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In the world, accounting services are considered as one of the services with high professionalism and great significance in creating a transparent and efficient business environment. In Vietnam, although auditing activities only really appeared after the transition of economic mechanism, but due to the objective requirements of the economy as well as the encouragement of the state, the audit services industry has developed strongly developed in Vietnam. Up to now, the number of auditing firms has grown significantly, the services provided are constantly diversifying. However, financial auditing is still considered the most important service because the financial statements made by enterprises are the subject of the concern of many people. In the operations of the financial statement audit, auditing the Liabilities item is an important content because it is directly related to the liquidity and therefore also affects the existence of the company. Therefore, auditing the Liabilities item is considered an important part for auditing companies. The Branch of Auditing and Informatics Service Company Limited in Da Nang is one of the most reputable companies in the audit industry. Through my internship at the company, I have grasped a lot of practical knowledge related to auditing of financial statements in general and auditing of Liabilities in particular. This is the basis for me to complete my thesis with the topic: “Auditing of Payable Accounts for Providers by Branch of Auditing and Informatics Service Company Limited in Da Nang (AISC)
DUY TAN UNIVERSITY INTERNATIONAL SCHOOL UNDERGRADUATE THESIS AUDITING THE PAYABLE TO THE SUPPLIER IN THE FINANCIAL STATEMENTS AUDIT PROCESS BY A BRANCH OF AUDITING AND INFORMATICS SERVICE LIMITED COMPANY OF HO CHI MINH CITY IN DA NANG (AISC) Instructor : PhD HO TUAN VU Student : NGUYEN THI THANH TUYET Student code : 2320250515 Class : K23PSU KKT1 Da Nang, May 10th 2021 ACKNOWLEDGEMENT To complete this graduation thesis, I would like to thank sincerely the teachers of International Education, Duy Tan University for enthusiastically teaching, equipping the necessary knowledge and helping me go into reality more confidently In particular, I would like to express my sincere and deep thanks to Ho Tuan Vu teacher for enthusiastically instructing and accompanying me to help me complete this graduation thesis Besides, I would also like to thank to the brothers and sisters in Branch of Auditing and Informatics Service Company Limited in Da Nang created conditions for me, provided the necessary data to help me complete the graduation thesis well Despite many efforts, my thesis must not avoid certain errors Therefore, I hope to receive the sympathy and comments of the teachers so that I can complete my essay better Once again, I sincerely thank you! Da Nang, May …, 2021 Student Nguyen Thi Thanh Tuyet TABLE OF CONTENT LIST OF ACRONYMS LIST OF FIGURES INTRODUCTION CHAPTER THEORETICAL BASIS FOR AUDITING PAYABLE ITEMS TO SUPPLIER IN AUDITING FINANCIAL STATEMENTS 1.1 OVERVIEW OF PAYABLE TO SUPPLIER 1.1.1 Contents of the Liabilities to Supplier 1.1.2 Classification of liabilities to supplier 1.1.3 Account and accounting rules for Liabilities to supplier 1.1.4 Documents relating to Liabilities to supplier 1.1.5 Evaluate the impact of supplier's Liabilities 1.1.6 Internal control for supplier's liabilities 1.2 OVERVIEW OF AUDITING LIABILITIES TO SUPPLIERS IN AUDITING FINANCIAL STATEMENTS 1.2.1 Role of Auditing Liabilities to Supplier 1.2.2 Auditing target of Liabilities to Supplier 10 1.2.3 Common Mistake Issues with Supplier Liabilities 11 1.3 AUDIT PROCESS OF LIABILITIES ACCOUNT TO SUPPLIERS 12 1.3.1 Audit planning 13 1.3.2 Audit implementation stage 23 1.3.3 End stage of the audit 28 CHAPTER ACTUAL COMPANY AUDITING PAYABLE ITEMS SUPPLIER IN AUDITING FINANCIAL STATEMENTS AT BRANCH OF AUDITING AND INFORMATICS SERVICE COMPANY LIMITED OF HO CHI MINH CITY IN DA NANG (AISC) 31 2.1 OVERVIEW OF BRANCH OF AUDITING AND INFORMATICS SERVICE COMPANY LIMITED OF HO CHI MINH CITY IN DA NANG (AISC) 31 2.1.1 Brief introduction of Branch of Auditing and Informatics Service Company Limited of Ho Chi Minh City in Da Nang 31 2.1.2 History and development of Branch of Auditing and Informatics Service Company Limited of Ho Chi Minh City in Da Nang 32 2.1.3 Characteristics of business activities in Branch of Auditing and Informatics Service Company Limited of Ho Chi Minh city in Da Nang 32 2.1.4 The Management's organization of Branch of Auditing and Informatics Service Company Limited of Ho Chi Minh City in Da Nang 34 2.2 THE AUDIT PROCESS OF PAYABLE ITEMS TO THE SUPPLIER IS PERFORMED BY BRANCH OF AUDITING AND INFORMATICS SERVICE COMPANY LIMITED OF HO CHI MINH CITY IN DA NANG 37 2.2.1 Audit planning stage 37 2.2.2 Audit implementation stage 60 2.2.3 End stage of the audit 67 CHAPTER SOME SOLUTIONS