ASSESSMENTS AND RECOMMENDATIONS TO IMPROVETHE ORGANIZATION AND OPERATIONS OF CPA VIETNAM AUDITINGCOMPANY LIMITED

TABLE OF CONTENTS INTRODUCTION CHAPTER 1: FEATURES OF THE ORGANIZATION AND OPERATIONS OF CPA VIETNAM AUDITING COMPANY LIMITED 1.1 History of Establishment and Development of CPA VIETNAM .3 1.1.1 General information .3 1.1.2 Establishment and Development 1.1.3 Main results of financial performance 1.2 Features of operations at CPA VIETNAM 1.2.1 Auditing, accounting and consulting activities 1.2.2 Pricing consultancy activities .9 1.2.3 Main activities .10 1.3 Features of management organization at CPA VIETNAM 12 1.3.1 Organizational structure 12 1.3.2 Functions of each department 13 1.3.3 Human resources 14 1.4 Financial situation of CPA VIETNAM 14 CHAPTER 2: ORGANIZATION AUDIT PRACTICE AT CPA VIETNAM AUDITING COMPANY LIMITED 16 2.1 Features of organizing an audit team at CPA VIETNAM 16 2.1.1 Number of members in audit team 16 2.1.2 Interaction between members of the audit team 16 2.2 Features of organizing an audit in CPA VIETNAM .17 2.2.1 Make a survey, learn and accept clients 17 2.2.2 Audit planning .18 2.2.3 Stock count observation (If any) 23 2.2.4 Implement the audit at clients 24 2.2.5 Synthesis and preparation of audit reports .25 2.3 Features of organizing audit files at CPA VIETNAM 26 2.3.1 Features of organizing audit records and audit documents .26 2.3.2 Reference system 28 2.4 Features of organizing audit quality control at CPA VIETNAM 29 CHAPTER 3: ASSESSMENTS AND RECOMMENDATIONS TO IMPROVE ORGANIZATION AND OPERATIONS OF CPA VIETNAM AUDITING COMPANY LIMITED 32 3.1 Assessment on the organization and operations of CPA VIETNAM .32 3.1.1 Strengths 32 3.1.2 Shortcomings .34 3.2 Recommendations to improve the organization and operations at CPA VIETNAM: .35 3.2.1 The audit team organization and audit work 35 3.2.2 The assessment of client’s internal control system 35 3.2.3 The work recorded on working papers of auditors 36 CONCLUSION 37 REFERENCES 38 LIST OF ABBREVIATIONS Abbreviation CIT Co., Ltd CPA CRC VAA WTO Explanation Company income tax Company Limited Certified Public Accountants Enterprise Credit Rating Appraise Science Center Vietnam Association of Accountants and Auditors World Trade Organization LIST OF FIGURES Figure 1.1 Management apparatus of “CPA VIETNAM Company” .12 Figure 2.1 The audit process of CPA VIETNAM .17 Figure 2.2 The process of financial statement quality review and audit report issued at CPA VIETNAM 31 LIST OF TABLE Table 1.1 Services provided in “CPA VIETNAM Auditing Company Limited” 10 Table 1.2 Several indicators in financial situation of CPA VIETNAM 15Y Table 2.1 Reference system 28 INTRODUCTION Since the Vietnamese economy has been transformed into a market mechanism, the enterprise system has constantly developed in both quantity and type Especially in recent years, with the trend of globalization as well as the “WTO” accession process, the development of Vietnamese enterprises has become more and more powerful and diversified: in addition to a number of leading enterprises There are also joint stock companies, limited companies, private enterprises, and notably the participation of more and more foreign-invested enterprises Therefore, the competition in manufacturing business and in attracting investment capital is increasingly fierce; at the same time, the management of the authorities for businesses as well as in internal affairs is more complicated Prior to that fact, the need for financial transparency became an urgent need for the development of the economy To meet this demand, the enterprises which provide audit services with the primary function of auditing financial statements (verifying and expressing opinions about the objects) prepare an audit report Auditing companies have provided one of the important tools to perform the inspection and control of economic and financial activities of the market economy After the “Decree No 105 / ND-CP” of the Government, regulations on independent auditing activities have formed a clear legal corridor, creating a favorable environment for the explosion of types of auditing companies “CPA VIETNAM Auditing Company Limited”, also known as “CPA VIETNAM”, was born in the trend of rapid development of independent auditing companies, meeting the increasing demand for domestic audit services After establishing and operating, “CPA VIETNAM” has become a prestigious company in the industry with many professional experiences in the fields of Accounting, Auditing and Financial Consultancy quickly After a period of time practicing at “CPA VIETNAM Company”, I found that it is a great opportunity for me to have access to audit practices and conditions to learn and compare with the theory that I have learned I would like to thank sincerely to the leaders of the company for facilitating the provision of the company's documents as well as the brothers and sisters in the professional department who have instructed me well in about six-working weeks at the company I would like to express my special gratitude to my instructor Tran Manh Dung, Assoc Prof You not only support me practice at “CPA VIETNAM Company” but you also guide our group dedicatedly and enthusiastically I would like to thank you! My audit report is generally divided into chapters: CHAPTER 1: FEATURES OF THE ORGANIZATION AND