, until now, the assessment of internal control in auditing financial statements in Vietnam does not have detailed instructions for specific types of units, including construction enterprises, which leads to difficulties in Implementation and inconsistency among external auditing firms Stemming from the necessity of both theory and practice, I choose the topic of "The evaluation of internal control in auditing financial statements of construction enterprises by Vietnam's independent auditing companies" for my doctoral thesis Overview of scientific works related to the thesis topic and research gaps The author synthesizes domestic and foreign works related to the research topic following the following contents: (1) Research on assessment of internal control in the auditing of financial statements (2) Research on factors affecting the effectiveness of internal control assessment in auditing financial statements By the summary of published studies, the author found some gaps in the research: Firstly: There have been no works in Vietnam to study the evaluation of internal control in financial statements construction enterprises audited by Vietnam's independent auditing companies Secondly: Published studies have not focused on examining the importance of constituent elements in considering the effectiveness of construction enterprises' design, and there are no specialized studies Dig deep into construction enterprises to determine which business cycles are essential to focus In addition, the authors have not studied risk-based approaches to assessing internal control Thirdly: In Vietnam, there has not been any research on the factors affecting the effectiveness of internal control assessment in auditing for the construction enterprises by external auditing firms in Vietnam Research objective General objectives: Improve the assessment of internal control in the audit of financial statements of construction enterprises based on scientific evaluation criteria Taking into account internal and external factors that affect the effectiveness of internal control assessment in auditing financial statements of independent Vietnamese auditors further improves the quality of the audit of financial statements Detail objectives: Systematize the theory of assessment of internal control in the audit of financial statements Researching the current status and determining the factors, and quantifying the influence of each element on the effectiveness of internal control assessment in auditing financial statements of construction enterprises of independent Vietnamese auditing companies; Proposing solutions to improve the assessment of internal control in the audit of financial statements of construction enterprises at independent auditing companies in Vietnam Research question There are four questions to be solved in the thesis, included: Question 1: How does the evaluation of internal control effects financial statement auditing? Question 2: Which criteria can the auditors use to evaluate internal control in terms of financial statement auditing? Question 3: How is the evaluation of internal control in construction enterprises' financial statement auditing by Vietnamese independent auditing companies processed? Which factors will the effectiveness of the assessment? Question 4: What should Vietnamese Auditing companies to complete the evaluation of construction enterprise's internal control in financial statement auditing Research methodology The thesis research theory is combined with an actual survey to analyze, compare, synthesize, and make statistics A combination of qualitative and quantitative research at the same time methods is used to meet the topic's objectives better The research process is carried out through the following steps: Identify the research problem; Review of related studies; Identify research gaps and approaches; Systematize the theory of evaluation of internal control in the audit of financial statements; Survey on the status of internal control assessment in auditing financial statements of building and erection companies of audit firms; Proposing solutions Research object and research scope * Research object: The thesis focuses on evaluating internal control in construction enterprises' financial statements of audit firms in Vietnam * Research scope: The thesis uses survey results in 48 audit firms in Vietnam, from 2015 to 2020 New contributions of the thesis Academic and theoretical contributions: The thesis systematizes, analyzes, and contributes to supplementing and clarifying the theory of internal control and assessment of internal control in the audit of financial statements of independent auditors according to the following scientific evaluation criteria At the same time, the thesis has systematized the factors affecting the effectiveness of internal control assessment in auditing financial statements of independent auditors New research discovery and suggestions: The thesis has presented and analyzed the current status of internal control assessment in the audit of financial statements of construction enterprises by independent auditors through the qualitative method At the same time, by quantitative methodology with a large number of reliable samples, the thesis has identified and ranked the factors affecting the effectiveness of internal control assessment in auditing financial statements of construction enterprises by independent Vietnamese auditing companies From the scientific and reliable research results, the thesis has proposed highly feasible solutions for auditing firms and auditors in understanding and evaluating internal control in auditing financial statements of enterprises associated with the detailed reviews criteria, including: Understand the operating environment and risks of construction enterprises; Evaluating internal control from an enterprise-wide