COMPLETING THE AUDIT PROCESS OF FIXED ASSETS IN THE AUDIT OF FINANCIAL STATEMENTS CONDUCTED BY VIETNAM VALUATION AUDITING AND FINANCIAL CONSULTING CO.,LTD

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.

TABLE OF CONTENT

DECLARATION.......................................................................................................5
CHAPTER 1: GENERAL THEORY OF THE FIXED ASSET AUDIT
PROCESS IN THE AUDIT OF FINANCIAL STATEMENTS...........................9
1.1. OVERVIEW OF FIXED ASSETS IN THE ENTERPRISE...........................9
1.1.1. The concept of fixed assets........................................................................9
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

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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.

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