OPERATIONS OF CPA VIETNAM AUDITING COMPANY LIMITED CHAPTER 2: ORGANIZATION AUDIT PRACTICE AT CPA VIETNAM AUDITING COMPANY LIMITED CHAPTER 3: ASSESSMENTS AND RECOMMENDATIONS TO IMPROVE THE ORGANIZATION AND OPERATIONS OF CPA VIETNAM AUDITING COMPANY LIMITED CHAPTER 1: FEATURES OF THE ORGANIZATION AND OPERATIONS OF CPA VIETNAM AUDITING COMPANY LIMITED 1.1 History of Establishment and Development of CPA VIETNAM 1.1.1 General information Transaction name of the company: “CPA VIETNAM AUDITING COMPANY LIMITED - A member of Moore Stephens International Limited” Short name: “CPA VIETNAM” Address: “Headquarter: 8th Floor, VG Building Office Building, 235 Nguyen Trai Street, Thanh Xuan District, Hanoi, Vietnam” Tel: + 84 3783 2121 Email: info@cpavietnam.vn Website: http://www.cpavietnam.vn CPA VIETNAM Auditing Company Limited – “Member of Moore Stephens International Limited” (CPA VIETNAM for short) According to Business Registration Certificate No 0101917917, the 11th change was issued by “Hanoi Department of Planning and Investment” on October 1, 2015 As “a member of Moore Stephens International Limited”, “CPA VIETNAM has conditions to access vast resources from a network of 668 members and 27,100 employees operating in 105 countries worldwide CPA VIETNAM also receives support from experienced professionals, helping to ensure that the services that CPA VIETNAM provides are on par with the services of other members of the global network.” - Offices, branches of CPA VIETNAM: + “CPA VIETNAM AUDITING CO., LTD - HEAD OFFICE - AUDIT, BUSINESS VALUATION: Address: 8th Floor, VG Building Office Building, 235 Nguyen Trai Street, Thanh Xuan District, Hanoi, Vietnam + CPA VIETNAM AUDITING CO., LTD - TRANSACTION OFFICE OF TAX AND FINANCIAL CONSULTANCY, BUYING AND SELLING: Address: 97 Tran Quoc Toan Street, Hoan Kiem District, Hanoi, Vietnam + CPA VIETNAM AUDITING CO., LTD HO CHI MINH CITY BRANCH: Address: Floor 11, Nam A Bank Building, 201-203 Cach Mang Thang 8, Ward 4, District 3, Ho Chi Minh city, Vietnam + CPA VIETNAM AUDITING CO., LTD - NORTH BRANCH: Office 1: Address: Room 902, Floor 9, VG Building Office Building, 235 Nguyen Trai street, Thanh Xuan District, Hanoi, Vietnam Office 2: Address: Room 806, Tower A, Housinco Building, Phung Khoang ward, Nam Tu Liem District, Hanoi, Vietnam +CPA VIETNAM AUDITING CO., LTD - REPRESENTATIVE OFFICE IN HANOI: Address: Room 1607, Building T01-C37 Bac Ha, To Huu street, Nam Tu Liem District, Hanoi, Vietnam.” 1.1.2 Establishment and Development - CPA VIETNAM was established on June 23, 2004, as the first company in the field of auditing and accounting in Vietnam under “Decree No 105 / ND-CP dated March 30, 2004 of Government” on independent audit - On January 9, 2007, CPA VIETNAM was officially granted a business license number 4115025675 by Ho Chi Minh City Department of Planning and Investment on the establishment of Ho Chi Minh City branch Address of the branch: Room 502, 5th Floor, Office Building Thien Son Plaza, Ward 6, District 3, Ho Chi Minh City - At the end of 2007, the branch at Da Nang city was officially put into operation under the “Business Registration License No 3215000001” after Da Nang City’s Department of Planning and Investment issued on December 11, 2007 - On 10 January 2008, the Minister of Finance issued “Decision No 61 / QD-BTC” announcing the list of companies eligible to provide business valuation services in 2008 Accordingly, CPA VIETNAM is one of the companies authorized to provide this service - Since the “Decision No 89/2007 / QD-BTC dated October 24, 2007 of the Ministry of Finance (Decision promulgating the Regulation on selection of approved auditing enterprises for issuing and organization organizations Listed and organized for securities business)”, the Company was continuously approved by the State Securities Commission to audit securities issuers, listing organizations and securities business organizations - In April 2008, CPA VIETNAM officially became the representative company of Moore Stephens International Limited in Vietnam - one of the major international audit firms, including 301 independent firms with 636 representative offices operating in 100 countries in the world - In July 2009, CPA VIETNAM became an official member of “Vietnam Association for Anti-Counterfeiting and Trademark Protection (VATAP)” - In October 2009, CPA VIETNAM became an official member of “Vietnam Tax Consultants' Association” - On April 21, 2011, “CPA VIETNAM became an official member of Moore Stephens International Limited.” - On November 21, 2011, CPA VIETNAM decided to convert Da Nang City’s branch into Central Representative Office The address of Central Representative Office: 528 Dien Bien Phu, Thanh Khe Dong Ward, Thanh Khe District, Da Nang City - In December 2014, CPA VIETNAM was awarded the title of "Vietnam's leading products and services in 2014" by consumers’ vote - Finish and prepare a stock count report: Auditors must make reports on clients' stock-take, see whether stock count’s results are reliable or not, state their opinions on the stock count, collect the related documents to save auditing records Usually, the stock count is conducted on 30 to 31/12 years of audited financial statements or January to January of the following year On the minutes and stock count reports, auditors need specify when the result of this stock