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1. Tính cấp thiết của đề tài nghiên cứu Hiện nay để thích ứng với yêu cầu của nền kinh tế chuyển đổi theo cơ chế thị trường và hội nhập quốc tế, hoạt động kiểm toán độc lập ở nước ta đã hình thành và phát triển nhanh chóng nhằm tăng cường sự minh bạch về tình hình tài chính của bất cứ một cơ quan, tổ chức nào thông qua việc kiểm tra, đánh giá, đưa ra ý kiến kết luận về tính trung thực và hợp lý của các thông tin tài chính của đơn vị đó. Các doanh nghiệp dù hoạt động trong những lĩnh vực khác nhau thì tài sản cố định luôn là khoản mục được lưu tâm do đây là khoản mục chiếm tỷ trọng lớn trên Bảng cân đối kế toán, dễ xảy ra các gian lận và sai sót. Chính vì vậy mà trong các cuộc kiểm toán, kiểm toán khoản mục tài sản cố định luôn được coi trọng và chiếm nhiều thời gian nhất, đòi hỏi những người có nhiều kinh nghiệm thực hiện. Mỗi cuộc kiểm toán là tổng hợp kết quả của nhiều phần hành và nhiều chu kỳ, khoản mục khác nhau. Mỗi phần hành, mỗi kỳ, mỗi khoản mục đều có mối quan hệ mật thiết, bổ sung cho nhau để hoàn thành tốt một cuộc kiểm toán.Khoản mục TSCĐ đóng một vai trò rất quan trọng trong quá trình sản xuất kinh doanh của một doanh nghiệp. Vì vậy việc hạch toán TSCĐ cũng như việc trích lập chi phí khấu hao cần phải được ghi chép đúng đắn và tính toán chính xác. Khoản mục TSCĐ trên bảng cân đối kế toán thường chiếm tỷ trọng lớn nên sai sót đối với khoản mục này thường gây ảnh hưởng trọng yếu đến báo cáo tài chính của doanh nghiệp. Do đó kiểm toán TSCĐ đóng vai trò quan trọng trong kiểm toán báo cáo tài chính.
MINISTRY OF FINANCE ACADEMY OF FINANCE FACULTY OF ACCOUNTING - - GRADUATION THESIS COMPLETING THE AUDIT PROCESS OF FIXED ASSETS IN THE AUDIT OF FINANCIAL STATEMENTS CONDUCTED BY VIETNAM VALUATION AUDITING AND FINANCIAL CONSULTING CO.,LTD SUPERVISOR : FULL NAME CLASS STUDENT ID : : : Hanoi - 2021 ii TABLE OF CONTENT DECLARATION .5 CHAPTER 1: GENERAL THEORY OF THE FIXED ASSET AUDIT PROCESS IN THE AUDIT OF FINANCIAL STATEMENTS 1.1 OVERVIEW OF FIXED ASSETS IN THE ENTERPRISE 1.1.1 The concept of fixed assets 1.1.2 The role of fixed assets in the enterprise and information about fixed assets in financial statements 10 1.1.3 Accounting for fixed assets in the business 11 1.1.4 Internal control over fixed assets 17 1.2 OVERVIEW OF AUDIT OF FIXED ASSETS IN AUDIT OF FINANCIAL STATEMENTS 18 1.2.1 Necessity and objectivity of the audit of fixed assets in the audit of financial statements 18 1.2.2 Fixed asset audit objective 19 1.2.3 Fixed asset audit basis 21 1.2.4 Internal control and internal control survey of fixed assets in the audit of financial statements 22 1.2.5 Common errors in fixed asset audit .23 1.3 AUDITING PROCEDURES OF FIXED ASSETS .25 1.3.1 Audit planning .25 1.3.2 Conduct audits .30 1.3.3 Finishing the audit of fixed assets 46 CONCLUSION .47 CHAPTER 2: THE CURRENT SITUATION OF THE FIXED ASSET AUDIT PROCESS IN THE AUDIT OF FINANCIAL STATEMENT CONDUCTED BY VIET NAM AUDIT VALUATION AND FINANCIAL CONSULTING COMPANY LIMITED 48 2.1 GENERAL OVERVIEW OF VIET NAM AUDIT VALUATION AND FINANCIAL CONSULTING COMPANY LIMITED 48 2.1.1 The process of formation and development 48 2.1.2 Organization management apparatus 50 2.1.3 Services provided by the Company 52 2.1.4 General process of auditing financial statements of FACOM 54 2.1.5 Organizational characteristics of audit records 60 2.1.6 Auditing quality control of Vietnam Audit Valuation and Financial Consulting Company limited 63 2.2 THE REALITY OF THE AUDIT OF FIXED ASSET IN FINANCIAL STATEMENT AUDITING PERFORMED BY VIETNAM AUDIT VALUATION AND FINANCIAL CONSULTING COMPANY LIMITED 65 2.2.1 Audit planning .65 2.2.2 Implementing 83 2.2.3 Finishing the audit of fixed assets .100 iii CONCLUSION 101 CHAPTER 3: RECOMMENDATION FOR IMPROVING THE AUDIT OF FIXED ASSETS IN FINANCIAL STATEMENTS CONDUCTED BY VIETNAM AUDIT VALUATION AND FINANCIAL CONSULTING COMPANY LIMITED .102 3.1 ASSESSMENT OF THE REALITY OF THE FIXED ASSETS AUDIT PROCESS AT VIETNAM AUDIT VALUATION AND FINANCIAL CONSULTING COMPANY LIMITED 102 3.1.1 Advantages 102 3.1.2 Weakness .106 3.1.3 Reason 109 3.2 THE DIRECTION OF DEVELOPMENT AND THE REQUIREMENT OF COMPLETING THE AUDITING PROCESS OF FIXED ASSETS IN AUDIT OF THE FINANCIAL STATEMENTS AT VIET NAM AUDIT VALUATION AND FINANCIAL CONSULTING COMPANY LIMITED 109 3.2.1 The direction of development of Vietnam Audit valuation and financial consulting company limited 110 3.2.2 The necessary of completing the Audit process of fixed assets in Audit of the financial statement performed by FACOM 110 3.3 PRINCIPLES AND REQUIREMENTS FOR FINISHING THE AUDIT PROCESS OF FIXED ASSETS IN AUDIT OF FINANCIAL STATEMENTS AT VIET NAM AUDIT VALUATION AND FINANCIAL CONSULTING COMPANY LIMITED .113 3.3.1 Principles of completing the audit process of fixed assets in the audit of financial statements at FACOM 113 3.3.2 The complete requirement 114 3.4 SOME SOLUTIONS TO COMPLETE THE AUDIT PROCESS OF FIXED ASSETS IN AUDIT OF FINANCIAL STATEMENTS AT AT VIET NAM AUDIT VALUATION AND FINANCIAL CONSULTING COMPANY LIMITED 114 3.4.1 Solutions to improve the financial statement audit process at Vietnam Audit Valuation and Financial Consulting Co., Ltd 114 3.4.2 Solutions to improve the fixed asset auditing in the