Audit

Audit services are a critical foundation that help businesses ensure financial transparency, comply with legal requirements, and enhance credibility with investors, banks, and regulators. In an environment where FDI companies and large enterprises are subject to increasing scrutiny, auditing is not only a statutory requirement but also a strategic tool to strengthen corporate governance.

Through audit and assurance services, businesses not only confirm the reliability of their financial statements but also receive independent assessments of risks, internal control systems, and overall financial capacity.

The role of audit services in modern corporate governance

As businesses scale up, transaction volumes grow rapidly, operations become more complex, and the risk of material misstatements and financial fraud increases. Audit services help enterprises identify significant discrepancies in a timely manner and ensure that financial information accurately reflects actual business performance.

For FDI companies and large enterprises, auditing is also a key mechanism to demonstrate compliance with accounting standards, tax regulations, and Vietnamese laws. This is particularly important when working with overseas parent companies, financial institutions, or preparing for capital-raising activities.

What value do audit and assurance services deliver?

Contrary to the perception that auditing is merely a legal formality, professional audit services deliver substantial practical value. Through risk assessment and system reviews, businesses gain clear visibility into weaknesses in internal controls, financial processes, and cash flow management.

In addition, auditing supports management in making more accurate decisions based on reliable data. For companies planning expansion, listing, or fundraising, audited financial statements serve as essential evidence of financial strength and transparency.

Professional audit process (in accordance with VACPA standards)

Applying a risk-based audit approach allows businesses not only to comply with regulations but also to optimize internal governance systems. Our audit services strictly follow Vietnamese Standards on Auditing (VSA) and guidance issued by VACPA.

Phase 1: Risk assessment and audit planning

This foundational phase defines the audit scope and direction.

• Client acceptance review: Assess management integrity, professional competence, and audit team independence prior to engagement. For FDI companies, special attention is given to legal and anti-money laundering risks.

• Overall audit strategy: Determine materiality levels, audit scope, and resource scheduling.

• Understanding the entity and risk assessment: Conduct management interviews, analytical procedures, and on-site observations to identify risks of material misstatement.

• Audit team discussion: Exchange views on potential fraud risks and areas specific to large enterprises.

Phase 2: Risk response and audit execution

Auditors perform procedures to obtain sufficient and appropriate audit evidence.

• Tests of controls: Evaluate the effectiveness of the company’s internal control system.

• Substantive testing of assets and liabilities: Reconcile cash balances, send bank and customer confirmations, and observe inventory counts.

• Legal documentation review: Examine board resolutions and meeting minutes to ensure financial decisions are properly reflected.

• Compliance testing: Identify instances of non-compliance that may materially affect the financial statements.

Phase 3: Completion, conclusion, and reporting

This final phase delivers the independent audit opinion.

• Post-audit review: Senior auditors review the work performed by assistants to ensure quality.

• Going concern assessment: Analyze cash flows and profit forecasts.

• Issuance of audit report and management letter: Reports are signed by licensed auditors and the responsible engagement partner.

Audit service implementation process at CAF Vietnam

Frequently asked questions about audit services

1. Are FDI companies subject to penalties if they do not undergo audits?
Yes. Under Decree 41/2018/ND-CP, penalties may reach up to VND 50 million, along with compulsory audit enforcement.

2. What is the deadline for submitting audited financial statements?
No later than 90 days from the end of the fiscal year, typically by 31 March.

3. How are audit fees for FDI companies determined?
Fees are based on revenue scale, total assets, transaction volume, and the complexity of the business sector.

Why choose professional audit services?

A professional audit firm does more than ensure compliance with standards. It provides valuable governance insights, practical recommendations to improve systems, reduce risks, and enhance operational efficiency—rather than delivering a purely formal report.

This is a key factor in building long-term trust with partners, investors, and regulators, while establishing a solid foundation for sustainable growth.

Do not let financial and legal risks disrupt your business operations. Professional audit services are an essential step toward transparency, security, and sustainable growth. Contact us today to receive tailored audit service pricing and a detailed audit plan that is compliant, effective, and cost-efficient.