count is determined (at what time, what day and what month ) to be the correct basis for the auditors to determine the value of the property In addition, the stock count can take place immediately during the audit if the auditor finds it mandatory to conduct a stock count to collect additional audit evidence 2.2.4 Implement the audit at clients Meeting to implement work: Before conducting audits at clients, the audit team and the Board of Directors and representatives of functional departments conduct meetings to approve the objectives, contents of audits and responsibilities of parts related to the audit This meeting was organized to help the Board of Directors grasp the situation more closely Perform audit: The implementation of auditing in CPA VIETNAM is divided by item on the trial balance Thus, the team leader will assign work to the members of the audit team Implementation of audit is the process of auditing the application of specific methods of documents and “non-documents” audit for each item specified by the company's audit program to collect evidence reliably to make conclusions about clients' financial statements Each member assigned to perform the audit of the items that I am responsible for will also contact the other members to check and check the related items together Some of the tasks that auditors conduct: - Summary of data on ledger, financial statement of the unit 24 - Collect related documents: books, documents, meetings, etc - Check details, compare data, detect differences and errors - Check original documents to verify the arising and reality of the recorded business - Interview customers - Perform other necessary audit procedures such as sending confirmation letters, observations, adjustment entries Each member of the audit team, after completing his / her part, must return it to the team leader for inspection, review and if necessary, additional procedures will be required to complete the request of the leader On the last day of the audit, the executive auditor (if any) will work with the audit team to summarize the existing contents, the time-adjusting entries will review the whole result audit before reporting audit results to customers Final meeting: At the end of each audit, the audit team and the executive auditor (if any) will meet to announce audit results to clients The meeting must be attended by the Board of Directors, the accounting department and representatives of the departments of the clients The meeting aims to report audit results, raise issues, propose handling, adjustments as well as measures to improve the internal control system of clients The auditor must agree with the clients on the adjusting entries 2.2.5 Synthesis and preparation of audit reports This final step is done completely at the audit firm's office The head of the audit team will be the person who re-reads the audit record, noting the problems and the handling directions The leader will also be the one who prepared the audit report Audit records and auditing reports after preparation will be reviewed by auditors If the problem is found to exist, the executive auditor will return it to the 25 audit team leader to answer and complete, if not, switch to the quality control department If the Quality Control Department considers that the report is incomplete, the remaining problem will continue to be returned to the head of the audit team, if not continue to be sent to the Board of Directors for final review before sending for clients After receiving the consent of the Board of Directors, the team leader will set up a customer feedback form and send it to the client with an approved report When receiving feedback from the clients, if there are clients' comments about the change of the audit report of the group leader, the leader auditor must submit to the executive auditor and the Board of Directors for consideration and comments In the case where the client agrees to issue the report, the group leader will have to make a request form to submit to the Director for approval and then transfer to the General Management Department to issue the audit report 2.3 Features of organizing audit files at CPA VIETNAM 2.3.1 Features of organizing audit records and audit documents According to the Vietnamese auditing standard No 230 - "Auditing file" During the audit process, auditors must prepare a complete and detailed audit dossier so that other auditors or responsible persons can check (review) reading will fully understand the audit The preparation and storage of audit records to store evidence obtained during the implementation of the audit, serve as a basis for providing auditors' opinions, assisting with planning and implementation of audit work, support for checking, reviewing and evaluating the quality of audit work, helping to handle the arising after the audit Recognizing the importance of organizing audit records, CPA VIETNAM has carried out this work in a scientific and rational manner, the documents are stored as soft files on computers and hard files in pairs profile according to each customer Organize records for a customer including general audit records and annual audit records 26 * General auditing file: An audit record containing general information about customers relating to two or more audits in a fiscal year of a customer General audit records help auditors