Vinaconex is a high class stone joint stock company, located in hoa lac hi tech park,

1 TABLE OF CONTENT A COMPANY INTRODUCTION B UNDERSTANDING OF INDUSTRY AND CLIENT BUSINESS I Industry and external environment II Business operations and processes The major sources of revenue Key suppliers and customers Sources of financing Related party III Management and Governance IV Objectives and strategies V Measurement and performance C ASSESSING CLIENT BUSINESS RISK 10 D PRELIMINARY ANALYTICAL PROCEDURES 11 Compare with previous year 11 Compare with opponents 12 E RISK ASSESSMENT 13 Acceptable audit risk 13 Inherent risk 13 Fraud risk 14 F AUDIT PROCEDURES FOR FOUR KEY ITEMS 14 Inventory 14 Sales revenue 17 Short-term account receivable 19 Account payable 22 ABSTRACT In order to perform audits, the audit firm needs to look up several pieces of information to evaluate the company data In this paper, with the aim of designing the audit procedure for the Vicostone Joint Stock Company (VCS), will provide general information about the company; demonstrate understanding of the VCS business and industry After collecting information, the preliminary analytical procedure, initial business risks assessment will be provided After several investigations, appropriate audit procedures are suggested to specific objectives of important accounts which have likelihood of material misstatements A COMPANY INTRODUCTION Vinaconex is a high-class stone joint stock company, located in Hoa Lac Hi-Tech Park, Thach That District, Hanoi City, Vietnam, established in December, 2002 The Company's shares were officially listed and traded on the Hanoi Stock Exchange (HNX) in 2007 After 11 operating years, this company was renamed to Vicostone (VCS) joint stock company which marked the step of maturity in high-end stone products The majority of operating activities in the current year are manufacturing and trading of quartz-surfaces using modern appliances transferred from Breston S.P.A (Italy) Taking advantage of artificial stone production lines and the latest technology, Vicostone has supplied over million square meters of finished goods to the whole market in Vietnam and foreign countries B UNDERSTANDING OF INDUSTRY AND CLIENT BUSINESS I Industry and external environment In terms of industry risk, this industry faces directly not only other quartz manufacturers and natural stone providers, but also manufacturers of tiling materials alternatives such as laminate, large ceramic slab or other substitutes Besides, the company may deal with another problem called environmental risk which negatively affects both the environment and the corporate reputation During production progress, the dust treatment, the gas extraction and the domestic wastewater systems are not operated as required, which results in the discharge of substandard waste into the habitat Therefore, production activities of the companies can be influenced by the State management agency regulation due to being complained about by the resident’s surroundings II Business operations and processes The major sources of revenue Figure 1: Vicostone’s export revenue in 2018 (Annual report, 2018) Vicostone’s has already exported their products to more than 40 countries and regions in the world Their revenue mainly comes from fastidious overseas markets such as North America, Australia and Europe with figures of 66.28%, 21.18%, and 11.34% respectively Revenue from these markets accounts for 98.8% of VICOSTONE's total export revenue in 2018 Key suppliers and customers 2.1 Key suppliers Vicostone products contain 90% quartz aggregate Quartz stone material is supplied by big suppliers from Belgium, India, Spain, Turkey, with modern equipment, ensuring absolute removal of impurities before being sold to Vicostone In addition, VCS holds the exclusive artificial quartz stone production line from supplier Breton S.p.A (Phenikaa has lines, Vicostone has lines and StyleStone has line) until the end of 2018 2.2 Key customers Vicostone officially focused on domestic consumers which concentrated in the big cities such as Hanoi, Ho Chi Minh City, Nha Trang and Da Nang Moreover, in 2018, the company also developed new, potential markets such as China market, Malaysia market Continued development in existing markets and expanding into new markets are the basis for further development business for Vicostone in 2019 Sources of financing In 2019, the company’s total capital budget is VND 5,583.76 billion, of which debt accounts for VND 2,135 billion and the equity is VND 3,448.69 billion resulting from the capital increase from 600 billion VND to 1,600 billion VND in the 2016-2018 period (Annual report, 2019) Related party Related parties include companies, individuals which impact directly and indirectly on financial decisions and activities Vicostone is the subsidiary of Joint Stock Company Phuong Hoang Xanh A&A (Phenikaa) Phenikaa owns a significant number