perspective; Understanding internal control according to the primary business cycle; Documenting of internal controls; Preliminary assessment of control risk; Design and Implementation of controlled tests; The reassessment of control risk Since then, it will help Vietnamese auditing companies improve the quality of auditing financial statements in general and evaluate the internal control of construction enterprises in particular Thesis structure In addition to the introduction, Conclusion, list of research works, list of references, and appendices, the thesis is structured into 04 chapters CHAPTER 1: THEORETICAL BASIS OF THE EVALUATION OF INTERNAL CONTROL IN FINANCIAL STATEMENT AUDIT BY INDEPENDENT AUDITORS 1.1 Overview of internal control assessment in the enterprise 1.1.1 Definition and components of internal control 1.1.1.1 Definition According to the PhD student, based on the synthesis of many opinions on internal control, Internal control can be understood as an effective tool for managers to reduce potential risks in the operation process Property safeguard, minimize damage or loss due to diminishing or fraud; Ensure the reasonableness of the data collected, recorded, and presented by the accountant in the financial statements 1.1.1.2 Components of the internal control When considering the components of internal control, although there are different views, the researcher believes that internal control is considered as the most appropriate and effective one must be composed of main components mentioned by COSO 1.1.2 Objectives of internal control Setting up internal control, business managers often aim at primary goals such as: Controlling and managing production and business effectively; Protect assets and information from abuse and misuse; Preventing and detecting mistakes in the production and business process; Complete and accurate accounting records of economic transactions; Prepare timely and valid financial statements and comply with legal requirements 1.2 Evaluation of internal control in financial statements auditing 1.2.1 The meaning of the evaluation of internal control in financial statements auditing The knowledge of internal control will help the auditor assess the internal control's weaknesses, thereby determining the appropriate workload and audit methods 1.2.2 Criteria of evaluating the effectiveness of internal control in financial statements auditing The overall evaluation of the effectiveness of internal control in auditing financial statements at audit firms should be based on a combination for assessing the design and operation of internal control 1.2.2.1 Evaluation criteria of the design of internal control The criteria for evaluating the design of internal control in the audit of financial statements include: (1) Conformity; (2) Coverage level; (3) Power of control, and (4) Timely 1.2.2.2 Evaluation criteria of internal control operation The criteria for evaluating the design of internal control in the audit of financial statements include 1) Availability of resources; (2) Compliance; (3) Remaining risk 1.2.3 The contents of the evaluation of internal control in financial statements auditing 1.2.3.1 Understanding risks and internal control of client units (*) Understanding the operating environment and business risks (1) Operational environment and external factors affecting the business; (2) Characteristics of the enterprise; (3) Applicable accounting policies; (4) Business objectives, strategies, and risks and (5) HR issues: The auditor identifies risks that may arise from the collected information, including the Business environment from threats and the internal enterprise risks (*) Understanding internal control according to key business cycles The auditor only needs to understand the business cycles that are considered necessary that could lead to material misstatements in the financial statements (*) Evaluation of internal control from an enterprise-wide perspective Understanding the design of enterprise-wide internal control is done through understanding and evaluating the five components of internal control according to COSO 1.2.3.2 Documentation of understanding the internal control The audit record on the understanding of internal control includes a basic description of the five components of internal control, a description of the primary business cycles, and the sources of information that help the auditor obtain the knowledge Records are usually made and completed in the form of a narrative sheet, a question sheet, or a flowchart 1.2.3.3 Preliminary evaluation of control risks The auditor will make a preliminary evaluation of the impact on control risks on the assertions in the financial statements according to the following contents: (1) Research on information collected through understanding internal control; (2) Identification of potential deviations and key control procedures; (3) Preliminary evaluation of control risks 1.2.3.4 Design and Implementation of the tests of controls When designing the tests of controls, the auditor lists out control objectives, identifies key controls, and the frequency of those key controls When performing the tests of controls, the auditor selects samples to test and collects evidence The results of the tests of controls only indicate the design and operation of the internal control, not the accuracy of the figures in the financial statements 1.2.3.5 Re-evaluation of control risks After finishing the controls tests, the auditor must reevaluate the control risks Auditors must consider both the quantity and quality of evidence to conclude the effectiveness of internal control When defects in controls are found, the 10 The researcher has surveyed the auditors at 48 auditing firms, including groups: a Group of Vietnamese auditing firms that are members of the associations of international auditing firms (group of - 18 companies) and a group of Vietnamese auditing firms that are not a member of the associations (groups of - 30 companies) to see if there are any differences in the actual situation of researching and evaluating internal control between these two groups of companies and at the same time In-depth research through the system of documents of the auditing firms The results of the analysis and evaluation are based on the average calculation mean for each investigated problem; the survey results are shown as follows: 3.3.2.1 Figure out the risks and internal controls of the client (*) Get to know about the operating environment and risks at construction enterprises Both auditing firms are interested in learning about construction enterprises, including the operating environment and related risks, but have not focused on understanding this content (*) Get to know about the key business cycles Group has a higher focus on understanding business cycles than group 2, but overall, most audit firms in both groups are not focused on learning about these cycles (*) Evaluation of internal control from an enterprise-wide perspective During the process of learning about internal control at construction enterprises at the enterprise-wide level, both groups of audit firms have researched the components of internal control However, there are still auditors in both groups who not study some components of the internal control design of construction enterprises Most of the auditors surveyed in group use the systemsbased approach The evaluation of internal control approaches 18 at group audit firms has shifted from a systematic assessment to a risk-based approach 3.3.2.2 Documentation of understanding of internal control Audit firms in both groups hardly pay attention to Documentation and separate guidelines on enterprise-level evaluation of internal control for construction enterprises While learning and evaluating internal control on the enterprise level, they mainly use forms according to the VACPA template or build-up based on this template The description of business cycles at group audit firms is done mainly through the narrative method Some auditing firms and auditors use the description of the cycle through diagrams, but the level is not significant 3.3.2.3 Preliminary evaluation of control risk Criteria to evaluate the effectiveness in the design of controls are based on the views of each assigned auditor The criteria commonly used by auditors in both groups include Conformity between internal control design and control objectives and control coverage Other criteria are hardly used 3.3.2.4 design and Implementation of tests of controls Control tests have been designed and performed by group when performing financial statements audit of construction enterprises, while group has not paid much attention to this procedure The number of samples selected in the test of control at construction enterprises is normally determined by the auditor based on experience, the specific regulations or guidelines for determining the number of samples required for controlled testing are not applied 3.3.2.5 Re-evaluation of control risk Criteria to evaluate the effectiveness in operating internal control are mainly used as Compliance criteria, two criteria of available resources and remaining risks are not interested in by auditors in both groups 19 The sample size expansion to perform the control test was performed by some group auditors, but the number was not significant For group 2, almost all auditors gave out immediate conclusions about the effectiveness of the internal control, expanding the sample size of the test of controls is not generally performed 3.3.2.6 The evaluation of internal control results using With the construction enterprises for which internal control is judged to be ineffective, most of the auditors in group conducted to expand the scope of performing basic tests, the group auditors mainly follow the original plan, only a little variation in the extent of substantive testing Both groups communication with the board of directors and issuance of management letters The changes in substantive testing guided by audit firms are mainly related to sample size and are made mainly by group auditors Other factors in terms of time have not changed significantly, and the change of personnel is not done also 3.4 Quantitative research results 3.4.1 Descriptive statistics of the sample results The total number of valid votes and consistent with the research content of the topic is 203 votes The surveys obtained from group account for 43.3%, while group account for 56.7% The working time of the survey subjects at auditing companies is also considerably longer, with only 9.85% of them working for less than one year, which ensures that the answers on the collected questionnaires are trustable 3.4.2 Research results on ranking factors that affect the effectiveness of internal control assessment in auditing financial statements of construction enterprises 3.4.2.1 The results of the evaluation of the quality of the scale After verifying the quality of the scale, the research model includes five independent variables with 21 observed variables 20 3.4.2.2 Exploratory factor analysis results The results of the EFA analysis for the independent variables were divided into groups with the stats as follows: KMO = 0.877; Sig (Bartlett's Test) = 0.000; Eigenvalues = 1.385; Total variance extracted = 64.694% Thus, through the evaluation of scale quality and EFA analysis, the researcher identified five scales representing the factors affecting the effectiveness of the assessment of internal control in auditing the financial statements of construction enterprises After the EFA analysis, the research model did not change, so the research hypotheses remained the same 3.4.2.3 Regression analysis results Durbin