Audit of borrowing and cost of borrowing of financial auditing performed by ey vietnam hanoi branch

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THEORETICAL BASIS AND LITERATURE REVIEW ON THE

Characteristic of borrowing and cost of borrowing account in audit of

1.1.1 Definition and nature of Borrowing and cost of borrowing in IFRS and VAS

Borrowing is getting money on loan for use, to be paid back with interest because the value of the loan increases through time Borrowing usually happens in a circumstance where the owners of the company think that the money borrowed can be used to make more money than the expense they have to pay for it

Borrowing is an important component of a company’s capital structure

Borrowing items will be disclosed in part A Liabilities of the company/entity’s capital

Depending on the term of the loans-if it is longer or shorter than 12 months in a normal business cycle, they will be classified as long term or short term.’

Along with the loans are their interest, also called as financial expense According to the Vietnamese Accounting Standard (VAS 16 - Borrowing cost) and International

Accounting standard (IAS 23 - Borrowing cost) Financial expense include:

- Short term/long term financial expense payable (include overdraft)

- Distribution of discount and premium rising from loán issued bonds

- The allocation of additional costs related to the crafting process continue to borrow;

According to VAS 16, the interest expense needs to be recognized at the time it is incurred, unless such interest expense is directly attributable to borrowings used to finance the construction in progress In the case where a company borrows money to invest in fixed assets and construction in progress that will be capitalized, the interest expense will also be capitalized if it meets the accounting standards that the company applies The majority of interest expenses come from short and long-term borrowing rather than interest expenses on overdrafts (credit lines) or bond interest rates,

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For various reasons, borrowings usually account for the largest proportion of the capital strucstru:

- The repayment term can be flexible in short or long erm

- Hardly affected by other factors other than borrowers

From a business perspective, all financial resources need to be maximized in such a way that costs are minimized and can be utilized most effectively: Short-term assets like goods will be financed by short-term liabilities such as accounts payable or L/C, while long-term assets such as factories, machinery, and equipment also need to be financed by long-term capital sources like loans Loans also have the potential to be converted into equity in cases where the business encounters capital difficulties but has abundant resources and clear potential to revitalize the business

From the perspective of investors such as shareholders and creditors, loans are also an extremely useful financial metric to assess the business operations of the company as well as to evaluate the management's ability to manage and balance financial resources

1.1.2 Accounting for borrowing and cost of borrowing

Debts require meticulous accounting not only in the general ledger but also necessitate dedicated tracking through specialized ledgers These ledgers must encompass comprehensive details for each debt, including information about the creditor, the date of inception, interest rates, terms, due dates, collateral involved, and any financial instruments associated with the debt Furthermore, it is imperative to maintain a systematic archive of all corroborating documents related to debt transactions, such as loan agreements, mortgage contracts, accommodation bills, acknowledgment of loan contracts, debit and credit notes, and loan reports, among others

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In leveraging these detailed tracking ledgers, businesses are equipped to monitor loan interest meticulously, distinguishing between interest that has accrued, interest that has been paid, and interest that remains payable

Attention must be paid to accurately tracking the terms and maturity dates of loans to ensure the correct categorization of short-term and long-term borrowings and debts, including those with repayments due within the fiscal year, as well as long- term obligations

To record and track loans, VAS stipulates that loan transactions need to be accounted for in account 341 Account 341 consists of two sub-accounts: 3411 and

● Account 3411 – Borrowings: This account reflects the value of borrowed funds and the repayment status of borrowed funds by the business

(this account does not reflect borrowings in the form of bond issuance)

● Account 3412 – Finance lease liabilities: This account reflects the value of finance lease liabilities and the repayment status of finance lease liabilities by the business

The account structure of 341 is as follows:

Table 1-1: Account structure of account 341 in VAS

Payment obligations fulfilled for outstanding loans and financial lease liabilities;

Reduction in the principal amount of loans and debts, as sanctioned by the lending parties or creditors;

Variance in exchange rates resulting from the reassessment of foreign currency-denominated loan and financial

+ Amount of loans, finance lease liabilities incurred during the period;

Exchange rate differences arising from the revaluation of foreign currency denominated loan and finance lease liabilities at the end of the period (in cases where the foreign currency exchange rate increases relative to the Vietnamese Dong)

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(applicable when the foreign exchange rate depreciates against the Vietnamese

Credit balance: Outstanding balance of loans and finance lease liabilities not yet due

Source: Circular 200, The Ministry of Finance in Vietnam

Account 341 has 2 sub-accounts: 3411 and 3412

Account 3411 – Borrowings: This account reflects the value of borrowings and the repayment status of borrowings by the enterprise (this account does not reflect borrowings in the form of bond issuance)

Account 3412 – Financial lease liabilities: This account reflects the value of financial lease liabilities and the repayment status of financial lease liabilities of the enterprise

Therefore, the primary account used to track debts is 341

For interest expenses on borrowings, the primary account used is 635: Financial expenses As an expense account, 635 does not have an closing balance and will be used for tracking as follows:

Table 1-2: Account structure of account 635 in VAS

Interest expenses on loans, interest on purchases with deferred payments, and interest on financial leasing

Losses from the liquidation or sale

Reversal of provisions for the depreciation of trading securities and investment losses in other entities (the difference when the provision required for this period is less than the unused provision made in the previous year)

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Exchange rate losses incurred during the period; exchange rate losses due to the revaluation at the end of the financial year of monetary items in foreign currencies

Provision for the depreciation of trading securities, provision for investment losses in other entities

Other financial investment activity expenses

Items that are recorded as a reduction in financial expenses

At the end of the accounting period, transfer all financial expenses incurred during the period to determine the business operation results

Source: Circular 200, The Ministry of Finance in Vietnam

Another special case is the interest expense is tracked and managed in account at account 241 According to VAS No 16 - Borrowing Costs, Article 8 stipulates:

Borrowing costs directly related to the construction or production of unfinished assets are capitalized into the value of those assets;

Borrowing costs are capitalized when the enterprise is certain to obtain future economic benefits from the use of those assets and the borrowing costs can be reliably measured

Thus, the conditions for capitalizing borrowing costs are:

The borrowing costs to be capitalized must be reliably determined;