of 81.63 % of Vicostone shares in 2019 (Annual report, 2019) which has a great influence on the company's operations and activities In 2019, the company completed the purchase of 100% equity of Phenikaa Hue Company with a total fee of VND 50 billion from Phuong Hoang Xanh A&A Joint Stock Company Figure 2: Vicotone’s related parties (Annual report, 2018) III Management and Governance Figure 3: Vicotone’s organizational structure (Sustainable Development Report, 2018) Vicostone’s organizational structure currently includes 14 departments beneath the supervision and direction of the Board of General Director, a Risk Management & Internal Audit Division under the Company’s Board of Directors and a sub-committee for General Affairs to assist with the work of the Board of Directors The framework of offices inside the company is isolated and includes a clear function to guarantee compelling operation and compliance with controls IV Objectives and strategies Within the period of 2019-2024, the company has set particular development objectives, not only financial but also social and natural improvement goals For economy, the company determines revenue and pre-tax profit target increase within the range of 16-19% In addition, the company also mentioned the issue of developing more research to improve the quality of existing products and invent more unique and competitive products Figure 4: Vicotone’s organizational structure (Annual report, 2019) For society and the environment, the company is especially concerned with its employee relationships and natural effect Development goals within the coming years are emphasized to extend employee satisfaction and commitment to attain the objectives set by the company and ended up a “Green Enterprise” , developing research to diminish minimizing effect on the environment Figure 5: Vicotone’s strategy for 2019-2024 period (Sustainable Development Report, 2018) V Measurement and performance 2019 is considered a successful year for Vicostone when their economic indicators show outstanding growth compared to 2018 By the end of 2019, VICOSTONE achieved VND 5,590.55 billion in total revenue and VND 1652.66 billion in profit before tax, which presented an increase of 22.48% and 25.34% respectively compared to 2018 This is also the 4th consecutive year that Vicostone's ROAE is above 40% and ROAA is above 20% Figure 6: Vicotone’s performance in 2019 (Sustainable Development Report, 2019) C ASSESSING CLIENT BUSINESS RISK Client business risk is the risk that the client will fail to meet its objective For Vicostone Joint Stock Company (VCS), the ultimate objective in 2019 was to reach the target total revenue of 5,110 billion VND with the growth of 16.3% (Annual report, 2018) Based on observed documents, in 2019, the company had to suffer from risks relating to growth market, foreign exchange rate and legal dispute In terms of trading markets, the majority of export revenue comes from big markets like North America, Australia and Europe, putting the company at risk of making losses when one of these markets suffers from crisis or decreases in consuming demand In the domestic market, consuming products made from natural stone is preferred by most citizens Otherwise, the number of quartz-based stone products with imported, low-cost Chinese technology counterfeited as “Vicostone” brand name is rising, which inherently affects brand reputation If Vicostone is not 10 able to “go fast”, it is more likely that the company will lose its competitive advantages to pioneer and lead the market Being an export company, the business results of Vicostone are definitely affected by the change in exchange rate However in 2019, no significant fluctuation in exchange rate is recorded, so the risk relating to this factor for the company is considered low Additionally, Vicostone mainly exports to foreign markets where legal documents are differently applied, so timely adapting to changes in policies, regulations, legal corridors, simultaneously, making plans to deal with these changes is quite difficult for the company Therefore, the business activities of the company might be affected when disputes happen D PRELIMINARY ANALYTICAL PROCEDURES Auditors perform the preliminary analytical procedures in order to achieve clearly understanding of client’s business as well as client business risks Such a preliminary test may disclose unusual differences in ratios compared to the prior years of the company and average industry so that auditors can pay more attention to high-risk areas in the audit report There are some calculations below related to statistics of VCS’s annual reports in 2018 and 2019 Compare with previous year 11 Figure 7: Vicotone’s ROA & ROE 2015-2019 Compared to 2018, there is a slight increase in both ROA and ROE of the company, 1.81% and 0.88% respectively Those figures indicate that the company is managing its assets and capital stably and