ort on Auditing Internship “Table of Contents LIST OF ABBREVIATION 1 LIST OF TABLES AND FIGURES 2 INTRODUCTION 3 CHAPTER 1 CHARACTERISTICS OF THE ORGANIZATION AND OPERATIONS OF AMBER AUDITING AND FINA[.]
Report on Auditing Internship Supervisor: PhD Nguyen Thi My “Table of Contents LIST OF ABBREVIATION LIST OF TABLES AND FIGURES INTRODUCTION CHAPTER 1: CHARACTERISTICS OF THE ORGANIZATION AND OPERATIONS OF AMBER AUDITING AND FINANCIAL CONSULTING COMPANY LIMITED 1.1 History of development of AMBER AUDIT CO.,LTD 1.2 Operating characteristics of the company 1.2.1 Financial Auditing 1.2.2 Audit of settlement of investment capital 1.2.3 Consulting services 1.2.4 Accounting services 10 1.2.5 Training, seminars 10 1.3 Management of AMBER AUDIT CO., LTD 13 CHAPTER 2: ORGANIZING AUDIT PRACTICE AT AMBER AUDITING AND FINANCIAL CONSULTING COMPANY LIMITED 16 2.1 Organizing an Audit Team 16 2.2 Audit Process 18 2.2.1 Planning the audit 20 2.2.2 Implementing the audit 24 2.2.3 Completing the audit 26 2.3 Audit files 27 2.4 Audit quality controls 30 2.4.1 Audit quality control in planning phase 31 2.4.2 Audit quality control in audit implementation phase 32 2.4.3 Audit quality control in audit completion phase 33 Nguyen Phuong Thu | Auditing 58A Report on Auditing Internship Supervisor: PhD Nguyen Thi My CHAPTER 3: ASSESSMENTS AND RECOMMENDATIONS FOR IMPROVING ORGANIZATION AND OPERATIONS OF AMBER AUDIT AND FINANCIAL CONSULTING COMPANY LIMITED 34 3.1 Assessments off the organization and operations of AMBER AUDIT AND FINANCIAL CONSULTING COMPANY LIMITED .34 3.1.1 Strengths 34 3.1.2 Limitations and causes .36 3.2 Recommendations for improving the organization and operations of AMBER AUDIT AND FINANCIAL CONSULTING COMPANY LIMITED 37 CONCLUSION 39" Nguyen Phuong Thu | Auditing 58A Report on Auditing Internship Supervisor: PhD Nguyen Thi My Nguyen Phuong Thu | Auditing 58A Report on Auditing Internship Supervisor: PhD Nguyen Thi My LIST OF ABBREVIATION AMBER AMBER AUDITING AND FINANCIAL CONSULTING COMPANY LIMITED Nguyen Phuong Thu | Auditing 58A Report on Auditing Internship Supervisor: PhD Nguyen Thi My LIST OF TABLES AND FIGURES Table 1.1: Consolidated revenue in 2018, 2019……………………………11 Figure 1.1: Revenue structure of the company in 2018……………………12 Figure 1.2: Revenue structure of the company in 2019………………… 12 Chart 1.1: Organizational structure of management apparatus of AMBER Auditing Company Limited……………………………………………… 14 Diagram 2.1: Audit process of aviation gasoline company……………… 19 Nguyen Phuong Thu | Auditing 58A Report on Auditing Internship Supervisor: PhD Nguyen Thi My INTRODUCTION Auditing is a “top priority field in the economy today, making readers believe in the transparency of financial information as well as product quality The audit system ensures the truthfulness, objectivity and reasonableness of financial and economic information, especially information on financial statements of economic sectors At the same time, the audit also helps businesses to have a reasonable change in the way of management as well as provide positive policies for production and business activities of”the business Developed “together with the market economy, the field of auditing has been established and developed strongly throughout the world and in the country of Vietnam over the past twenty years, becoming a top priority and a priority indispensable requirements for production and business activities of enterprises Auditing has shown its role in this developed economy, it goes into every business from large to small It can be said that auditing is an extremely important and indispensable part of making the country better and its economy significantly”improved “Independent auditors have actively participated in checking and evaluating the reliability of financial information, contributing to the innovation of production as well as civilization of the economy today Independent auditors also contribute to attracting investment capital from abroad, facilitating economic development for the country of Vietnam.” During my internship at AMBER Auditing and Financial Consulting Co., Ltd., thanks to the enthusiastic help of our employees, I had direct contact and more knowledge about development history, special operation point, management organization and audit organization of the company Since then I have gained insights to better prepare myself for the understanding and direction of the audit internship stage The report consists of parts: Nguyen Phuong Thu | Auditing 58A Report on Auditing Internship Supervisor: PhD Nguyen Thi My “CHAPTER 1: ORGANIZATION CHARACTERISTICS AND OPERATIONS OF OF THE AMBER AUDITING AND FINANCIAL CONSULTING COMPANY LIMITED CHAPTER 2: ORGANIZING AUDIT PRACTICE AT AMBER AUDITING AND FINANCIAL CONSULTING COMPANY LIMITED CHAPTER 3: ASSESSMENTS AND RECOMMENDATIONS FOR IMPROVING ORGANIZATION AND OPERATIONS OF AUDIT AND FINANCIAL CONSULTING COMPANY LIMITED” I would like to express my sincere thanks to the PhD Nguyen Thi My lecturer of the Institute of Accounting and Auditing of National Economics University; the Board of