Audit of final account for completed projects

Audit of final account for completed projects

A Au Auditing and Valuation Co., Ltd

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Audit of final account for completed projects

Survey form for customers audited for capital construction projects

AUDIT OBJECTIVES

The purpose of the audit is that the auditor will give an independent opinion on the final account for completed projects prepared on the basis of current accounting standards, accounting regime and project accounting regulations, in compliance with relevant laws and regulations on investment and construction management, and give a true and fair view, in all material respects, of investment situation and results.

SCOPE OF AUDIT

The scope of audit is determined on the basis of the project requirements for audit service content. These requirements focus primarily on accounting completed projects on the basis of State regulations on construction investment management and especially the regulations on financial management and accounting in the field of construction investment.

Accordingly, auditors and technicians will audit the final account for completed projects and give opinions on the truthfulness and reasonableness of the information presented in this report, making a basis for the competent authority to verify and approve the final account for completed projects.

CONTENT OF THE AUDIT

Auditors and technicians are required to give their opinions on the following contents:

- The reasonableness and validity of the project's legal documents;

- The situation of investment capital allocation;

- The project's investment implementation cost from the investment preparation stage to the end of the investment stage, including construction and installation expenses, equipment expenses and other expenses;

- The value of assets handed over to use, including fixed assets and other assets of the project;

- Expenses not calculated into the asset value, including the value of damage caused by natural disaster, force majeure causes and the value of volume canceled by decisions of the project's competent authorities;

- The situation of outstanding debts and materials, equipment of the project;

- The appropriateness and completeness of the project accounting dossier compare with the Finance Ministry's project accounting guidance.

In addition, the auditor will provide advice on accounting methods, annual books and financial statements related to the project, internal control system and management activities that auditors checked during the audit. Identify points need to pay attention in the project management system as well as other necessary issues.

ORGANIZATION OF IMPLEMENTATION

1. Auditing planning

We will carry out the audit planning immediately after being appointed as the auditor of the project. We perform the following steps:

- Approach and interview the investor and other relevant parties;

- Determining objectives, scope, method of implementation;

- Collect general information about the project;

- Preliminary discussion with the investor;

- Preliminary review of construction final account;

- General audit planning;

- Assignment of tasks in the audit team;

- Develop an audit program;

- Approve the audit plan and introduce the audit team to the investor;

- Collect all necessary documents and evidents for the audit;

- Gather practical information at the investor's office.

2. Conducting an audit

- Checking documents, contracts, documents related to procedures for construction investment;

- Checking bidding procedures for installation and purchasing equipment;

- Checking the validity of construction, equipment and other expenses;

- Checking samples at the place of action (for special cases);

- Overall inspection of final account of completed works;

- Working with the investor or contractors, related parties to collect to consolidate bases.

An audit includes the following contents:

 (1) Inspection of legal documents

(2) Inspection of the overall of the project on the basis of capital source and capital structure

(3) Inspection of the accounting value of construction and installation

(4) Inspection of the accounting value of equipment part

(5) Inspection of the accounting value of other expenses

(6) Inspection of investment costs not accounted for in the value of assets

(7) Inspection of the value of fixed assets and handing over

(8) Inspection of the situation of outstanding debts, materials and equipment

(9) Inspection of the final account and account dossier of project items

3. Control the quality of the audit

- All audit work is controlled by the Audit Manager, Audit Quality Control Department and members of the Board of Directors controlling the quality of the audit.

- The purpose of controlling the quality of the audit to ensure the provision of quality assurance services, advice to the benefit of customers.

4. Prepare audit report

- Summary of audit results;

- Prepare draft audit report;

- Submit the draft audit report to the Investor;

- Discuss with the Investor and relevant parties about audit data;

- Complete the audit report and issue officially.

Through the audit results, we can advise the Investor:

- Comply with the State's legal documents in the field of capital construction, in accordance with the laws of Vietnam;

- Handling problems and outstanding issues related to the construction account;

- Prepare the final account for project under the guidance of the Ministry of Finance.

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