effectively Moreover, the current ratio which measures how well current liabilities are covered by current assets of 2019 (237%) seems to be higher than 2018 ratio (227%) This solvency ratio was maintained at a high level, helping VICOSTONE to be proactive in finance, ensuring solvency Compare with opponents There are numerous comparisons between VCS and its direct competitors to clarify ratio differences Hoa Phat Group Joint Stock Company (HPG) and Viglacera Corporation (VGC) are 12 strong competitors of VCS due to comparable products as well as business goals within the construction supplies industry There are large differences in ROA and ROE ratios between companies because HPG has larger business size than VCS and VGC In comparison, ROA ratio in the year 2019 of VCS (28.24%) was much higher than HPG (7.4%) and VGC (3.28%), which demonstrated how well VCS handled its resources to operate efficiently and took more advantages of assets to generate their revenues than other firms in the same industry Regarding Return on Equity, VCS company achieved 45.64%, this ratio was nearly to times bigger than that of HPG and VGC, indicating that its equity was beneficially handled to generate higher after-tax revenue in 2019 E RISK ASSESSMENT Acceptable audit risk In 2007, VCS was listed at the Hanoi Stock Exchange (HNX), officially opened the first trading session on December 17, 2007 The larger the number of external users depending on the financial statements audit information, the lower level of acceptable audit risk is set Specifically, in 2019, the long - term debt had increased dramatically by over VND 250 billion in comparison with the ending balance of the preceding year (Annual report 2019, p.83) Therefore, the financial statements were more likely to be used widely by actual and potential creditors than when there were few liabilities, hence, acceptable audit risk had to be low and more planned evidence was required Inherent risk VCS is a manufacturing company including many different types of products with diverse designs, specialized functions along with high-tech production lines that always have to be updated with new technology That led to a great likelihood for the firm of having trouble in the inventory and warehousing cycle about obsolete goods 13 In 2019, the company received the transfer of 100% capital contribution in Phenikaa Hue This non-routine transaction also raises inherent risk in auditing the firm Vicostone also has transactions incurring among related parties (Annual report 2019, p.236), which became a difficulty in valuing transaction price and contributed to a component of inherent risks Moreover, initial auditing can lead to the lack of knowledge about the company which is a factor of increasing inherent risk However, the unqualified opinion made by the previous auditing firm in 2018 expressed that VCS’s financial statement was fairly presented and lowered its inherent risks in 2019 Fraud risk In 2019, Vicostone decided to dissolve the Supervisory Board due to the overlapped functions with the Risk Management Department and Internal Audit The company stated that the newly applied organizational structure aimed to improve the efficiency of management activities and company's operations (Tam An, 2019) The Internal Audit played a fundamental role in assessing the efficiency of the risk management system, and compliance with the provisions of law (Annual report 2019, p 125) Therefore, the likelihood of fraud is estimated at a low level F AUDIT PROCEDURES FOR FOUR KEY ITEMS Inventory In most cases, the inventory is an inherently risky asset because of being the material item on the balance sheet, especially for manufacturing companies like Vicostone In this case, the level of inherent risk of inventory tends to be high To Vicostone, risk of inventory may include the misstatements due to its complication of valuation of the inventory; the obsolete or damaged inventory (stone or brick are easily broken during transportation) may not be written down There may be a misstatement of inventory due to the complexity of working in progress, e.g complex valuation of the quantity and type of raw materials, labor hours invested in each semi-assembled product, and allocation of manufacturing overhead Because inventory is classified as a balance sheet account, effective auditing procedures focus on four key aspects: existence, completeness, rights and valuation 14 1.1 Substantive analytical procedures for Inventory On December 5, 2019, USITA (US International Trade Administration) increased the anti-dumping and anti-subsidy tax for quartz stone products of China, India and Turkey entering the US market Chinese products in the US were affected and the number of quartz stone imports from India to the US in December 2019 has started to plummet Vicostone has seized the opportunity to have good growth steps in 2019, especially in the US market That can