financial statement audit process at Vietnam Audit Valuation and Financial Consulting Co., Ltd 116 CONCLUSION 121 REFERENCES 122 iv DECLARATION I hereby declare that this thesis is my own work and effort and that has not been submitted anywhere for any award Where other sources of information have been used, they have been acknowledged. The data and results described in the thesis are derived from the actual situation of the practice company Student INTRODUCTION The urgency of the topic Currently, in order to adapt to the requirements of the economy transitioning to the market mechanism and international integration, independent audit activity in our country has formed and developed rapidly in order to enhance the transparency of the financial situation of any agency or organization through examination, evaluation, and conclusions on the truthfulness and reasonableness of the financial information of that entity Even though businesses operate in different fields, fixed assets are always an item of concern because they are prone to fraud and errors because they account for a large proportion of the balance sheet That is why, in the audits, the audit of fixed assets is always valued and takes up the most time, requiring people with a lot of experience to perform Each audit is a combination of the results of many activities and many different cycles and items Each operating part, each period, and each item has a close relationship and complements each other to successfully complete an audit The fixed asset item plays a very important role in the production and business process of a company enterprise Therefore, the accounting of fixed assets as well as the deduction of depreciation expenses need to be properly recorded and calculated accurately Fixed assets on the balance sheet usually account for a large proportion, so errors in this item often have a material impact on the financial statements of the enterprise Therefore, the audit of fixed assets plays an important role in the audit of financial statements Through the theory learned at school as well as the practice of his graduate internship at Vietnam Auditing, Valuation and Financial Consulting Co., Ltd about the audit of fixed assets, I chose the topic "Completing the process of auditing fixed assets in the audit of financial statements conducted by Vietnam Valuation Auditing and Financial Consulting Co., Ltd." to complete his thesis Research objective The purpose of the study is to apply the theory and practice of auditing fixed assets in financial statements audited at Vietnam Valuation Auditing and Financial Consulting Co., Ltd thus drawing comments on the advantages and limitations of the fixed asset audit process at the company and offering some solutions to improve the process To accomplish the above purpose, the research tasks set out: - Systematize and clarify the general theoretical basis of fixed assets and the process of auditing fixed assets in auditing corporate financial statements - Analyze the current status of the fixed asset auditing process in the financial statement audit at Vietnam Valuation Auditing and Financial Consulting Co., Ltd., highlighting the achieved results, limitations, and main reasons Proposing solutions to improve the process of auditing fixed assets in auditing financial statements at Vietnam Valuation Auditing and Financial Consulting Co., Ltd Subjects and scope of research The object of the study is the process of auditing fixed assets at Vietnam Valuation Auditing and Financial Consulting Co., Ltd Research scope: - About space: At Vietnam Auditing, Valuation and Financial Consulting Co., Ltd - About time: The thesis evaluates the current status of the process of auditing fixed assets at Vietnam Valuation Auditing and Financial Consulting Co., Ltd - About the data source: taken from the financial statement data for the years 2019-2021 Research Method The topis is used several methods such as: - Comparative method: the topic compares the audit process of tangible fixed assets in the audit of financial statements in the terms of theory and reality - Method of analysis and synthesis: the topic separates out the issues related to the audit of tangible fixed assets, from which discussing the analysis to understand in detail and specific each different aspects of the problem and finally synthesize and summarize what to note when auditing tangible fixed assets - Method of using data: the topic uses the actual data of the audit process of tangible fixed assets in the audit of financial statements for a client conducted by Vietnam Valuation Auditing and Financial Consulting Co.,Ltd The structure of the thesis In addition to the introduction, conclusion, list of references, the thesis has all three chapters: Chapter 1: General Theory of the Fixed Asset Audit Process in the Audit of Financial Statements Chapter 2: The Current Situation of the Fixed Asset Audit Process in the Audit of Financial Statements at Vietnam Audit Valuation and Financial Consulting Company Limited Chapter 3: Recommendation for Improving the Audit of Fixed Assets in Financial Statements conducted by Vietnam Audit Valuation and Financial Consulting Company Limited CHAPTER 1: GENERAL THEORY OF THE FIXED ASSET AUDIT PROCESS IN THE AUDIT