have a clear view of customers since the beginning of service provision to the current audit year During the first audit year, the collected documents are stored in section XI of the annual audit record The main contents in the general audit dossier include: • General information: aggregate basic information about customers, departmental organizational chart, leadership, development process, regular partners and customer investments • Legal documents: company charter, business license, joint venture contract, • Tax documents: annual tax finalization, tax examination records, • Human resources documents: labor contracts, personnel management records, etc • Accounting documents: applicable accounting policies, audit reports and annual financial statements, management letters of the years, issues to be noted for the following audit, etc • Contract documents: audit contracts, annual audits after review, credit contracts, insurance contracts, etc • Documentation of procedures related to fixed assets, logistics (inventory), purchase, sales, treasury, personnel, price calculation, etc etc * Annual auditing file: This is an audit file containing information about clients related only to an audit of a fiscal year Annual audit records to store information related to the current year audit These set of documents usually includes the following items: • Audit report and management letter • Draft and final report on audit work in the year • Report events arising after the issuance of the audit report the year before and after the current audit year, the issues to be addressed and the notes for the next audit 27 • Explanation of the business management board • Auditing plan • Meeting minutes with the Board of Directors and customer management board • Working papers and auditors' conclusions about audited operating parts at the company's customer unit: Customer's tax finalization report for the fiscal year; Overview and evaluation of the internal control system; Cash, Inventory, Manufacturing costs, Revenue, Tax, etc Audit records are carefully reviewed by the audit team leader and the Board of Directors of CPA VIETNAM before being preserved and stored in document prices Documents about customers classified by year of audit are very convenient to consult and review data of previous audit year Audit sections are saved file and reference number by auditors to easily compare and search for information for CPA VIETNAM branch reports, audit records are transferred to the company's headquarters CPA VIETNAM's audit records are prepared in accordance with the general provisions of the law of “Vietnam Association of Accountants and Auditors (VAA)” and the company's regulations, complying with the principles of confidentiality and safety to keep and own the audit records 2.3.2 Reference system Here is the reference system in audit file at CPA VIETNAM: Table 2.1 Reference system Items Reference Cash and Cash Equivalents D100 Short-term and Long-term Investment D200 Short-term and Long-term Trade Receivable D300 Short-term and Long-term Intracompany Receivable; Other Short-term and Long-term Receivable D400 Inventories D500 Prepaid Expense and Other Assets in Short-term and Long-term D600 28 Tangible and Intangible Assets, Construction in progress and Investment properties D700 Finance lease fixed assets D800 Short-term and Long-term Borrowings and Finance lease liabilities E100 10 Short-term and Long-term Trade Payables E200 11 Taxes and Other payables to government budget E300 12 Payables to employees, Salary deductions E400 13 Short-term and Long-term Accrued Expense E500 14 Short-term and Long-term intracompany payables, Other Shortterm and Long-term Payments E600 15 Owner’s Equity F100 16 Funding sources and Other funds F200 17 Revenue G100 18 Cost of goods sold G200 19 Selling expenses G300 20 General Administration Expense G400 21 Financial Income and Financial Expense G500 22 Other income and Other expenses G600 23 Earnings per share G700 24 Examine other contents H100 25 Summary of audit results H200 2.4 Features of organizing audit quality control at CPA VIETNAM Control in the preparation phase of audit: Before conducting the audit, the auditor notifies the audit schedule, the audit team list, the group leader of the audit team at the specific customer, the auditor will understand some information about the customer he is about to check Mathematics such as: Information on personnel, information on accounting, information on contracts, business information of businesses, etc The team leader will be the person who directly supervises the auditors in using techniques to gather information about the audited entity, especially 29 information about the clients' internal control system The working documents of the auditors are closely examined and reviewed by the team leader in order to make sure that the techniques are collected in accordance with regulations, the information collected is complete, accurate; the jobs are proceeded with the right standards, on schedule, in accordance with the audit process Control during the implementation phase of the audit: After finding out the information about the audited customer, an audit plan will be set in which clearly state the objectives, tasks, content and importance of the audit Based on the audit plan, the qualifications and strengths of each auditor, the