The capitalization of borrowing costs ensures the certain future economic benefits from the use of assets formed from borrowing costs

In order to record borrowing and cost of borrowing honestly and reasonably, the types of accounting book that enterprises need to have: a detailed book to monitor debts and interest expense for each lender, ledger of debts and interest expense, debt and interest expense summary, debt age analysis table, detailed monitoring book off

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There are documents which crucial for maintaining accurate borrowing and cost of borrowing records, ensuring compliance with loan agreements, and facilitating financial reporting and auditing processes, such as:

- Loan agreements: Legal documents outlining the terms and conditions of the loan, including the principal amount, interest rate, repayment schedule, and any collateral required

- Promissory notes: Written promises to repay a specific amount of money at a future date, often used for smaller loans or short-term borrowing

- Bank statements: Statements from the company's bank accounts showing incoming loan proceeds or outgoing loan repayments

- Loan amortization schedule: A table detailing the periodic payments on a loan, including the breakdown of principal and interest components

- Loan disbursement vouchers: Records of funds disbursed by the lender to the borrower, typically accompanied by supporting documentation such as invoices or receipts

- Correspondence with lenders: Any written communication between the company and its lenders regarding the loan, including letters, emails, or memos

- Interest expense notification: Documentation of interest rate to be used and interest to be paid on the loan include interest statements from the lender

- Collateral Documentation: If the loan is secured by collateral, relevant documents such as property deeds, vehicle titles, or inventory lists may be included in the borrowing records

1.1.3 Common misstatements in presenting borrowing and cost of borrowing items in s financial statement

- Borrowing agreements frequently become outdated and are archived without any attachments indicating extensions or agreements for extending their duration

- The documents related to borrowings are incomplete

- Individual borrowing contracts often lack internal reconciliation records or essential personal details of borrowers

- Additionally, discrepancies may arise between the information recorded on debt receipts and actual transactions, such as money receipts, goods received, property transactions, or payments of interest and principal, as documented in payment records

Mistake with monitoring and making accounting entry for borrowings

- Foreign currency denominated borrowings: When compiling financial statements, borrowings denominated in foreign currency, with original amounts different from the reporting currency, are either not revalued or are revalued using incorrect foreign exchange rates

- Incorrect recording of loans at the time they are acquired, especially regarding the timing of recording in the accounting books, particularly at the end of the accounting period

- Discrepancies between the loan amounts recorded and the actual amounts received as per disbursement documents

- Failure to appropriately categorize or recategorize short-term and long- term debts based on the repayment schedule when preparing and presenting financial statements

- Misuse of loan capital contrary to the specified purpose outlined in the contract

Mistakes with monitoring and making accounting entry for cost of borrowing:

- Non-compliance with accounting standards is observed in the practice of capitalizing expenses within the entity

- Misrecordings occur regarding the commencement or cessation of capitalization

- There are inaccuracies in computing borrowing costs associated with general loans, leading to potential misstatements in financial reporting

- Specific loan interest, which should be capitalized, is erroneously categorized as financial expenses during the fiscal year

- Unqualified loan interest is included in the value of construction in progress, contrary to regulatory requirements

- Failure to offset unused loan interest with interest expenses, as stipulated by regulations, contributes to discrepancies in financial records and reporting

1.1.4 Internal control over borrowing and cost of borrowing

Internal controls refer to the processes and procedures implemented by an organization to guarantee the accuracy and reliability of its financial reporting

Effective internal controls over borrowing items ensure that the entity has adequate funds to meet its operational and financial requirements while adhering to responsible and transparent borrowing practices Here are some internal controls that can be instituted for borrowing items within an organization:

The process of audit of borrowing and cost of borrowing in financial

1.2.1 Objectives for auditing borrowing and cost of borrowing item

According to Vietnam Standard of auditing No 200: “The purpose of a financial statement audit is to increase users’ confidence in the financial statements, through the auditor expressing an opinion on whether the financial statements have been prepared and presented fairly, in all material respects, and are appropriately consistent with the applicable financial reporting framework An audit conducted in accordance with Vietnamese Standards on auditing, relevant ethical and professional standards and regulations will help the auditor to form that audit opinion.”

Hence, the aim of auditing borrowing and borrowing cost items is for the auditor to gather adequate and pertinent evidence to verify the reliability of the corresponding financial statements Simultaneously, it serves as a source of relevant documentation for auditing other pertinent financial aspects To accomplish this overarching objective, the auditor must pursue specific objectives related to borrowing and borrowing costs The specific objective regarding borrowing and borrowing costs entails the auditor collecting ample evidence to substantiate the accuracy and reasonableness of databases concerning economic transactions and the account balances associated with borrowing and borrowing costs These should faithfully depict the economic essence and align with the operational characteristics of the enterprise

Table 1.3: Borrowing audit assertions and objectives

Existence All borrowing presented on a financial statement must actually exist at the date of reporting The balance on the FS should match to the borrowing contract and the debt bill

Completeness All borrowing at the end of the period is fully presented in the financial statements and are free of errors

The enterprise is obliged to repay the loan presented on the financial statements at the end of the period

Valuation The borrowing which denominated in foreign currency other than reporting currency must be reevaluate at the financial reporting date

Classification Borrowing must be reclassify to long/short tẻm at the reporting date due to repayment term

Presentation Indicators and information related to loán in the financial statement are presented appropriately and fully in accordance with the provisions of accounting standards, accounting regime and no errors

Table 1.4: Borrowing audit assertions and objectives

Occurrence Transactions in which interest expense is recognized hace occurred and are related to the entity

Completeness All transactions to record borrowing expenses incurred are fully presented in the financial statements and are free of errors at the end of the reporting period

Cut-off All transactions to record borrowing expense incurred are recorded in the correct accounting period

Accuracy The figures presented are related to the interest expense recognition transac, interest of loans are properly reflected Classification Borrowing cost must be recorded in proper account

Presentation Indicators and information related to borrowing cost in the financial statements are presented appropriately and fully in accordance with the provisions of accounting standards, accounting regime and no errors