OF FINANCIAL STATEMENTS 1.1 OVERVIEW OF FIXED ASSETS IN THE ENTERPRISE 1.1.1 The concept of fixed assets In order to conduct production and business activities, enterprises need to have all the input factors of the production process, including labor materials, labor objects, and labor power Fixed assets are a key part of labor materials, playing an important role in the business activities of enterprises However, not all labor materials at the unit are fixed assets, but fixed assets only include the main labor materials that satisfy the regulations on value and usage time specified in the asset management regime current main The concept of fixed assets: fixed assets in an enterprise are the main labor resources and other assets of great value, participating in many production and business cycles, and their value is gradually and partially transformed into the value of the enterprise The value of products and services produced during the production cycle Fixed assets include: tangible fixed assets, intangible fixed assets, finance lease fixed assets, and investment real estate According to Circular 45/2013/TT-BTC issued on April 25, 2013 by the Ministry of Finance: - Tangible fixed assets: are the main labor materials with physical form satisfying the standards of tangible fixed assets, which participate in many business cycles but retain their original physical form, such as buildings, structures, machinery, equipment, means of transport - Fixed assets Intangibles: are assets that have no physical form, represent an amount of invested value that meets the criteria of an intangible fixed asset, and participate in many business cycles, such as some costs directly related to the land used, expenses for issuance rights, patents, copyrights, etc - Financial lease fixed assets: are fixed assets leased by the enterprise from the financial leasing company At the end of the lease term, the lessee has the option to buy back the leased asset or continue the lease under the terms agreed in the financial lease The total rental amount of an asset specified in the finance lease contract must be at least equivalent to the value of that asset at the time of signing the contract All leased fixed assets that not satisfy the above provisions are considered fixed assets under the operating lease Standards for recognition of fixed assets Assets to be recognized as tangible fixed assets must simultaneously satisfy the following four conditions: -It is probable that future economic benefits will be generated from the use of such assets; -The historical cost of fixed assets must be determined reliably; -The estimated usage time is over one year; -Have a value of 30,000,000 VND (ten million VND) or more 1.1.2 The role of fixed assets in the enterprise and information about fixed assets in financial statements 1.1.2.1 The role of fixed assets in enterprises The primary and fundamental characteristics of fixed assets that affect audit work are that fixed assets are frequently of high value, and the process of purchasing and equipping fixed assets in enterprises is frequently small and irregular.Fixed assets often have a long useful life, and the management time of these assets in enterprises is often large In the course of use, the enterprise must depreciate these assets The application of a reasonable depreciation 10 policy greatly affects the truthfulness and reasonableness of information related to fixed assets in the financial statements On the other hand, in the process of using fixed assets that can be upgraded and repaired, that can also affect the information related to fixed assets on the financial statements Fixed assets are one of the essential assets of the enterprise and one of the indispensable production materials of the enterprise Any enterprise that conducts its production and business activities also needs fixed assets Thus, it can be said that fixed assets play an extremely important and indispensable role in enterprises 1.1.2.2 Information about fixed assets in financial statements In the financial statements of enterprises, there is a lot of information related to fixed assets, including information on historical cost, depreciation value, and expenses related to fixed assets such as depreciation expense in production and business expenses thereby affecting the targets of profit, expenses, and business results, which are summarized and presented in the annual financial statements of the entity - Historical cost: is the total cost that the enterprise has to spend to acquire a fixed asset up to the time of putting that asset into the ready-for-use state - Depreciation: is the systematic allocation of the depreciable value of an asset over its useful life - Depreciable value: is the historical cost of the fixed asset recorded in the financial statements, minus (-) the estimated liquidation value of that asset - Liquidation value: is the estimated value obtained at the end of the useful life of that asset after deducting estimated disposal costs - Remaining value: is the original cost of the fixed asset after deducting the accumulated depreciation of that asset 1.1.3 Accounting for fixed assets in the business 1.1.3.1 System of accounts, license and accounting books Accounting accounts system 11