team leader undertakes the assignment of specific tasks as follows: The group leader popularizes for each auditor to know the contents and sections Assigned audit practices, the audit methods to be applied and the focus should be paid during the collection of audit evidence In addition, each auditor must understand his / her duties in the auditing process The audit implementation phase is an important stage for an audit Because of this stage, it decided the success of an audit Implementation of the audit is the implementation of the audit after the audit plan is launched Therefore, during this period, the team leader needs to strengthen the monitoring of the progress of the work, the audit procedures, the auditing methods auditors have applied At the same time, the team leader must monitor the compliance with ethical and professional standards and supervise the recording of the auditor's working papers During this period, the group leader can also support the control team members in assessing the quality of audit audits and participating in discussions with other auditors when there are questionable issues to arrive at the correct decisions Control in the end of audit: End of audit is the final stage of the audit At this stage, the audit team leader will directly review the summaries of the auditors to ensure the accuracy, completeness and reasoning of the audit results reflected in the auditing minutes at the same time The team leader also reviewed all audit evidence, comments and evaluations of other auditors participating in the audit to ensure the accuracy of 30 those results Again, the auditor's working papers are reviewed by the department leader before submitting to the Board of Directors After that the Board of Directors reviews the reasonableness of the audit results and the Company will issue the Audit report Thus, we can see that control is very important Performing control activities at all levels and all stages of the audit process have greatly supported the audit work and contributed to improve the quality of each audit The above figure shows the process of financial statement quality review and audit report issued at CPA VIETNAM: Figure 2.2 The process of financial statement quality review and audit report issued at CPA VIETNAM Summing up the comments on the executive parts Team leader reviews and makes general reports The head of the department reviews and comments Assistant General Manager reviewed The General Director reviewed the last time Issue audit report 31 CHAPTER 3: ASSESSMENTS AND RECOMMENDATIONS TO IMPROVE ORGANIZATION AND OPERATIONS OF CPA VIETNAM AUDITING COMPANY LIMITED 3.1 Assessment on the organization and operations of CPA VIETNAM 3.1.1 Strengths CPA VIETNAM is a new auditing company established not too long in the field of auditing in general but the company has gained significant achievements, accumulated experience, established credibility with customers and the public and consulting and assisting businesses in decisions related to production and business activities, etc The successes that the company brings must include the following advantages: Firstly, it is about the organizational management: The company has a relatively strict management organization, the departments are focused uniformly, the branches of the company are closely linked with the headquarters to create a network of stick together The management of the company are all senior auditors, managing departments, and their employees seriously, which creates a high reputation for clients The establishment of many branches makes the company more convenient, minimizes costs, promptly responds to the needs of customers in the whole country, while contributing to increasing the company's market share, asserting position of the company on the Vietnamese auditing market Secondly, it is about the staff: 32 CPA VIETNAM staff is formally trained, qualified in the fields of accounting, auditing, consulting and valuation, etc CPA VIETNAM Company has a professional, competent and ethical audit team High-quality artist, led by talented company leaders, has a growing number of Certified Public Accountants (CPA), with a focus on human factors - considered as a key factor This is the key to the company's success In each audit, the company has its assistant auditors to learn practical experience, which is also the policy of training new employees of the company to train more human resources to meet those new requirements, new challenges In addition, the management policy of the Board of Directors is very reasonable, creating good conditions for employees to fulfill their assigned tasks, improve work efficiency and bring bigger revenue for the company Thus, the scale has been expanded and brought many successes to many new clients, increasingly affirmed the position of the company Thirdly, it is about the organization of audit teams: The selection of qualified auditors is often based on assessing the risk level of each specific customer to choose accordingly Typically, an audit team consists of five to six people, including a team leader who is the main auditor who has experienced auditing financial statements for this customer in the previous year with two to three auditing assistants and have at least intern This selection and assignment of the Company does not only ensure that the audit