1.2.2.1 Assess the client acceptability and contract risks

Initially, the auditor must recognize and comprehend the audit engagement risk, initiating considerations such as the integrity of the entity's management, professional expertise, potential issues, etc., to determine whether to accept the client and the audit engagement

- Contract risk are the risks of the audit firm related to each specific audit contract Auditors need to properly assess contract risks in order to have appropriate solutions such as:

● Determine a tolerable level of audit risk for identifying significant inaccuracies in the financial statement's borrowing and interest expense accounts

● Evaluate the nature and modifications in client operations concerning their borrowing and interest expenses

● Contemplate agreeing to client engagements

● Auditors should scrutinize and verify the following standards

- Reviewing the integrity of the entity’s management by following:

● The auditor may consult the prior auditor for insights on last year's borrowing and cost of borrowing issues to inform their contract acceptance decision

● Evaluating past audit experiences is crucial for assessing the Boards' cooperation on financial statement issues related to borrowing and its costs

● The auditor should review the Boards' risk management practices and internal control system maintenance attitudes

● Auditors can also use mass media, like newspapers and websites, or consult banks, lawyers, and legal advisors for additional information

- Professional abilities of the audit team

● Auditing firms must assess if the audit team assigned possesses assured professional competency

● Competence encompasses a blend of knowledge, practical experience, and the availability of adequate time and resources to execute the engagements effectively

- Ability to comply with professional standards and professional ethics

● Auditors are constantly obligated to comply with professional standards and ethical norms Foremost among the critical issues necessitating careful deliberation and assessment is the independence of auditors within the auditing team

● The audit firm must examine the significant matters stemming from borrowing and borrowing costs in the current or prior year's audit, and how they impact maintaining the client relationship

1.2.2.2 Selecting the audit team and preparing the audit engagement

Upon identification of contractual risks and assessment of client evaluation criteria, the auditor proceeds to accept the audit contract and initiate all necessary preparations Subsequently, the audit firm utilizes the auditor's capabilities and the client's business characteristics to appropriately select the audit team

First, the auditor will reach a mutual understanding regarding the terms of the audit contract with the client As per VSA 210, the "audit contract" necessitates the auditor to accept or continue the audit contract solely upon agreeing upon the fundamental elements for its execution, which include:

- Establishing the framework for the audit

- Ensuring alignment between the auditor and the Boards of Directors or the Board of Management of the audited entity concerning the terms of the audit contract

Selection of the audit team

According to Quality Control Standard No 1 (VSQC 1) “Quality control of enterprises performing audits, review of financial statements, assurance services and other related services” provides guidance on what needs to be done in order to select a team of audit Considerations to select the audit team include:

- Are officers and employees of the auditing firm knowledgeable about the industry, field of operation or related issues, including issues about the client’s borrowing and cost of borrowing items?

- Whether the officers and employees of the auditing firm have experience in relevant legal regulations and reporting requirements or are able to effectively acquire the necessary experience or knowledge on auditing borrowing and cost of borrowing items?

- Whether the auditing firm has enough personnel with the necessary expertise and capabilities?

1.2.2.3 Understand the client and its environment

ISA (UK) 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment states that “the objective of the auditor is to identify and assess the risks of material misstatement, whether due to the fraud and error, at the financial statement and assertion levels, through understanding the entity and its environment, including the entity’s internal control, thereby providing a basis for designing and implementing responses to the assessed risks of material misstatement” Through this understanding, the auditor can pinpoint business risks impacting audit risk and discern the risk of material misstatement in the financial statements

- Understanding clients includes understanding entity operation spheres, company structure, capital structure,

- Auditors must acquaint themselves with the business sectors of the audited entity, as each industry possesses distinct characteristics that can influence financial statement accuracy

- Auditors also need to familiarize themselves with the legal framework, including legal regulations related to the industry The state can encourage or impose strict regulations on certain business sectors, such as issuing separate, stricter reporting regulations for some activities

Understanding the business operating environment

The business environment includes competition, relationships with customers and suppliers, as well as changes in technology and techniques The competitive situation is related to the company’s ability to succeed or fail before its competitors, thereby affecting how the enterprise will use its liabilities, specific in borrowing as well as the revenue and expenses of the enterprises…

In addition, the auditor also needs to collect information, documents and relevant slips as evidence (as said as 1.1.2.3.)

This represents a crucial step in conducting further research on business activities to pinpoint potential risks The auditor delves into the accounting policies and business cycles of the entity to evaluate the business risks it might encounter, thereby identifying risks that could lead to material misstatements in the financial statements

AUDITING OF BORROWING AND COST OF BORROWING

Overview of EY Vietnam

Company’s name: Ernst and Young Vietnam Co., Ltd - Hanoi Branch

Address: 8th floor, CornerStone Building, No.16 Phan Chu Trinh, Hoan

Email: eyhanoi@vn.ey.com

Representative: Mr Tran Phu Son

Ernst & Young (EY) Vietnam stands as a beacon of excellence in the realm of professional services, offering a comprehensive array of solutions tailored to meet the diverse needs of businesses in the dynamic Vietnamese market With a rich legacy spanning decades, EY Vietnam has cultivated a reputation for unwavering commitment to quality, integrity, and innovation As a member firm of EY Global, one of the "Big Four" accounting firms worldwide, EY Vietnam leverages its global network, expertise, and resources to empower clients to navigate complexities and achieve sustainable growth EY Hanoi's dedication to excellence is showcased through its comprehensive client service, driven by a constant focus on creating value and sustainable results Whether helping clients navigate complex regulations, streamline operations, or embrace digital change, the firm's skilled professionals are committed to delivering tangible outcomes and ensuring long-term success

Beyond its client-centric ethos, EY Hanoi is actively contributing to the advancement of Vietnam's business ecosystem and societal development initiatives

Through strategic collaborations with stakeholders across academia, government, and non-profit organizations, EY Hanoi endeavors to foster a culture of innovation, entrepreneurship, and corporate responsibility, thereby catalyzing positive change and sustainable growth

As Vietnam continues to emerge as one of the most dynamic economies in the region, EY Hanoi remains steadfast in its commitment to empower clients to seize opportunities, mitigate risks, and navigate the complexities of an ever-evolving business landscape With a steadfast focus on quality, integrity, and innovation, EY