ABOUT THE AUDITING PROCESS ON LIABILITIES TO SUPPLIERS IN AUDITING FINANCIAL STATEMENTS AT BRANCH OF AUDITING AND INFORMATICS SERVICE COMPANY LIMITED OF HO CHI MINH CITY IN DA NANG 70 3.1 COMMENTS ON THE AUDITING OF LIABILITIES TO SUPPLIERS AT BRANCH OF AUDITING AND INFORMATICS SERVICE COMPANY LIMITED OF HO CHI MINH CITY IN DA NANG 70 3.1.1 Advantages 70 3.1.2 Disadvantages 73 3.2 SOME SOLUTIONS TO COMPLETE THE AUDIT PROCESS OF LIABILITIES ACCOUNTS SUPPLIERS AT ABC COMPANY BY AISC COMPANY 73 CONCLUDE 77 LIST OF REFERENCES LIST OF ACRONYMS TT AISC CMKiTVN Circulars Auditing and Informatic services company limited Vietnamese Auditing Standards LIST OF FIGURES Figures Page Figure 1.1 Auditing process of financial statements according to the 12 audit model program Figure 1.2 Planning and designing audit methods 13 Figure 1.3 Risk matrix detected 19 Figure 2.1 Organizational structure of AISC 32 Figure 2.2 Organizational chart of Da Nang branch 33 INTRODUCTION Reasons for choosing a research topic In the world, accounting services are considered as one of the services with high professionalism and great significance in creating a transparent and efficient business environment In Vietnam, although auditing activities only really appeared after the transition of economic mechanism, but due to the objective requirements of the economy as well as the encouragement of the state, the audit services industry has developed strongly developed in Vietnam Up to now, the number of auditing firms has grown significantly, the services provided are constantly diversifying However, financial auditing is still considered the most important service because the financial statements made by enterprises are the subject of the concern of many people In the operations of the financial statement audit, auditing the Liabilities item is an important content because it is directly related to the liquidity and therefore also affects the existence of the company Therefore, auditing the Liabilities item is considered an important part for auditing companies The Branch of Auditing and Informatics Service Company Limited in Da Nang is one of the most reputable companies in the audit industry Through my internship at the company, I have grasped a lot of practical knowledge related to auditing of financial statements in general and auditing of Liabilities in particular This is the basis for me to complete my thesis with the topic: “Auditing of Payable Accounts for Providers by Branch of Auditing and Informatics Service Company Limited in Da Nang (AISC).” Research Objectives - From research to find out the general theoretical basis as a basis for the implementation of the process of auditing of Payable Accounts for Providers - To actually experience the process of implementing the Payable item to the Supplier from there as a basis, lessons, and experience in the implementation of other items during the complete audit - Thereby, I myself can draw lessons, learn from experience, skills, draw advantages and disadvantages, propose some solutions to help improve the process of the Payable Audit to the Supplier… Research methods - Document research method: studying documents, related decisions such as Enterprise accounting regime, Model audit program of Vietnam Association of Auditors practicing (VACPA), Auditing standards, internal control system, refer to dissertations, research topics on liabilities - Comparison method: From the actual research done at ABC customer, compare the general audit process with Model audit program of Vietnam Association of Auditors practicing - Methods of collecting documents: From the actual implementation of the audit process at company, you can learn more skills about collecting documents, reading data, and books Structures of the study Chapter 1: Theoretical basis for Auditing Payable items Supplier in auditing financial statements Chapter 2: Actual Company Auditing Payable Items Supplier in auditing financial statements at Branch of Auditing and Informatic Services Company Limited of Ho Chi Minh City in Da Nang (AISC) Chapter 3: Some solutions on the process of Auditing Payable Items Supplier in the audit of financial statements at Branch of Auditing and Informatic Services Company Limited of Ho Chi Minh city in Da Nang (AISC) CHAPTER THEORETICAL BASIS FOR AUDITING PAYABLE ITEMS TO SUPPLIER IN AUDITING FINANCIAL STATEMENTS 1.1 OVERVIEW OF PAYABLE TO SUPPLIER 1.1.1 Contents of the Liabilities to Supplier An enterprise established and put into production and business operation must ensure a certain amount of capital Capital can be obtained from many different sources: From the business itself or mobilized from outside From there, the enterprise's capital sources include: Equity and Liabilities According to the Vietnamese accounting system, liabilities reflect all debts arising in the course of production and business activities that enterprises must pay