Identify auditor and sign financial statement audits contract early is important for a successful financial statement audits in Vietnam. Let’s find out 3 steps to prepare for the financial statements of enterprises.
Read more: Notice on audit of financial statements for FDI companies
IDENTIFY AUDITOR AND SIGN FINANCIAL STATEMENT AUDITS CONTRACT EARLY
It is highly recommended to find a prestigious audit party and sign audit contract from November 2019 to efficiently control the workload and avoid the busy season ( January to March 2020) as well as to ensure service quality and get the best service price.
PAVE THE WAY WITH PREPARATION
Typically, an auditor will schedule a planning day to consult on overall plan for the audit and to discuss what has been going on with the business and establish a timeline for the audit and start collecting information.
Keep in mind it’s helpful for your auditor to understand how certain processes work and what’s risky for your business. Allocating time and/or appointing someone, like the chief financial officer or Manage employment relations personal, to ensure any documents that had a financial impact, good or bad, on your business in the last year, will come in handy in guiding your auditor. Gather documents tied to new leases, loans, clients, contracts, etc., and compile them (Business Record Management) saves rush and fuss of collecting information on a tight deadline.
PICK A POSITIVE PERCEPTION OF YOUR FINANCIAL STATEMENT AUDITS
As auditors, we’re trying to help your business do better, and make decisions that alleviate financial stress. Being patient and setting aside time to answer the auditor’s questions will keep you informed on the progress of the audit as well as keep it moving toward the finish line. It’s also important to know there will be follow up when we leave your office, so it could be a few weeks before the audit is completely done.
Although your audit requires some work, the paybacks are abundant. The audit not only assesses your overall financial condition, but can also identify complications with financial management and financial reporting, which can help to identify ways to reduce risk and strengthen internal controls.
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