partly explain why the inventory turnover rate of VCS in 2019 increased from 1.72 to 1.87 Since the ratios did not have large differences as compared to the previous year, there may be small chances of misstatements in the financial reports, therefore, auditors could reduce the amount of substantive tests of transaction and tests of detail balance for inventory 1.2 Audit procedures for Inventory The audit for inventory process is broken down according to five parts: Acquire and record raw materials, labor, and overhead The cost of inventory includes raw materials (related to account payable in acquisition and payment cycle), direct labor (payroll and personnel cycle), and manufacturing overhead (acquisition and payment cycle and payroll and personnel cycle) This step will be mainly examined under sale acquisition and payroll personnel cycle Internally transfer assets and cost 15 In this part, the auditors focus on the audit of costing accounting: the internal transfer of inventory includes processing and storing finished goods Auditors analyze the methods used to quantify a product’s standard costs, as well as the allocation of the costs corresponding to each phase of the production process With job costing, auditors analyze the process to allocate materials, labor and overhead to each job Auditors could check perpetual inventory master files by examining documentation that supports additions and reductions of inventories Ship goods and record revenue and costs Because it is part of the sales and collection cycle, auditors obtain an understanding and test internal controls over recording shipments as a part of auditing that cycle, including procedures to verify the accuracy of the credits to inventory recorded in perpetual inventory master files Auditors should also test for inventory ownership by reviewing purchase records to ensure that the inventory in the warehouse is actually owned by the company Physically observe inventory To perform stock-count, the auditor will discuss the counting procedure with clients, observe counts as they are being done, test count some of the inventory themselves and trace their counts to the amounts recorded by the company's counters, and verify that all inventory count tags were accounted for By performing physical examination, auditors could also verify that obsolete and unusable inventory items are excluded, noted and traced into a perpetual inventory master file to ensure these products are recorded at realizable value Because Vicostone has multiple inventory storage locations, auditors may test the inventory in those locations where there are significant amounts of inventory They may also ask for confirmations of inventory from the custodian of any public warehouse where the company is storing inventory During the physical observation process, there is a risk that Vicostone has inventory in transit from one storage location to another at the time of the physical count Auditors test for this by reviewing your transfer documentation 16 Price and compile inventory To pricing work-in-process and finished goods, the auditor must consider the cost of raw materials, direct labor, and manufacturing overhead In pricing raw materials in manufactured products, auditors must consider both the unit cost of the raw materials and the number of units required to manufacture a unit of output The unit cost can be verified in the same manner as that used for other purchased inventory, by examining vendors’ invoices or perpetual inventory master files Sales revenue Vicostone is a manufacturing and trading firm, so one of its targets is definitely to raise sales revenue Thus, the most common inherent risk is overstatement of revenues to meet the target which was set in the previous year Moreover, since a large source of VCS’s revenue comes from export activities, there is a risk of choosing the wrong foreign exchange rate when recording revenue Therefore, the auditor is responsible for performing audit procedures including STOT, SAP and TDB to assess the possibility of misstatement and identify them In this part, STOT will be used to verify all transactions throughout the year and the ending balance of sales will be tested in accounts receivable audit using TDB 2.1 Substantive analytical procedures for Sales 17 It can be seen from the above table that net sales in 2019 increased deeply by 23.03% while in 2018, this figure is 3.88% because of the strong increase in sales revenue The economic war between China and the US was an opportunity for VICOSTONE to promote exportation to the US market because of heavy tax putting on China’s products (Minh Hong, 2019) In addition, as mentioned in client business risk, there was no significant exchange rate fluctuation recorded, so the company did not have to suffer from exchange rate loss when conducting export activities Therefore, these factors could be the reasons for the growth of sales in 2019 In terms of gross profit margin percentage, through two years, this ratio had been increasing , but there was no significance Especially, net sales of this year had a substantial change of growing by over billion VND; however, there was a corresponding rise in COGS because the number of products consumed in the market was higher 2.2 Substantive test of transaction for Sales Objectives Occurrence Audit procedures - Trace sales journal entries to supporting documents for duplicate sales transaction - Review sales journal and master file for unusual transactions Completeness - Trace the selected bills of lading, custom declaration to sales invoice and sales journal to ensure they are recorded as sales revenue - Recompute prices and extensions on the sales invoice to ensure that the correct amount is recorded Accuracy - Trace details on sales invoices to shipping document - Obtain confirmation of exchange rate from banks and select a sample of sales invoices to check whether corresponding exchange rate is accurate or not 18 Timing - Select a sample of sales invoices around the year-end to check whether they are recorded in proper period - Compare the date of sales records with duplicate sales invoice Short-term account receivable The inherent risks of accounts receivable focus on misstatements due to fraud in terms of existence of balances Managers may intentionally manipulate for overstating sales, which makes a positive signal to external users of financial statements Moreover, because Vicostone has lots of transactions with related parties during the year, there are likelihoods of misclassification and manipulation.In addition, when sales are made on account, it is common for clients to unintentionally or fraudulently misstate the allowance for uncollectible accounts (realizable value) because of the difficulty in determining the correct balance Thus, the auditor may also identify the risk of misstatement related to the realizable value balance-related objective for accounts receivable as a significant risk 3.1 Substantive analytical procedures for Short-term account receivable Sales return and allowances/ Gross sales ratio increased from 0.02% to 0.11% as sales returns and allowance raised by VND 1,369 billion in 2019 compared to zero amount in 2018 Hence, there is a signal that the company has cast doubt on the product quality and sales policy when a large amount of returned quantity increased within one year There may be a misstatement relating to 19 balance of accounts receivable underlying this increase when sales return and allowance is recorded in an improper period Therefore, it is essential for the auditor to perform procedures to see whether all sales returns and allowances records satisfy the cut off objective and whether account receivable is recorded at realizable value From the table, it is clearly seen that the Allowance for uncollectible accounts/ Account Receivables ratio decreased from 0.07% in 2018 to 0.05% in 2019 According to audited financial statement of VCS, allowance for uncollectible accounts remained constant in two years, while the accounts receivable sharply increased from loyalty customers namely Pental Granite & Marble, Australian Stone Design Marble Work and related parties such as Phenikka University, Phuong Hoang Xanh A&A Regarding Net accounts receivable/ Total current asset, this ratio started at 32.92% in 2018 ended at 42.96% in 2019 As mentioned earlier, the accounts receivable raised sharply, making this ratio increase respectively Hence, auditors should provide more tests of detail balance on accounts receivable to ensure these accounts would be reasonable in the balance sheet 3.2 Substantive test of transaction for Short-term account receivable Balance-related audit Test of details of balance audit procedures objectives - Trace samples of individual balances to the master file to determine that the trial balance has been properly summarized Detail – tie – in from the master file - Foot the trial balance of accounts receivable and reconcile it to the balance per the general ledger Existence - Send confirmation of account receivables to third parties and require direct response about the balance of account receivable 20 - Foot the aged trial balance and compare the total to the general ledger Completeness - Trace a sample of accounts from the account receivables master file to the aged trial balance to determine if all are included - Review the receivables listed on the aged trial balance for notes and related parties Classification - Be aware of affiliated companies and the transactions between them and the client, inquire and follow up to determine that accounts receivable from affiliates are not included in the customer’s accounts receivable Accuracy - Send confirmation account receivables to addressee and third parties to verify the amount - Trace some of the last sales transactions that are deferred payment from