Hanoi stands as a trusted advisor and catalyst for growth, shaping the future of

Vietnam's business landscape one engagement at a time

EY's slogan 'Build a Better Working World' encapsulates its commitment to driving progress and prosperity through innovation, integrity, and inclusivity It reflects the firm's mission to empower organizations, individuals, and communities to thrive, fostering a more sustainable and equitable global society

2.1.2 Functions, duties and main service lines

Ernst & Young (EY) offers a diverse range of professional services designed to empower businesses to thrive in today's complex and rapidly evolving global landscape With a focus on delivering exceptional value and driving sustainable growth, EY's comprehensive suite of services encompasses assurance, tax, advisory, and transaction advisory services

EY's assurance services provide clients with confidence in their financial reporting, governance, and compliance processes, helping to enhance transparency and build trust among stakeholders Through innovative audit methodologies and cutting-edge technology solutions, EY assists clients in navigating regulatory requirements and identifying opportunities for operational improvement

In the realm of taxation, EY's seasoned tax professionals provide strategic insights and guidance to help clients optimize their tax position, manage risks, and navigate the intricacies of local and international tax regimes From tax planning and compliance to transfer pricing and tax controversy resolution, EY helps clients navigate the complexities of today's tax landscape with confidence

EY's advisory services offer tailored solutions to address the diverse needs of clients across various industries and sectors From strategy and operations to risk management and technology transformation, EY's advisory professionals leverage deep industry expertise and cutting-edge insights to help clients unlock value, drive innovation, and achieve sustainable growth

Finally, EY's transaction advisory services provide comprehensive support to clients throughout the deal lifecycle, from strategic due diligence and valuation to post-transaction integration and optimization Whether pursuing mergers and acquisitions, divestitures, or capital raising initiatives, EY's transaction advisory professionals offer strategic insights and tactical support to help clients maximize value and achieve their business objectives

Overall, EY's commitment to excellence, integrity, and innovation underscores its dedication to helping clients navigate complexity, seize opportunities, and achieve sustainable growth in today's dynamic business environment

Figure 2.1: General organization structure of Ernst and Young Vietnam Co.,

Source: Internal document from EY Figure 2.1: General organization structure of Ernst and Young Vietnam Co., Ltd

The organizational structure of EY is divided into 4 main parts: General Director,

Partner, Administration Department, Operation Department In details:

- General Director: The present General Director in Vietnam is Mr Tran Dinh

Cuong, currently working at EY Ho Chi Minh He directly manages and takes responsibility for all activities of EY Ho Chi Minh, and indirectly manages the

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- Partners: There are 27 Partners in Vietnam who are responsible for three main tasks Firstly, they implement plans and strategies, guide and supervise the implementation of the employees Secondly, they are responsible for seeking news contracts Finally, they directly assess the risk and results of each job, final review, and signer on reports and management letters

The operative departments at EY Vietnam include audit departments

(Assurance), financial consulting departments (Finance Consulting), and tax consulting departments (Tax Consulting) Each department has its own responsibilities to serve the business activities of enterprises

EY Vietnam has two major specialized audit areas, tailored to each sector and field, aiming to specialize, control quality, and ensure audit effectiveness, including: banking audit (FSO) and non-banking audit (Core Assurance) Annually, the largest source of revenue comes from the audit activities of enterprises, making this department also the largest in terms of personnel in the company

This department is responsible for providing financial consulting services, management solutions, financial planning advice, accounting consulting, and various other types of financial services

Provides advice to clients on tax planning and settlement, offering suggestions on whether business operations comply with the current tax laws of the respective country or not

Responsible for developing training plans, implementing training programs tailored to the development needs of the Company Additionally, advises the Board

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Finance and Accounting Department (Finance)

Ensures the provision of financial accounting information at EY, being the department with the greatest influence on the Board of Directors in constructing and executing resource mobilization to implement these plans The Finance department reports financial information to Partners

Human Resources Department (HR – Human and Resources)

The Human Resources and Training departments collaborate to develop training and recruitment plans, establish employee job descriptions and salary rates; monitor and supervise compliance with internal regulations, policies, organizing seminars, and student contests

Customer and Market Development Department

Responsible for market and customer management as well as corporate image management, customer care, issues related to information disclosure with relevant parties and the public

Supports the resolution of technology and information system issues internally with EY offices globally and with external parties

The number of members in an audit group varies depending on the size and complexity of each audit Nonetheless, the audit team for each audit is organized as follows:

Figure 2.2: Audit team structure of Ernst and Young Vietnam Co., Ltd

Source: Internal document from EY

Staff: These are auditors with less than 2 years of experience They usually participate in the execution phase of audits, conduct compliance testing, and detailed examinations according to plans designed by higher-level auditors

Senior: Seniors have a minimum of 2 years of work experience They directly manage audit work, design audit procedures, allocate tasks to team members according to the plan Additionally, they guide staff on audit procedures, review and examine staff work to ensure compliance with EY Vietnam regulations Finally,

Seniors summarize work and report to higher-level auditors

Auditing process for borrowing and cost of borrowing items in the audit of

audit of financial statements performed by EY Vietnam

Purpose and approach: The document emphasizes that the design of substantive procedures is tailored to address specific risks of material misstatements identified during the risk assessment stage These procedures are focused responses that seek to provide explanatory, confirmatory, or contrary information, contributing to audit evidence related to an assertion

Types of procedures: The substantive procedures include substantive analytical procedures, tests of details, and tests of items to obtain information These are selected based on their relevance and reliability to provide sufficient appropriate audit evidence

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Risk identification: The guide specifies how to identify risks of material misstatement at the assertion level This involves considering the likelihood and potential magnitude of events and conditions that could lead to misstatements

Examples of relevant conditions include numerous debt agreements, complex transactions at year-end, and restrictive loan covenants

Audit strategy: The information gathered about events and conditions informs the development of an audit strategy This strategy includes making inherent and control risk assessments that align with the identified risks c Audit Strategy Development

Objective setting: When auditing non-current loans, key objectives include verifying whether all recorded long-term debts are real obligations due to creditors, ensuring that all interest expenses accrued are appropriately recorded, and that the long-term debt is accurately presented in the financial statements at fair value