creditors to their creditors, including loans and receivables, payables to sellers, to the State, employees and other payables The rational use between liabilities and equity helps the company easily expand scale, increase business efficiency Besides, it also has two sides, if not used correctly, can be a threat, the risk of financial loss to the company, especially insolvency In order to have effective and correct directions, we need to learn more about Account 331- Supplier Liabilities According to Decision No 165/2002 / QD-BTC of Standard No 01 (Vietnamese Accounting Standards): “Liabilities define the current obligations of the enterprise when the enterprise receives an asset, participating in an undertakes or arises legal obligations.” “Liabilities arising from past transactions and events, such as purchasing unpaid goods, using unpaid services, borrowing, goods warranty commitment, commitment to contractual obligations, must Pay employees, taxes payable, other payables.” More specifically, the payable Items to Suppliers have a rather important role in the buying-selling cycle Because the purchase process and the checkout process don't happen at the same time Therefore, this is the most basic and most common process that directly and indirectly affects the financial situation of a business Therefore, Auditing the Supplier Payable Item is a necessary item that must be done and taken care of 1.1.2 Classification of liabilities to supplier Liabilities to provider is an item that accounts for a large proportion of the liabilities As presented in the balance sheet, liabilities are divided into shortterm liabilities and long-term liabilities Typically, entities rely on the maturity to classify liabilities to the Supplier Specifically: - Short-term liabilities: Liabilities that the company is obliged to pay for within one year, one cycle or less from the balance sheet date Includes due payables and long-term debts Normally for small and medium companies, most of the liabilities are in short-term liabilities Some short-term liabilities such as short-term borrowings, short-term internal payables, accrued expenses - Long-term liabilities: That have the maturity of more than one year / one cycle from the balance sheet date This allows the company to purchase the right to installments over many years More specifically, short-term liabilities are used to finance liquid assets, while long-term liabilities are for fixed assets and long-term investments because companies want to maintain a safe level of liabilities ratio 1.1.3 Account and accounting rules for Liabilities to supplier Each object for ease of use in accounting is expressed through an accounting account In which, Liabilities to supplier are shown through account 331 - Payable to seller Typically accounts have a Debit or Credit side balance, such as Category and accounts with a Debit closing balance, and Category 3, has a closing balance on the Credit side However, Account 331 is one of a number of special accounts that can have both a Debit and a Credit balance Specifically, the account has a Debit balance in case the buyer makes advance payments to the seller / service provider, and the Credit balance in case the buyer has not paid for the goods to the supplier or other payables, Under the provisions of Clause 2, Article 51, Circular 200 / TT-BTC of Circular guiding the corporate accounting regime, structure and contents of the account 331 - Payables to sellers are clearly stated as follows: Debit side: - Amount paid to sellers of materials, goods, service providers, construction contractors; - Advances paid to sellers, suppliers, contractors for construction and installation but have not received materials, goods, services, volume of completed construction and installation products handed over; - mount of money the seller accepts to sale rebates or services delivered under the contract; - Payment discounts and trade discounts are authorized by the seller to deduct from the liability to the seller; - The value of materials and goods is shortage and of poor quality when checked and returned to the seller; - Revaluation of payables to sellers in foreign currencies (if the foreign currency rate falls against VND) Credit side: - Adjust the difference between the temporarily calculated price is smaller than the actual price of the received supplies, goods or services, upon receipt of an invoice or official price announcement; - Revaluation of payables to sellers in foreign currencies (if the foreign currency rate increases against VND) When making the balance sheet, taking the detailed balance of each object reflected in this account to record two items on the "Assets" side and the " Total liabilities and owners’ equity " side Under Article 50, Circular 200/2014/TT-BTC of Circular guiding the accounting regime for corporate payables, the accounting principles of Liabilities are recorded as follows: