Summary of "KIỂM TOÁN CĂN BẢN | Buổi 1: Tổng quan về kiểm toán"
Course introduction and logistics
Purpose
- Introduce basic auditing concepts, how auditing operates, its role in the economy and society.
- Provide practical guidance for students who may work in auditing after graduation.
Prerequisites
- Basic accounting knowledge: Accounting Principles and Financial Accounting.
Course structure
- 6 chapters delivered across about 11 class sessions.
- Typical grouping (as described by the teacher):
- Sessions 1–3: Chapters 1–2
- Sessions 4–5: Chapter 3
- Sessions 6–7: Chapter 4
- Sessions 8–11: Remaining chapters and revisions
- Total lectures/periods referenced: 45 lessons / 11 sessions (mentioned in various places).
Materials and delivery
- Lecture slides and chapter-specific files uploaded per session (not all at once). Slides summarize the school textbook (Basic Auditing) because soft copies of the official book cannot be freely distributed.
- Exercises compiled per chapter (practice problems and tests).
- Students encouraged to use past years’ materials cautiously; key slides, summaries, and exercise files will be placed in the course file area.
- Class may be temporarily online; teacher records or asks for recordings. Use chapter-specific channels to keep discussion and materials organized.
Assessment and grading
- Midterm: one midterm planned (60 minutes); timing decided after Chapter 4 (class chooses best session; teacher referenced sessions 8–9).
- Final exam: 60 minutes. Format typically mixed multiple-choice + essay; teacher indicated approximate point split.
- Weighting:
- Offline (traditional): coursework/process = 30%, final exam = 70%.
- Online (pandemic mode): process/coursework = 50%, final exam = 50% (follows Ministry regulations).
- Attendance: No formal roll-call. Participation and exercises serve as process evaluation. Some random short quizzes or checks may occur during class.
- Assignments: Individual and group assignments. Teacher may correct a selection of submissions (not all). Students must complete their own work; teacher will guide but not do students’ work for them.
Classroom practices and study guidance
- Review slides before and after class; use chapter files; ask questions (turn on mic when requested); message the teacher privately if needed.
- Systematize content (draw diagrams, summarize, practice exercises).
- Emphasize analytical and evaluative skills rather than rote calculation.
Study methodology, instructions, and recommended student practices
Before class
- Refresh basic accounting and accounting principles.
During class
- Follow the slides uploaded for that session.
- Leave questions/comments in the session channel to keep discussion traceable.
- Participate actively; the teacher may call on students or give in-class short tasks/quizzes.
Assignments and submissions
- Complete chapter exercises; submission format may be scanned handwritten work or typed files.
- For difficult assignments, work in groups (teacher may assign groups).
- If you cannot finish an in-class timed task, watch the recorded lesson; note that the teacher may grade in-session participation.
Exam preparation
- Practice both multiple-choice and essay-style questions.
- Understand and be able to analyze ratios: debt-to-equity, liquidity, turnover, ROA/ROE, profit margins, inventory turnover, etc.
- Be able to explain reasoning and support opinions with accounting standards/legal basis — auditing values professional judgment and argumentation.
How to study auditing
- Practice analytical thinking: form opinions and justify them with standards and evidence.
- Systematize theory into diagrams and frameworks for long-term retention.
- Do exercise problems that require identifying effects on the income statement and balance sheet, and practice interpreting cash flows.
Use course files
- Use provided slides and exercises rather than requesting the entire textbook from the teacher (copyright restrictions noted).
Accounting and financial reporting — key concepts (what auditors rely on)
Purpose of accounting and financial statements
- Accounting collects, processes, records, and summarizes economic events to produce information for decision-makers.
- Financial statements provide standardized information for external users about a firm’s financial position and performance.
Main financial statements (Vietnam context & standard naming)
- Statement of financial position (balance sheet) — snapshot at a point in time: assets, liabilities, equity.
- Statement of profit or loss / statement of comprehensive income — shows revenue, costs, profit for a period.
- Cash flow statement — shows cash generation and uses from operating, investing and financing activities.
- Notes to the financial statements — explanatory information: accounting policies, details and disclosures.
- Statement of changes in equity may be presented or included in notes.
Key accounting assumptions & principles
- Accrual basis: record transactions when they occur, not only when cash changes hands.
- Going concern: assume business will continue.
- Cost principle (historical cost) and other bases (net realizable value, fair value per IFRS).
- Prudence (conservatism), consistency, matching, and other core principles.
Qualitative characteristics of useful financial information
- Understandable
- Comparable (consistency across periods/entities; disclose changes and reasons)
- Relevant / Material (information that could influence decisions; materiality depends on context)
- Reliable / Faithful representation (complete, neutral, verifiable)
- Note: materiality examples were used in class to show that small amounts can be material depending on context.
Asset valuation
- Historical cost generally recorded; if net realizable value is lower, recognize at the lower value (prudence).
- Fair value is used in some contexts under IFRS.
Cash flow statement interpretation (practical points)
- Cash flows are presented by origin:
- Operating activities — primary revenue-generating activities; key for evaluating ongoing cash-generation ability.
- Investing activities — purchase/sale of long-term assets and investments; often negative for growing firms (capital expenditures).
- Financing activities — issue/repay debt, pay dividends, issue/repurchase shares; change capital structure.
- Practical example: identical total net cash flows can mask different underlying conditions — e.g., positive total cash flow funded by financing while operating cash flow is weak; negative investing cash flow can be normal for a growing firm.
Example accounting/audit exercise (transaction effects)
- Scenario (paraphrased):
- Buy inventory worth 400 on credit.
- Sell half of that inventory for 300, receive half cash and half credit.
- Effects to determine:
- Income statement: revenue increases; cost of goods sold recorded proportionally; profit changes per the specific amounts.
- Balance sheet: inventory decreases; cash increases; accounts receivable increases; accounts payable increases; retained earnings change based on profit.
- Taxes: VAT and corporate income tax considerations may affect reported numbers and payables.
- Purpose of the exercise:
- Demonstrate linking income statement results to balance sheet through retained earnings.
- Practice recording and analyzing transactions and their effects on financial statements.
Auditing — definitions, objectives, roles and types
Auditing = the process of collecting and evaluating evidence about whether a subject matter (e.g., financial statements) conforms with established criteria/standards, and reporting an opinion. The auditor must be competent, independent, and objective.
Why auditing exists / benefits
- Reduces information asymmetry between management (information providers) and users (investors, creditors).
- Adds credibility to reported information, supporting economic stability and lower agency costs.
- Encourages careful and accurate reporting by preparers.
Audit evidence and report
- Auditors gather evidence: documents, confirmations, reconciliations, interviews, etc., and compare findings to standards.
- Results are expressed in an audit report (auditor’s opinion).
Types / classifications of audits
- By purpose:
- Performance (operational) audit: evaluates economy, efficiency, effectiveness (teacher used the “3 Es” and added elements like quantity, quality, time, cost).
- Compliance audit: checks conformity with laws, contracts, rules.
- Financial statement audit: examines whether financial statements fairly present financial position and performance.
- By who conducts the audit:
- Internal audit: in-house staff supporting management; can perform operational, compliance, and reporting checks.
- Government/state auditors: public auditors auditing public funds and state-owned enterprises.
- Independent/external auditors: private audit firms providing assurance services to external users; must be independent.
- By legal requirement:
- Mandatory audits: required by law for certain entities (state-owned enterprises, financial institutions, listed companies, large foreign-invested firms).
- Voluntary audits: commissioned by entities even if not legally mandated.
Auditing practice / skills emphasized
- Professional skepticism, analytical thinking, and ability to form and justify opinions based on evidence and legal/regulatory standards.
- Importance of independence and avoiding conflicts of interest.
Historical, regulatory and practical notes (Vietnam context)
- Auditing in Vietnam operates within a legal framework: State Audit Law, Law on Independent Auditing (2011) and amendments.
- Specific regulations mentioned as examples: Decision 15, Circular 200, Circular 100.
- Auditors should consult current regulatory documents and standards relevant to financial reporting and auditing.
- Practical limitation: numerical signs alone do not fully indicate performance; context (economic environment, business model) must be analyzed.
Classroom administration, housekeeping and homework
- A concrete homework exercise (same as practiced in class) will be assigned, due next Monday; students can upload typed files or photos of handwritten work.
- Teacher apologized for audio/noise issues and will try to improve recording/class conditions.
- Students should regularly check course files, ask questions, and submit assignments on time.
Speakers and sources referenced
- Primary speaker: female instructor (referred to as the course teacher; possibly “Ms. Trinh” as briefly mentioned).
- Students/class participants: unnamed students; examples include Minh Thanh, Thanh Tung, and Quân.
- Institutions / documents referenced:
- School / course materials (Basic Auditing)
- Ministry of Education and Training (regulation on online/offline grading weights)
- State Audit Office / State Audit Law
- Accounting/tax instruments: Decision 15, Circular 200, Circular 100
- Example company: Hung Vuong Joint Stock Company
- Stakeholder / auditor types: internal auditors, independent external auditors, government auditors, tax authorities.
Optional study aids (offered)
- One-page study checklist for the chapters and exercises assigned.
- The transaction exercise extracted into clean accounting T-accounts / journal entries for practice.
Category
Educational
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