Procedure selection: Depending on the audit risks identified, specific substantive procedures are selected For example, auditors might inspect new agreements, review confirmation replies for liens and collaterals, or verify compliance with debt agreements d Substantive Procedures Examples

Interest expense and Compliance: Procedures include comparing interest expenses to previous periods, performing reasonableness checks on interest calculations, and obtaining and reviewing confirmations from creditors regarding terms of debt and interest payments

Verification of obligations: This involves confirming the existence and details of long-term debt, including principal balance, maturity dates, and any collateral provided e Other Considerations

Going Concern Implications: The auditors are advised to consider the implications of an entity’s ability to meet its debt covenants, as this could indicate potential going concern issues

Compliance Reporting: There is a focus on compliance with terms of debt agreements, and where necessary, obtaining waivers or reporting non-compliance as required by financial reporting standards

In addition to the PSPs, we design the nature, timing and extent of Other

Substantive Procedures (OSPs) to respond to the CRA for each relevant assertion for significant accounts and disclosures when we have not obtained sufficient appropriate audit evidence from the PSPs alone When:

Our CRA is low, we increase the extent of the PSPs and determine the need to design OSPs to address the specific risks of material misstatement at the assertion level that led to the higher inherent risk assessment, and specifically respond to significant risks

Our CRA is moderate, we increase the extent of the PSPs and determine the need to design OSPs to address any risks associated with not testing controls

Our CRA is high, we design OSPs to address the specific risks of material misstatement at the assertion level that led to the higher inherent risk assessment, and specifically respond to significant risks as well as to address any risks associated with not testing controls

This approach ensures a thorough and risk-based audit of non-current loans and interest expenses, tailoring audit activities to the specific conditions and needs of the entity being audited

Interest Expense and Loan Balances: Compare current year interest expenses and principal balances with previous years and investigate any significant or unexpected variations

Reasonableness Checks: Perform checks on the interest expense calculations based on the average outstanding balance and the applied interest rates to verify their accuracy

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Verification of Existence and Obligations: Confirm the details of the long-term debt such as principal balance, interest rates, maturity dates, and related collateral

This step is critical in establishing the existence and terms of the debt

Inspection of new agreements: Review new loan agreements or modifications of existing ones to understand any new terms or conditions which affect the loan's recognition and measurement

Review of confirmation replies: For liens, pledges, and collaterals, ensuring that the secured status of loans is appropriately confirmed and documented c Compliance with Loan Agreements

Covenant Compliance: Obtain details of any covenants or restrictive provisions from loan agreements and perform calculations to test the entity's compliance throughout the fiscal year In cases of detected non-compliance, review any waivers obtained and consider the appropriateness of debt classification in the financial statements

Documentation and Disclosure: Review the entity’s compliance with the loan terms, ensuring that all required disclosures related to the debt are complete and accurate as per the applicable financial reporting framework d Long-term debt transaction review

Payment Verification: For entities making blended payments of interest and principal, check a sample of these payments to determine the appropriate allocation between interest and capital components

Amortization of bonds or debentures: If any bonds or debentures were issued during the year, verify the calculation of amortization to ensure it aligns with the requirements of the applicable financial reporting framework e Going concern considerations

Assessment of Financial Viability: Consider the entity's ability to meet its debt obligations as a part of the going concern assessment, especially if there are signs of financial distress

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Direct confirmation: Often, direct confirmations from creditors or trustees are obtained to verify the amounts and terms of debt reported This might include confirming the total principal balance, terms of the trust deed, and compliance with those terms

These execution steps are designed to ensure that all aspects of non-current loans are audited thoroughly, with a focus on identifying and addressing any potential misstatements or non-compliance issues

DISCUSSIONS AND RECOMMENDATIONS TO IMPROVE

Development direction for EY Vietnam

The primary operational sector within EY Vietnam is its Audit and Assurance department, which stands as one of the premier auditing firms in Vietnam In order to substantiate its assertions and provide clients with superior services, EY remains steadfast in its commitment to enhancing audit quality

Firstly, continuously improve the establishment of specific guidelines for staff members At the same time, constantly update changes in policies and regulations related to auditing to keep up with the changes in standards and regulations

Secondly, regularly organize training sessions to ensure that staff members are all updated on changes in the system of regulations, decrees, and current standards

Additionally, enhance support and incentives in the human resources support policy to complete international audit certifications such as ACCA, CPA, etc

Thirdly, encourage staff members to flexibly apply auditing procedures to suit each client and handle unexpected factors that may arise during audits

Fourthly, pay special attention to improving incentives for staff members such as increasing salaries, bonuses, and additional support such as meal allowances, parking fees, especially during busy periods This somewhat helps reduce pressure on staff members, providing them with more positive motivation to work and contribute to the development of EY.

The need for improving audit quality of debts in financial statements

statements performed by EY Vietnam

Improving audit procedures related to borrowing and the cost of borrowing is essential for several reasons:

Risk Reduction: Ensuring accuracy in these transactions lowers the risk of financial misstatements or fraud, safeguarding the company's financial health and reputation

Compliance: Enhancing procedures confirms adherence to regulatory requirements and accounting standards, reducing the risk of penalties or legal issues

Informed Decision-Making: Reliable information on borrowing and associated costs is vital for sound financial decisions by management, investors, and stakeholders

Stakeholder Trust: Thorough audit procedures demonstrate commitment to accuracy, enhancing trust among stakeholders in the company's financial reporting

Adaptation to Change: Audit procedures must evolve to address emerging risks and regulatory changes, ensuring effectiveness in a dynamic business environment

In summary, improving borrowing and cost of borrowing audit procedures is crucial for financial transparency, compliance, informed decision-making, stakeholder trust, and continuous improvement in audit practices.