team has a certain understanding of the business and financial situation of clients, it belongs to the organizational structure and working methods, catching potential risks but also ensuring the development, inheritance and training of new auditors Moreover, with an audit team whose team leader has a lot of practical experience, the assistant auditor can learn a lot during the process of working together Fourthly, it is about the audit quality control: Quality control of audit activities is carried out in all stages and audited items, which will help CPA VIETNAM to correct timely errors and minimize audit risks in the implementation process It can be said that the quality control of 33 auditing activities is done in the company quite effectively and closely This is an important factor contributing to the reputation of the company in the audit market The advice as well as the timely answers if any problems in the implementation process of the above control levels will help the audit team have appropriate ways to solve problems, ensuring the time of the audit The audit quality audit of financial statements is performed by auditors properly and fully the necessary auditing processes and procedures in order to improve the audit quality and limit the risks that may occur during the audit process 3.1.2 Shortcomings 3.1.2.1 The audit team organization and audit work As the volume of clients has increased significantly in recent years, which means that the amount of work has increased, the audit time has also decreased due to the limited number of employees Thereby it may also affect the quality of the audit Because a lot of workloads lead to audit errors (the lack of experience in a newly recruited part that has been well trained) Auditing risk can also be increased when auditors not fully perform their work (deliberately ignoring some audit procedures, shortening the selected form ) 3.1.2.2 The assessment of client’s internal control system According to “Vietnamese auditing standards VAS400- Risk assessment and internal control", auditors must have sufficient understanding of the accounting system and internal control system of customers to plan overall audit plan and appropriate and effective auditing program Evaluating the client's internal control system is one of the necessary work steps, it affects the detailed inspection procedures and the audit evidence to be collected The assessment of the internal control system will greatly affect the detailed inspection work and the evidence to be collected At CPA VIETNAM, the questionnaire explores the pre-designed internal control system, but after this step, the information collected during the audit process is very little retained in the audit file which mainly expressed in the form of documents such as: copy of operation charter, management apparatus structure, etc 34 Auditors not summarize the information so it will cause many difficulties in following audits in the future if it is other auditors 3.1.2.3 The work recorded on working papers of auditors The working document of the auditor provides important audit evidence as a basis for forming auditors' opinions and is a testament to the conduct of the audit standards Being aware of that importance, CPA VIETNAM has developed its own regulations on how to organize and store working documents, build a reasonable, consistent and scientific audit record This system of records not only helps auditors record tasks performed quickly and simply but also makes it easier for the audit team leader and the Board of Directors to review the entire audit However, through the actual review of audit records of a number of customer units of CPA VIETNAM, auditors almost only record the results on the work paper and other information such as the process of checking, sequence of work steps, sample size, method of sampling are not fully recorded The main reason is that most audits are limited in time so auditors have no conditions to record all the work done This is acceptable if the detected errors are simple, but in the case of complex situations, the above record will prove ineffective, because it will make the person performing the review more difficult to grasp the problem, it is difficult to make a decision that requires the auditor to increase the number of samples selected, to gather more evidence or whether the process of such implementation is appropriate for the situation or not 3.2 Recommendations to improve the organization and operations at CPA VIETNAM: 3.2.1 The audit team organization and audit work First, I will recommend about the audit team organization and audit work The company needs to have clearer regulations in forcing employees to fully follow the steps in the audit process to ensure the workload Thus, it may improve the quality of the audit Besides, the company also proactively reduces the workload 35 that auditors complete to reduce work pressure, which helps auditors to complete the set objectives effectively 3.2.2 The assessment of client’s internal control system Next, the recommendation is to complete the assessment of the internal control system Assessing the internal control system is one of the important tasks to determine which scale, time and trials should be performed in an audit There are three methods for auditors to use to describe the internal control system: questionnaire method of internal control system, method of reporting on internal control system and flowchart method Currently CPA VIETNAM auditing firm mainly uses questionnaire method of pre-designed internal control system to collect information about customers' internal control system This method has many advantages, but not for all types of businesses, the use of internal system questionnaires brings the best results For large and complex customers, auditors should use the flow chart method (vertical flow chart and horizontal flow chart) Using flow charts helps auditors to more accurately comment on the control procedures applied to activities and easily identify strengths and weaknesses in the internal control system of the client company; thereby pointing out additional control procedures Meanwhile, the questionnaire or the report on internal control provides additional control analysis to help the auditor better understand the internal control system of the audited entity The use of a combination of questionnaires with flowchart or with the report board will provide the auditor with an optimal image of the internal control system, help the auditor better understand the internal control system of audited entity 3.2.3 The work recorded on working papers of auditors Last but not least, it is about the work recorded on working papers of auditors In order for the inspection to be easy to review, the auditors need to carefully record the steps to be taken, the method of sampling as well as the size of the selected sample, especially for large-scale and concurrent records for working papers are not clear (For example, underscores, inscribing inadequate elements of working papers ) should be completed and kept scientifically and carefully The full recording of information in the auditing process should be taken care of by the 36 Board of Directors of CPA VIETNAM and included in the training courses and improve the company's qualifications, so that auditors and assistant auditors will clearly understand the implementation method and understand the responsibilities and meaning of this work CONCLUSION With the economy in the process of global integration and on the development trend like Vietnam today, the role of audit industry is becoming increasingly important in creating a transparent and public finance; a healthy and safe investment environment, attracting many investors in the world The performance of Vietnam auditing in general and independent auditing in particular has affirmed its position in the national finance, affirming the need to strengthen and develop the audit industry as an unreplaceable tool of financial control in the Vietnamese market economy today During the internship at CPA VIETNAM Co., Ltd., I have learned a lot I learned all the work that auditors have to I have a chance to go “job” with members in the Department Now I know how to record numbers and documents to save in files On the basis of the knowledge of auditing equipped during the period of study and research at the National Economics University, along with the times when the brothers and sisters gave the actual audit at the customer units, I have obtained a more comprehensive and realistic view of the Financial Reporting audit process, which was previously only known through theory This is really very useful knowledge to me Through the first period of time practicing at the company, although not long, but it also helped me understand and understand part of the job as well as how 37 to become a good auditor Besides, I also had the opportunity to apply the knowledge I learned at school to the actual audit work During the internship, I received the enthusiastic guidance of Assoc Prof Tran Manh Dung as well as the help and advice of the company's management and the staff of the professional department Therefore, I have completed my synthesis audit report However, due to time constraints as well as lack of experience, my report will have many shortcomings I really hope Mr Dung will give comments so that I can draw useful experiences for future research REFERENCES Documents at the library of National Economics University Documents that CPA VIETNAM agreed to allow supply Nguyen, Ngoc Quang (2016), "Analysis financial statements" Hanoi: Finance Published House Nguyen, Quang Quynh (2018), "Auditing theory curriculum" Hanoi: National Economics University Phan, Trung Kien (2014), "Theory and practice audit" Hanoi: Financial Publishing House Tran, Xuan Nam (6/2016), "Financial Accounting and Financial Accounting 2" Hanoi: Finance Publishing House Websites: http://cpavietnam.vn/en-home http://www.vacpa.org.vn/ https://www.webketoan.vn/ https://vi.wikipedia.org http://vaa.net.vn/ http://www.mof.gov.vn 38 ... TO IMPROVE THE ORGANIZATION AND OPERATIONS OF CPA VIETNAM AUDITING COMPANY LIMITED CHAPTER 1: FEATURES OF THE ORGANIZATION AND OPERATIONS OF CPA VIETNAM AUDITING COMPANY LIMITED 1.1 History of. .. ASSESSMENTS AND RECOMMENDATIONS TO IMPROVE ORGANIZATION AND OPERATIONS OF CPA VIETNAM AUDITING COMPANY LIMITED 3.1 Assessment on the organization and operations of CPA VIETNAM 3.1.1 Strengths CPA VIETNAM. .. FEATURES OF THE ORGANIZATION AND OPERATIONS OF CPA VIETNAM AUDITING COMPANY LIMITED CHAPTER 2: ORGANIZATION AUDIT PRACTICE AT CPA VIETNAM AUDITING COMPANY LIMITED CHAPTER 3: ASSESSMENTS AND RECOMMENDATIONS