Watson coefficient of the model is 1,904; VIF variance magnification of the variables in the model are all < 2; Anova test with significance level sig= 0.000; R² coefficient (Adjusted R Square) = 0.621; Coefficients shows that all independent variables have Sig < 5%, so independent variables including DTKH, DT, CTKT, KTV and MTPL all have a statistically significant impact on the dependent variable, HQDG The normalized regression equation is as follows: 0,172DTKH + 0,271DT+ 0,225 CTKT + 0,258KTV + 0,160MTPL The level of impact of the variables in order from high to low will be: DT (0.271) KTV (0.258) CTKT (0.225) DTKH (0.172) MTPL (0,160) 3.4.2.4 Independent Sample T-Test Results There is a statistically significant difference when assessing the impact of the factor "Specific of construction enterprises " on the effectiveness of internal control evaluation in auditing the financial statements of independent auditing 21 companies in Vietnam between the two groups Other variables: KTV, CTKT, DT, and MTPL remain no changes Chapter Summary In this chapter, the thesis presented the status of internal control evaluation With qualitative research, the thesis has presented the characteristics of the audit subjects in auditing the financial statements of buildings and firms in Vietnam, affecting the evaluation of internal control, regulations, guidelines, and evaluation content in terms of internal control in auditing financial statements of construction enterprises based on survey results and interviews with auditors The situation is shown in the two groups of auditing firms, auditing firms that are members of firms, international associations, and the remaining Vietnamese auditing firms For quantitative research, the researcher presented the research results and ranked the factors that affect the effectiveness of the evaluation of internal control in the audits by external auditing firms in Vietnam 22 CHAPTER 4: CONCLUSION AND SOLUTION OF THE EVALUATION OF INTERNAL CONTROL IN AUDITING FINANCIAL STATEMENTS OF CONSTRUCTION ENTERPRISES IMPLEMENTED BY VIET NAM'S INDEPENDENT AUDITING COMPANIES 4.1 Discuss the results of the survey 4.1.1 Advantages Auditing firms have taken steps to make appropriate comments on the effectiveness of internal controls The personnel who conduct the research and evaluation of internal control of buildings and erection firms are mostly auditors with a considerable understanding of controls Some auditors have focused on identifying key controls based on the risks of material misstatement Have enough practical working documents and good archives 4.1.2 Disadvantages (*) About the operating environment and business risks The method of collecting information is not completed, the personnel who evaluate internal control of construction enterprises at both groups is not consistent, the content to learn related to construction enterprises does not have detailed instructions especially for group (*) About the evaluation of internal control from the enterpriselevel perspective The internal control components are not fully studied, the internal control evaluation questionnaire for construction enterprises has not been developed, and the criteria for evaluating internal control from an enterprise-wide perspective are not clear (*) About getting to know about key business cycles The content of the study and the description is made incomplete Group 1's Implementation is still very sketchy, group is not interested in learning and describing There are 23 no guidelines for auditors to identify common control points, and procedures to collect evidence have not been fully used Do not conduct Walkthrough test procedures (especially group 2) (*) About Documentation of internal control knowledge The description of the main business cycles is mainly done by the narrative method This description is not detailed, the risks of material misstatement are often not fully identified, and the key controls are not identified or are rarely described (*) About the preliminary evaluation of control risk Audit firms have not developed criteria to evaluate the effectiveness of control design (*) About the design and Implementation of tests of controls Auditors from group usually not perform tests of controls when the control design has been evaluated to be effective The identification of key control points is not based on risk and there is no guidance on sampling when designing tests of controls in both groups of audit firms (*) About re-evaluation of control risk The effectiveness of internal control at present is based entirely on the auditors' opinion without specific criteria to measure the effectiveness of internal control operations at construction enterprises 4.2 Discussing results through quantitative research Testing the research hypotheses showed that all five research hypotheses were accepted Regression analysis results show that five independent variables positively impact the effectiveness of internal control evaluation Impact Level in order: "Training"; "Auditing; "Auditing firm characteristics"; "Characteristics of audited construction enterprises"; and "Regulatory environment." 4.3 Requirements and principles of completion 4.3.1 Request Ensure the economics and efficiency of the audit Ensure the applicability into practice 24 4.3.2 Principle Compliance Principles; Matching Principle; Principles of inheritance, selection, and promotion; Principle of cost-benefit balance 4.4 Solutions from research results 4.4.1 Solutions for figuring out the operating environment and risks of construction enterprises Group needs to identify specific issues that need to be focused on gathering information related to risks of material misstatement (especially risks of fraud) Group needs to understand customers and the operating environment at construction enterprises fully 4.4.2 Solutions for evaluating internal control from an enterprise-wide perspective Both groups of audit firms need to set up a Question table to evaluate internal control in the audit of financial statements of construction enterprises from an enterprise-wide perspective The basic contents that need to be learned are based on the components of internal control associated with the characteristics of construction enterprises and construction products Simultaneously, it is necessary to fully define the evaluation criteria for internal control from an enterprise-wide perspective 4.4.3 Solution for learning about internal control according to the main business cycle 4.4.3.1 Make a questionnaire about internal control according to the main business cycle Auditors in both groups of auditing companies should set up a Question table to learn and evaluate internal control of business cycles based on components of internal control The results of these detailed evaluation tables will help the auditors learn and evaluate internal control in each business cycle to better serve the work in the next stage 25 To build a questionnaire about the business cycle, auditors need to identify potential risks related to the cycle at construction enterprises, then proceed to ask questions related to the handling of risks based on the answers collected, auditors have more information to evaluate internal control of each important business cycle 4.4.3.2 Identify the key controls relevant to the risk-based audit Group 1: To properly identify the key controls relevant to each business cycle, the auditor needs to identify the risks that exist in the business processes or components, or items then identify the controls related to these risks To identify established controls, the auditor follows two steps: Identify risks of material misstatement and Identify controls designed by BOD The auditor should perform the following contents: (1) Determine the control procedures that the entity has developed (2) Identify deficiencies of key control procedures (3) Learn of the offset control process Group 2: Auditing firms must require the auditors to fully understand and describe business cycles Knowledge of business cycles should be based on questionnaires to collect data, and descriptions of key business cycles should be mapped to identify relevant controls The identification of the main controls, checkpoints, and handling measures by the management of construction enterprises in the next step is carried out as a solution for group 4.4.4 Solutions for Documentation of internal control knowledge Solution for group only The auditors in this group need to make a more detailed description of the internal control through the application of flowcharts (diagrams), through these diagrams, the auditors will easily identify the important control points in each cycle to perform further audit procedures 26 4.4.5 Solution for preliminary evaluation of control risk The Solution of applying evaluation criteria on the design of internal control for auditing firms The researcher made recommendations on the use of several criteria to evaluate the effectiveness of internal control design according to 04 criteria including the appropriateness of the control; Coverage of controls; Strength of controls and Timely of controls Auditors can use the scale to evaluate the above criteria, the Conclusion about the effectiveness of the design will be based on the average score of criteria 4.4.6 Solutions for design and test of tests of controls 4.4.6.1 Sample selection when designing a test of control For audit firm in group 1: The determination of sample size in tests of controls should be divided into groups including daily controls and periodic controls With the samples selected to test for both control groups, if the auditor finds a bias, the confidence in the effectiveness of the internal control should be reconsidered, the auditor may need to expand the sample size of the test of controls or perform alternative procedures For audit firm in group 2: Auditors at group audit firms need to fully comply with and perform the whole required audit contents, starting from determining the conditions for performing tests of controls In the process of performing tests of controls, sample selection can be applied as a solution for the group audit firms 4.4.6.2 Implementation of tests of controls Solution for group audit firms only Auditors at group need to determine to perform tests of controls or not based on 06 steps including: (1) Determining control objectives; (2) Identify possible risks; (3) Identify key control procedures; (4) Evaluation of key control procedures in terms of design; (5) Evaluation of key control procedures in 27 terms of Implementation; (6) Deciding whether to perform a test of the effectiveness of a key control procedure Once the auditor has determined that the internal controls relevant to the audit are properly designed and performed, it should be evaluated which tests of the operating effectiveness of the controls (if any) will reduce the need for other substantive tests and which controls should be tested because there is no other way to obtain sufficient appropriate audit evidence 4.4.7 Solution for re-evaluation of control risk The Solution to apply evaluation criteria on internal control operation for auditing firms The researcher proposes to apply criteria to evaluate the effectiveness of internal control operation in buildings and erection firms based on the elements of control The evaluation criteria include: (1) Availability of necessary resources to implement controls (2) Compliance and (3) Residual risk After determining the above criteria, the auditor can calculate the score according to the ratings of each criterion from to points, in which the 1st rank counts points, the 5th rank counts point The score to evaluate the effectiveness of internal control is the average score of the three criteria 4.5 Recommendations are given out from the research results 4.5.1 Recommendations to the Ministry of Finance It is necessary to coordinate with professional organizations to develop professional training programs for auditors It is necessary to strengthen the supervision of audit quality for audit firms 4.5.2 Recommendations to the Vietnam Association of Certified Public Accountants Issue guidelines on internal control assessment for different types of enterprises Adding more content on internal 28 control assessment in the training program and updating knowledge for auditors It is necessary to strengthen inspection of the quality of audit services of financial statements in general and assessment of internal control in particular 4.5.3 Recommendations to audit firms Determine a reasonable audit fee based on the actual workload to be performed It is necessary to strengthen the quality control of the evaluation of internal control through checking the quality of the audits performed Increase more and more training for staffs 4.5.4 Recommendations for all auditors Auditors need to improve their expertise and experience in the evaluation of internal control, improve language ability to update quickly, and approach with new methods for the assessment of internal control Chapter Summary The researcher has presented the conclusions, solutions, and recommendations on evaluation of internal control in the financial statements of building erection firms audit by external audit to improve the effectiveness of the assessment of internal control in auditing financial statements of buildings and erection companies by external auditing firms CONCLUSION The thesis of "The evaluation of internal control in auditing financial statements of construction enterprises by Vietnam's independent auditing companies" has clarified issues related to the research questions including elements of internal control; Approaches to the evaluation of internal control 29 of clients by external audit firms; Contents of the evaluation of internal control in construction enterprises by Vietnamese independent auditing companies; Internal control evaluation criteria in financial statement audit; Factors affecting the evaluation of internal control in building and erection companies by external audit in Vietnam The main research results achieved by the thesis are: First, the thesis synthesizes, systematizes, and clarifies the theories of internal control and the evaluation of internal control in the financial statements auditing by external audit Second, systematizes and ranks the factors that affect the evaluation of internal control in the financial statements auditing by external audit Third, presents and analyzes the content of the evaluation of internal control in the financial statements auditing by external audit Fourth, based on the research results, the thesis gives recommendations for auditing firms and auditors to inquire and evaluate the evaluation of internal control in the financial statements associated with specific evaluation criteria Fifth, the research results are the practical basis for recommendations to help auditors and external audit companies to refer and apply to improve the quality of the evaluation of internal control in the financial statements of all fields in general and in construction enterprises in particular Sixth, the research results and the limitations of the research also suggest further research directions on internal control evaluation in the audit of financial statements of various types of enterprises by external audit firms in Vietnam Despite the efforts in the research process, besides the above results, the thesis cannot avoid certain shortcomings The research is looking forward to receiving valuable comments from scientists and experts in the fields to better and better improve the thesis 30 31 LIST OF WORK RELATED TO THE THESIS HAS BEEN PUBLISHED [1] Dao Ngoc Ha (2018), "Construction process and data review process of building and erection firm by external audit", Accounting & Auditing Magazine, Issued on 3/2019 [2] Dao Ngoc Ha (2018), "Exchange and non-statistical sampling methods of external audit in the test of controls", Accounting & Auditing Magazine, Issued on 9/2019 [3] Dao Ngoc Ha (2019), "Technology Revolution 4.0 and some influences on auditing", Proceedings of the national conference on Vietnamese Accounting and Auditing in the environment of the industrial revolution 4.0 - opportunities and challenges [4] Dao Ngoc Ha (2020), "Identifying and ranking factors affecting the assessment of internal control in the auditing of financial statements of construction enterprises by external auditors", ICYREB International Conference 2020 [5] Dao Ngoc Ha (2021), "Effective internal control assessment in auditing financial statements construction enterprises based on understanding the elements of control", ICYREB International Conference 2021 [6] Dao Ngoc Ha (2021), "Identification and Ranking of Factors Effects on Evaluation of Internal Controls of Vietnam Independent Auditors in Auditing the Financial Statements of Construction Enterprises" Journal of Business and Economics 32 ... Board at Thuongmai University At hour day month year The thesis can be found at: Vietnam National Library Thuongmai University Library INTRODUCTION The necessity of the subject The globalization... of audit quality for audit firms 4.5.2 Recommendations to the Vietnam Association of Certified Public Accountants Issue guidelines on internal control assessment for different types of enterprises... evaluations This requires the auditors to understand the entity's characteristics and properly assess the client's internal control In Vietnam, the construction industry has shown significant changes
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