Recommendations to improve the audit process of borrowing and borrowing

borrowing cost in financial audit performed by EY Vietnam

3.3.1 At the planning stage a When obtain client and engagement understanding

In line with gathering internal information, auditors need to focus more on collecting information about the characteristics, data of industries, business sectors, enterprises of similar scale, the industries of audit clients, financial and non-financial information, to gain an objective view of the overall financial picture of the client

This helps auditors design a more suitable and effective audit strategy and procedures, contributing to reducing workload, time, and certain audit risks

For new clients, gathering information is crucial Therefore, auditors need to collect information from various methods and source such as: Conduct comprehensive client interviews and discussions to gain a deep understanding of the client's business operations, industry dynamics, and key risk factors; Invest time in research and industry analysis to stay updated on market trends and sector-specific risks; Collaborate closely with subject matter experts within the audit team or seek external expertise to bridge knowledge gaps; Prioritize continuous learning and professional development to enhance knowledge of evolving industries and regulatory environments

For recurring clients, auditors will review the client's previous audit files and exchange with auditors who were responsible for the audit of this client in the previous year in case there is a change in the auditors handling the client this year to understand the client's audit At the same time, auditors must interview, search, and continuously collect any changes in client information during the current audit year to assess whether these changes pose any significant risks leading to material misstatements

Optimize Resource Management: It is essential to conduct a thorough resource assessment to pinpoint staffing and budgetary requirements accurately This assessment serves as a foundation for advocating adequate resource allocation by effectively communicating potential risks and impacts associated with resource constraints to management By prioritizing audit areas based on comprehensive risk assessments, critical aspects receive the necessary attention and allocation of resources to address key risks and issues effectively Exploring alternative staffing models, such as leveraging technology or outsourcing certain tasks, presents opportunities to optimize resource utilization within budgetary constraints, ultimately enhancing the efficiency and effectiveness of the audit process Adopting these strategic approaches ensures that resources are managed effectively, aligning them with audit objectives and facilitating optimal outcomes

Implement Adaptive Audit Planning: Auditors need to maintain professional skepticism regarding the data they have gathered to evaluate whether this information is reliable or not Is it ensuring honesty and reasonableness? Only then can they proceed with evaluation and develop an appropriate audit strategy b Analytical procedure

According to Vietnamese Auditing Standard No 520 - Analytical Procedures:

"Analytical procedures involve evaluating financial information through analysis of reasonable relationships between financial and non-financial data Analytical procedures also include investigating, when necessary, fluctuations or relationships identified as inconsistent with other information or significantly different from expected values."

While this procedure assists auditors in recognizing unusual patterns and delving into their origins, its effectiveness is hampered by auditors' lack of emphasis on its

Formatted: Font: 13 pt Formatted: Font: 13 pt execution Consequently, the initial analysis results remain basic, potentially compromising the auditors' overall comprehension of the client's situation and influencing subsequent work requirements Hence, during this initial analytical phase, EY should prioritize grasping key financial indicators with notable influence, particularly tailored to the client's business specifics Subsequently, these indicators should be scrutinized, perhaps by comparing crucial metrics between the client and its competitors or the broader industry

3.3.2 At the implementation of the audit a Analytical procedures

To keep pace with the rapid and relentless development of today's science and technology, EY needs to establish an advanced analytical model that incorporates key financial indicators corresponding to the specific characteristics of each industry and business sector of audit clients This enables auditors to assess the business situation of clients and the general business risks of the industry, as well as those specific to the client, without having to perform calculations on Excel as before This evaluation is based on the results obtained from the analytical model, facilitating the identification of potential material misstatements, the scope of audit work needed, etc Constructing this model will save audit time and costs, reduce auditors' workload, enhance the quality of audits, and increase EY's competitive advantage in the market

Additionally, during the analysis procedures, auditors should focus more on combining the results with the economic and social fluctuations to provide a more objective and accurate perspective

For instance, during the Covid pandemic, if there is a significant increase in loan amounts and interest expenses compared to a stable economic period but a decrease in investing and trading demand due to lockdown measures, auditors need to carefully evaluate this aspect to assess risks and determine whether this item is accurately and reasonably recorded Most recently, in 2023, the crisis in the Red Sea seriously disrupted the routes of shipping vessels, causing significant disruptions to the operations of businesses, particularly those with large trading volumes with Europe and North America Some immediate negative impacts include increased freight rates, more critically, a shortage of empty containers, prolonged transportation times, and disruptions to the ability to fulfill import-export orders Furtherly, frequent and

Formatted: Font: 13 pt Formatted: Font: 13 pt persistent delays in cargo transportation impose financial burdens on businesses, partially affecting their borrowing payment schedules b EY Human resources

Firstly, EY's current workforce is experiencing a significant shortage compared to the demands of the job Despite holding recruitment hiring twice a year for interns

(typically at the end of July) and audit assistants (usually at the beginning of April), the manpower deficit remains unaddressed Therefore, EY should consider additional recruitment rounds to fill the gap, especially during periods when many auditors resign after the busy season Moreover, EY must ensure the quality of new recruits

Secondly, the manpower shortage at EY spans across all levels, from audit assistants to senior audit managers While quickly recruiting for lower-level positions is feasible, higher-level recruitments pose challenges and greatly impact crucial aspects of the company Thus, EY needs to focus on building a core team and retaining them to ensure audit quality and long-term development Additionally, EY should research and implement policies to retain existing talent, such as increasing basic salaries, bonuses, allowances, and benefits tailored to each level Particularly during peak periods, EY should enhance incentives to alleviate pressure on employees and foster long-term loyalty

Thirdly, prioritizing the enhancement of audit staff quality is essential This involves providing additional training not only for new hires but also for staff at all levels within the company Furthermore, encouraging and facilitating auditors to obtain certifications such as ACCA, ICAEW, CPA is crucial Currently, EY is implementing this relatively well and should continue to do so

Fourthly, organizing audit teams effectively is paramount EY must ensure both the quantity and quality of staff in each team, avoiding situations where one member has to shoulder excessive responsibilities This not only burdens auditors but also risks compromising the audit quality due to overwork

Lastly, EY should consider establishing departments to handle supportive audit tasks that do not require high levels of expertise, such as progress tracking and updating confirmation letters

Formatted: Font: 13 pt Formatted: Font: 13 pt c Using expert recommendation

Utilizing expert opinions is crucial in the current scenario where EY's audit clients span diverse and complex industries and business sectors The intricacies of these clients' processes and operations demand auditors with high levels of specialized knowledge to provide objective assessments effectively However, not all auditors at EY possess the requisite expertise and experience for this task Therefore,

EY should consider employing expert opinions more frequently When assessing the need for expert opinions, EY should evaluate based on the following factors:

Firstly, weighing the benefits gained against the cost of the audit

Secondly, carefully assessing the independence of the invited expert concerning the client

Thirdly, evaluating the expert's domain knowledge and professional experience to ensure suitability for the auditor's objectives

Fourthly, auditors need to meticulously review the expert's work results and consider incorporating their opinions into the audit process Seeking and utilizing expert opinions will enhance the objectivity and accuracy of evaluations, ensure audit quality, and reduce the workload of auditors

3.3.3 At the completing the audit and issuing the audit report

Recommendations for Ernst and Young Vietnam Co., Ltd and some external

EY Vietnam should keep improving the audit processes by fully utilizing the benefits of the current processes and updating the processes to comply with new standards like IFRS 9, IFRS 23 EY Vietnam should also work to fix any lingering issues with how each section's audit was conducted

In terms of personnel, EY Vietnam must continue to improve auditor quality EY has to develop more consistent professional development programs for staff, especially for new hires Additionally, EY Vietnam has to create rules that support staff members' pursuit of international professional certifications including the

ACCA, CPA, and ICAEW In order to provide long-term employment and enable employees to contribute to the growth of EY Vietnam, EY must also consistently increase employee remuneration

Auditor knowledge and abilities should always be improved for the benefit of the audit's quality Auditors are required to adhere to the highest standards of professional ethics and keep up with changes to the accounting and auditing standards This is a necessary criterion to ensure that the audit is carried out in line with the rules

3.4.2 For the Ministry of Finance and other agencies

In order to establish ideal conditions for the development of the audit filed, the

Ministry of Finance has actively cooperated with other pertinent agencies to update and publish materials However, executing audits still presents several challenges for

EY Vietnam and the majority of other audit firms in our nation Then, audit firms have not yet used their talents to the fullest The following suggestions are necessary:

- The Ministry of Finance has continuously revised and updated the laws and circulars pertaining to VAS and VSA in the context of economic integration to bring our standards closer to those of other countries However, the Ministry of Finance should take into account adjustments to fit Vietnam's circumstances and offer detailed instructions to make implementation easier and more practical with each change

- The Ministry of Finance should arrange for additional training sessions to help entities' leaders, accountants, and auditors implement these changes in a way that is efficient and consistent with the nature of their business activities This is in addition to updating and changing accounting and auditing standards

- The Ministry of Finance should send representatives to businesses on a regular basis to check on and oversee the application of accounting and auditing standards

The Ministry of Finance benefits from this inspection and oversight in that it can better comprehend the general state of audit firms, identify any obstacles that need to be quickly overcome, and keep up with any changes to the law As a result, audit firms may also rely on changes in the law to enhance their auditing practices

- The Vietnamese economy is very attractive to global investors, necessitating the use of IFRS, or International Financial Reporting Standards As a result, the

Ministry of Finance needs to finish translating standards as soon as possible

Specialized words also need to be explained in order to preserve the standard's content and range of application In light of the fact that English is not our first language, this is a crucial issue for using IFRS Additionally, Vietnam must strengthen its legal framework to comply with IFRS standards in order to quickly address the reconstruction and economic growth

3.4.3 For Vietnam Association of Certified Public Accountants (VACPA)

The primary goals of VACPA, a professional association for the accounting and auditing industries in Vietnam, are to uphold, advance, and enhance auditor qualifications, the caliber of accounting and auditing services, and professional ethics Additionally, VACPA takes involved in the creation, revision, and augmentation of financial, accounting, and auditing policies provided by state agencies Therefore, some suggested changes for VACPA are as follows in order to better assist the audit service in Vietnam:

- In order to develop an organization with high quality, high professional qualifications, reputation, and professional ethics, VACPA must strengthen the relationship between people and audit businesses

- Improving auditor education and knowledge updates, as well as member experience and career information exchange

- Preparing audit activities' protocols, training materials, and recommendations, or aiding the audit company in performing such activities

- VACPA must routinely check audit firms and supervise their operational quality, professional qualifications, and ethical standards

Here are some suggestions for clients:

- Construct the accounting system scientifically and create the financial statements in compliance with the relevant financial reporting framework

- Take accountability for any fraud, errors found, and the creation of the financial statements

- Actively collaborate with the auditor; deliver data and accounting records on time and completely to ensure the audit goes as planned

- Enhance internal control effectiveness by using better procedures, making sure that internal control encompasses all firm activities, and referring to the internal control suggestions made by the auditor after each audit

The most crucial component of the audit industry is human resources Every audit business requires capable people if it wants to thrive and grow in a market that is very competitive Training institutions are crucial in preparing human resources for the auditing industry As a result, the following suggestions are made for training organizations:

- Enhance the way students are trained, regularly update students on new information and knowledge in the accounting and auditing fields and concentrate particularly on teaching about international accounting and auditing standards in order to keep up with the trend and roadmap of implementing IFRS in the future

- Training companies should arrange practical courses at various locations so that students can establish their study schedules and determine their future careers early on

- Increase the number of academic competitions to provide pupils the chance to test themselves and advance their knowledge and abilities

Lessons from Big4 audit firms to other audit firms in Vietnam

The Big4 have a significant market share in the market for audit services thanks to their long-standing development, professional working techniques, technological system, and skilled auditors among the top 10 audit firms in Vietnam, according to data from the Vietnam Association of Certified Public Accountants (VACPA) in

2022 In terms of revenue, Big4 is in the lead, and EY Vietnam is in the top spot Up to 70% of listed businesses choose Big4 as their external audits, according to statistics on the Vietnamese stock exchanges

The audit services market in Vietnam currently has a large number of audit firms working alongside the Big4 audit organizations To compete with the Big4 is extremely tough for these businesses, though These businesses could benefit from the Big4's invaluable experiences in order to thrive and grow:

- Improve the caliber of the workforce

The most crucial factor in determining a company's success is its human resources Therefore, it is imperative to carry out the hiring process and employee training programs Foreign audit businesses have the most qualified auditors, although being less prevalent than domestic firms more specifically Nearly 30% of the entire staff of audit companies working in Vietnam are Big4 firms