Directors and the staff of Auditing Co., Ltd and The AMBER consultants have been dedicated to helping me with the right orientation, collecting adequate and appropriate information to successfully complete this report Nguyen Phuong Thu | Auditing 58A Report on Auditing Internship Supervisor: PhD Nguyen Thi My CHAPTER 1: CHARACTERISTICS OF THE ORGANIZATION AND OPERATIONS OF AMBER AUDITING AND FINANCIAL CONSULTING COMPANY LIMITED 1.1 History of development of AMBER AUDIT CO.,LTD - Headquarters of AMBER Auditing and Financial Consulting Co., Ltd at Floor 9A, Leadvisors Place, 41A Ly Thai To, Ly Thai To Ward, Hoan Kiem District, Hanoi - AMBER Auditing and Financial Consulting Co., Ltd (abbreviated AMBER AUDIT CO., LTD) was established in 2018 under “Business Code: 0108386863 by Department of Planning and Investment Hanoi issued on August 2, 2018, registered for the 1st amendment on November 1, 2018 AMBER Auditing and Financial Consulting Co., Ltd (abbreviated AMBER AUDIT CO., LTD) is an official member of Vietnam Association of Certified Public Accountants (VACPA) The Company understands that service quality, enthusiasm, professional style and reasonable service costs are the Basic factors fostering trust and building sustainable cooperation relationships with customers AMBER AUDIT CO., LTD is made up of auditors, consultants with basic training, enthusiasm for the profession, with extensive research and practical experience in accounting, auditing, corporate governance , financial management, along with the desire to build a reputable brand of auditing and consulting in Vietnam”, Asia, Pacific and around the world - With the view to developing "Crystallizing values, Cultivating beliefs", the Company creates value of businesses, brands and images of AMBER AUDIT CO., LTD through each day, each specific job, with strict labor Sufficiency, creativity, efforts of Nguyen Phuong Thu | Auditing 58A Report on Auditing Internship Supervisor: PhD Nguyen Thi My all members of the Company, are crystallized in the quality of service provided to customers - AMBER AUDIT CO., LTD has built a solid foundation for sustainable development, based on a team of qualified auditors, experienced consultants, professional styles, auditing processes, good quality consulting and control systems, along with proper business strategy, reasonable human resource policies and satisfactory customer policies 1.2 Operating characteristics of the company Operational goals The objective of AMBER is “to be independent, honest and transparent to provide the best specialized services, provide the highest legal rights and benefits to customers in financial”economic management and operation production activities Moreover, with AMBER's practical, professional, customer-friendly, professional and knowledgeable experience in Vietnam, AMBER “quickly and clearly captures the requirements in management and production In doing business, the difficulties that customers will encounter and assist customers to solve those problems well that few specialized service organizations can”perform Amber's service motto AMBER “always ensures the quality of service in all areas with the service motto: Independence, efficiency and confidentiality in compliance with the provisions of the State of Vietnam, Vietnam Standards on Auditing, Vietnam Standards on Auditing Internationally accepted in Vietnam based on the first criteria is customer satisfaction.” Nguyen Phuong Thu | Auditing 58A Report on Auditing Internship Supervisor: PhD Nguyen Thi My AMBER’s customers “With the diversification of services provided, AMBER is constantly expanding its market share and seeking customers In the past years, AMBER has provided services to many customers operating in the field, including: Vietnamese enterprises of all economic sectors operating in the fields of manufacturing - construction - hotels - banks transportation - petroleum Foreign-invested enterprises, business cooperation contracts operating under the Law on Foreign Investment in Vietnam International and domestic agencies and organizations, domestic and international projects, representative offices and individuals wishing to provide services Providing a wide range of services to all subjects operating in all areas has proven AMBER's operational capability At the same time, he affirmed his position as one of the auditing companies in Vietnam market.” Some example: - Mitsubishi - Nippon Paint - Jungdo Engineering - … Nguyen Phuong Thu | Auditing 58A ... 2: ORGANIZING AUDIT PRACTICE AT AMBER AUDITING AND FINANCIAL CONSULTING COMPANY LIMITED CHAPTER 3: ASSESSMENTS AND RECOMMENDATIONS FOR IMPROVING ORGANIZATION AND OPERATIONS OF AUDIT AND FINANCIAL. .. CHAPTER 2: ORGANIZING AUDIT PRACTICE AT AMBER AUDITING AND FINANCIAL CONSULTING COMPANY LIMITED 2.1 Organizing an Audit Team “The audit team or more specifically, the auditors performing the audit. .. Phuong Thu | Auditing 58A Report on Auditing Internship Supervisor: PhD Nguyen Thi My LIST OF ABBREVIATION AMBER AMBER AUDITING AND FINANCIAL CONSULTING COMPANY LIMITED Nguyen Phuong Thu | Auditing