customers in the current year’s sales journal and Cut-off these from the subsequent year to ensure accounts receivables are recorded when occurring, not until paid in cash - Examine supporting documentation for a sample of sales return and allowances recorded during several weeks subsequent to the closing date to see whether they are recorded in proper period - Examining credit files, discussions with the credit manager, and review of the client’s correspondence file to gain insights into the Realizable value collectibility of the accounts - Examine subsequent cash receipts and the credit file on older accounts to evaluate whether receivables are collectible 21 - Keep informed of current economic conditions and consider the effect on collectability of accounts receivable for the client Rights and obligations - Review the minutes of the board of directors for any indication of pledged or factored accounts receivables Account payable Accounts payable is usually considered one of the high-risk items in the financial statements due to frauds or errors such as unrecorded liabilities, expense fraud, and duplicate payment The primary inherent risk of accounts payable is usually related to the completeness of accounts payable, in which the accounts payable may be understated For example, the management of the company may not want to record the liabilities or delay recording them until the next period to make up the book with lower liability to attract investors 4.1 Substantive analytical procedures for Account payable In 2019, In May 2019, Vicostone completed the transfer of all contributed capital of Phuong Hoang Anh A&A Group Joint Stock Company at Phenikaa Hue and became the parent company (Son Tung, 2020) VCS also received the account payable of over VND 35 billion from Phenikaa Hue, making the account payable of VCS increase slightly as compared with that of 2018 The accounts payable turnover ratio is a short-term liquidity showing how many times a company pays off its 22 accounts payable during a period As can be seen from the data, the turnover ratio in 2019 was higher than that of 2018, which indicated that the company paid off suppliers at a faster rate than in previous periods and tests of detail balance for account payable also needs to be spread to verify this change The account payable over current liability nearly remain the same over two years, therefore, other tests can be reduced 4.2 Test of Detail Balance for Account payable Objectives Audit procedure - Trace from accounts payable list to vendors’ invoices and Existence statements of Vicostone - Send confirmation of an account payable balance mailed by and returned directly to the auditor Perform out-of-period liability test: - Examine underlying documentation for subsequent cash Completeness disbursements and unpaid bills to check whether payables in previous period are recorded in this period - Send confirmations to vendors with which the client does business - Trace from accounts payable list to vendors’ invoices and Accuracy statements of Vicostone to verify name, date, and amount - Confirm accounts payable, emphasizing large and - unusual amounts 23 Classification - Review the list and master file for related parties, notes or other interest-bearing liabilities, long-term payables, and debit balances - Perform out-of-period liability tests: Trace receiving reports Cutoff issued before year-end to related vendors' invoices, whether goods are received but not yet recorded as accounts payable - Perform cut-off test: Trace from receiving report to verify whether goods are in warehouse and covered in stock counts, whether inventory are in transit or already in stock to record accounts payable in proper period 24 REFERENCES CafeF (2020) ‘HPG - Cong ty co phan Tap doan Hoa Phat (HOSE)’, CafeF, 03 July Available at: http://s.cafef.vn/hose/hpg-cong-ty-co-phan-tap-doan-hoa-phat.chn?fbclid=IwAR107BwKQ8KfAOok nc_3LG4QzAUpoqIhLFIqfzhGZJSWeqyPyP3kcB5rAsg CafeF (2020) ‘VGC - Tong Cong ty Viglacera - CTCP (HOSE)’, CafeF, 03 July Available at: http://s.cafef.vn/hose/VGC-tong-cong-ty-viglacera-ctcp.chn?fbclid=IwAR3dFv1o-_L9xzWyRGR91_4 AufqkhC1Pt8OfiIaXmLlcfSWMF_bMbMOLfTQ CafeF (2020) ‘VCS: Sustainable Development Report 2019’, CafeF, 10 July Available at: 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Phenikaa Hue This non-routine transaction also raises inherent risk in auditing the firm Vicostone also has transactions incurring among related parties (Annual report 2019, p.236), which became a. .. procedures are suggested to specific objectives of important accounts which have likelihood of material misstatements A COMPANY INTRODUCTION Vinaconex is a high- class stone joint stock company, located. .. current year are manufacturing and trading of quartz-surfaces using modern appliances transferred from Breston S.P .A (Italy) Taking advantage of artificial stone production lines and the latest technology,