- Utilizing cutting-edge tools and technology to assist and improve the standard of audit services

The audit tools used by the Big4 firms were created for audit In more detail, the

Canvas system at EY Vietnam controls and oversees the entire audit process, facilitates audit quality control, and saves audit records from each audit When completing tests of details, EY additionally developed its application, EY Micro

Start, EY Enablers, and EY Smart Sampling, to act as a sample selection tool These techniques improve audit quality while lowering audit risk However, because developing audit tools is a time-consuming and expensive process, the majority of other audit firms in Vietnam have not yet done so

- Creating a work environment and working style for the employees that are professional and productive

In terms of establishing a better working environment for employees, there are generally few significant differences between the Big4 and non-big enterprises The goal of all audit companies is to provide a welcoming and equitable workplace where every employee has the chance to grow Audit firms need to put more of an emphasis on training to make the most of their employees' potential in order to develop a professional working style

- Diversify audit and assurance services

With a diverse clientele The Big4 provided a range of assurance and auditing services The Big4 audit firms offer sophisticated and highly skilled services in the areas of financial instruments, derivative financial instruments, converting financial statements into IFRS, accounting consulting and auditing to support companies that list or issue convertible bonds in international markets, etc As a result, smaller audit firms must constantly improve audit quality and develop marketing plans to draw in more clients This is the best method to strengthen their position and ensure their continued growth

In conclusion, Chapter 3 of the thesis emphasizes the strategic need for EY

Vietnam to enhance its audit quality, particularly in auditing borrowing and cost of borrowing items The chapter outlines strategies and actionable recommendations to refine audit processes, focusing on several key areas essential for improvement:

Development and Training, Audit Procedure Enhancement, Human Resources and

Incentives Overall, by implementing these recommendations, EY Vietnam can fortify its audit practices, give out efficient audits for financial statements It also gives the advice for other external organizations like smaller audit firms, Ministry of

The contents I have delivered on the topic of "Audit of Borrowing and Cost of

Borrowing in Financial Auditing conducted by EY Vietnam Company Limited" are all outlined above

Participating in the internship program at Ernst and Young Vietnam Co., Ltd has afforded me the opportunity to serve as an audit assistant in a professional auditing environment This experience has been invaluable in refining my soft skills and acquiring practical knowledge applicable to my field Moreover, it has provided me with a comprehensive understanding of the financial operations across various industries

Investigating the auditing of borrowing and cost of borrowing sections has provided me with a broad overview of audit procedures, especially in these specific areas This understanding stems from both theoretical studies and hands-on experience gained during the internship Consequently, I've recognized the pivotal role borrowing and its associated costs play, influencing other aspects of financial statements Through my research and involvement in audits at Ernst and Young Co.,

Ltd, I've identified the merits and demerits of audit procedures, particularly those related to borrowing and cost of borrowing, along with suggestions for enhancement

I acknowledge that this thesis may contain errors due to time constraints and my level of experience Therefore, I eagerly anticipate feedback from my supervisor and other faculty members in the Accounting - Auditing department to refine and finalize this thesis I extend my heartfelt gratitude to Ph.D Hoang Thi Hong Van, my supervisor, and my colleagues for their invaluable guidance throughout the writing process of my graduate thesis

[1] Chau, N D & Loi, V N (2011), 'Giao trinh Kiem toan bao cao tai chinh’, NXB

[2] The Vietnamese Ministry of Finance Circular No 200/20 14/TT-BTC on

Guidelines for accounting policies for enterprises dated 22nd December 2014

[3] Audit document and records at EY

[4] The Vietnamese Ministry of Finance Vietnamese Accounting Standards (VAS)

[5] The Vietnamese Ministry of Finance Vietnamese Standards on Auditing (VSA)

APPENDIX Appendix 1: Understanding the business activities and internal control of ABC as a whole

Nguyen Anh Thu K23 CLC KTA

Formatted: Font: 13 pt Formatted: Font: 13 pt Formatted: Font: (Default) Times New Roman

Appendix 2: Confirmation letter format for loan of EY VN

Kính gửi: Công ty Cổ phần The VS Địa chỉ:

Kính gửi Quý Công ty,

V/v: Xác Nhận Cho Mục Đích Kiểm Toán

Công ty TNHH Ernst & Young Việt Nam đang trong quá trình kiểm toán báo cáo tài chính cho năm tài chính kết thúc ngày

31 tháng 12 năm 2023 của Công ty Cổ phần Xi măng ABC (“Công ty”) và đề nghị xác nhận công nợ giữa Quý Công ty và Công ty chúng tôi vào ngày 31 tháng 12 năm 2023 như sau:

Công ty chúng tôi phải trả Quý Công ty: 18.000.000.000 VND

Nếu các số liệu trên đúng với sổ sách của Quý Công ty, đề nghị Quý Công ty xác nhận bằng cách đánh dấu vào ô “Đồng ý”, ký và đóng dấu vào phần xác nhận bên dưới của thư này, sau đó gửi bản gốc thư xác nhận này về Công ty Kiểm toán độc lập của chúng tôi trước ngày 27 tháng 02 năm 2024, theo địa chỉ người nhận: Ông Đ.H.M Công ty TNHH Ernst & Young Việt Nam – Chi nhánh Hà Nội

16 Phan Chu Trinh, Hoàn Kiếm, Hà Nội Điện thoại: 84 989 381 889

(Để tránh thất lạc thư xác nhận, đề nghị Quý Công ty gửi trước bản scan thư trả lời của Quý Công ty cho kiểm toán của

Công ty chúng tôi theo địa chỉ email: Đ.M.H@vn.ey.com và CC V.T,C@vn.ey.com.)

Tiêu đề	Audit of Borrowing and Cost of Borrowing of Financial Auditing
Tác giả	Nguyen Anh Thu
Người hướng dẫn	Ph.D. Hoang Thi Hong Van
Trường học	Banking Academy
Chuyên ngành	Accounting - Auditing
Thể loại	Graduation Thesis
Năm xuất bản	2024
Thành phố	Hàa Nộoi

Định dạng
Số trang	107
Dung lượng	2,46 MB