BANKING ACADEMY ADVANCED PROGRAM ---------- GRADUATION THESIS TOPIC: AUDITING ACCOUNTS PAYABLE FOR TRADE CREDITORS IN FINANCIAL STATEMENTS BY KPMG COMPANY LIMITED Supervisor: Associate Prof, Dr. Le Van Luyen Student: Hoang Thuy Linh Student No.: 20A4010340 Department: Advanced Program in Accounting Class: K20CLCI Ha Noi, 2021 17014125832861000000 ASSURANCE I hereby undertake that the entire content of the thesis is my own research, under the guidance and guidance of the Ass Prof. Le Van Luyen. The research content and results in this subject are honest.
The data reported in the table serves for evaluating the indicators in the topic collected and statistically from different sources and clearly stated in the references. In addition, in the article using the reviews, as well as the data of others, I have quoted and stated the origin. If you find any fraud, I take full responsibility for the content of my graduation thesis. Ha Noi, 1st June 2021 Student Hoang Thuy Linh THANK YOU NOTE First of all, allow me to send my sincere and deepest thanks to Ass Prof.
Le Van Luyen, who always inspired, urged and guided me wholeheartedly during the course of the research thesis. I would also like to thank all teachers of Banking Academy for imparting valuable knowledge, readily to answer questions and help whenever I have a problem. For me, having a chance to defend the thesis is a great honor in my life, I am very grateful and grateful to have this opportunity. I hope that I can stand beside with all wonderful teachers to do other research topics in the future.
Next, I would like to thank all of you, the Auditors Department as well as the entire staff, KPMG Vietnam Co. for creating conditions for me to have the opportunity to practice and approach. With documents and data that are extremely important in my research. I would also like to thank the scholars and authors of previous works and studies for providing valuable information and references in the research process.
Finally, I would like to wish all of our teachers and teachers more health and more success in this noble career. Ha Noi, 1st June 2021 Student Hoang Thuy Linh TABLE OF CONTENTS ASSURANCE THANK YOU NOTE INTRODUCTION. 1 CHAPTER 1: THEORETICAL BASIS FOR AUDITING ACCOUNT PAYABLE FOR CREDITOR IN FINANCIAL STATEMENT AUDIT OF THE INDEPENDENT AUDITING INSTITUTES. Content and characteristics of the account payable for creditor.
Definition about account payable for creditor. Record account payable for creditor. Common mistakes with account payable for creditor. Internal control over the account payable for creditor.
The account payable for creditors audit in financial statement performed by an independent auditor. Objectives and principle of auditing account payable for creditor. In the planning the audit step. In the audit implementation stage.
In the end stage of the audit. 26 CONCLUSION OF CHAPTER 1. 28 CHAPTER 2: CURRENT STATUS OF THE AUDIT FOR THE ACCOUNT PAYABLE FOR CREDITOR IN THE FINANCIAL STATEMENT AUDIT PERFORMED BY KPMG VIETNAM COMPANY LIMITED. Overview of KPMG Vietnam Company Limited.
The formation and development of KPMG Vietnam Company Limited. Characteristics of business activities and main business lines of KPMG Vietnam Company Limited. Organize the management apparatus of KPMG Vietnam Company Limited. Audit process of general financial statements at KPMG Vietnam Company Limited.
Quality control audit. The account payable for creditor audit in the financial statement performed by KPMG Company Limited. In the audit planning stage. In the audit implementation stage.
In end stage of the audit. Assessing the status of the audit of the account payable for creditor in the financial statement audit performed by KPMG Vietnam Co. Limited and causes. 70 CONCLUSION OF CHAPTER 2.
74 CHAPTER 3: SOLUTIONS FOR COMPLETING THE AUDIT OF ACCOUNT PAYABLE FOR CREDITOR IN THE FINANCIAL STATEMENT AUDIT PERFORMED BY KPMG VIETNAM COMPANY LIMITED. Development orientation of KPMG Vietnam Company in the coming period. Solutions for completing the audit of account payable for creditor in financial statements at KPMG Vietnam Co. In the audit planning stage.
In the audit implementation stage. In the end stage of the audit. Recommendation to complete the audit of account payable for creditor. On the side of the State and the Ministry of Finance.
On the side of professional associations. To the side of KPMG Vietnam Company Limited. On the customer unit side. 84 CONCLUSION OF CHAPTER 3.
86 LIST OF REFERENCES. 88 TABLE LISTS Table 1. Audit objectives for account payable for creditor. An audit program detailing the amount of liabilities to the creditor.
Internal control purchase - payment cycle’s questionnaire. Test control for internal control of the purchase - payment cycle. Financial figures of KPMG Vietnam Co., Ltd in the last 3 years. The organizational structure of KPMG Vietnam Company Limited.
Organizational structure of auditing personnel at KPMG Vietnam. Auditing process of financial statements at KPMG Vietnam Company Limited. Quality control process at KPMG Vietnam Company Limited. Business purchase - payment cycle.
How to determine overall materiality at KPMG. How to determine performance materiality. Detailed audit program of account payable for creditor at KPMG. The table illustrates the questionnaire in the assessment of internal control of the account payable for creditor in HTL Company.
78 Banking Academy Graduation Thesis INTRODUCTION Introduce the research topics The rapid fluctuations of the national and international economies, as well as the increasingly diverse production and market sectors and types of companies, present the need for information transparency. Financial statements are one of the most important issues for those who use financial statements, such as banks, lenders, and investors. As a result, the growth of the audit industry in general, and especially independent auditing, is critical. Independent auditors have helped to improve the accounting standards system by ensuring that financial statement information is accurate and fair.
Account payable for creditor’s audit is one of the things that all auditors and audited companies, as well as consumers, should be aware of as part of the financial statements audit. The explanation for this is that liabilities to creditor are factor that represent how companies use financial leverage or capital allocation capabilities, as well as being misappropriated between businesses. As a result, it carries a high risk of failure and is one of the leading causes of company failure due to insolvency. Auditing the account payable for creditor allows the auditor to learn about the monitoring and payment of the customer's debts.
As a result, the auditor must devise and execute audit procedures to ensure the truthfulness and reasonableness of details for the account payable for creditor. That is why a account payable for creditor’s audit is so crucial. During my internship at KPMG Vietnam Co. (KPMG), I was exposed to a variety of audit procedures, including the Company's audit of the account payable for creditor.
With the goal of completing the audit process of the accounts payable in the financial statement audit performed by KPMG Company Limited, I chose the thesis topic: “Auditing Accounts Payable for Trade Creditors in Financial Statements by KPMG Company Limited” in order to systematize the knowledge and practical experience gained during the internship as well as derive from the above theoretical and practical urgent issues. Hoang Thuy Linh 1 Class: K20CLCI Banking Academy Graduation Thesis A review of previous studies related to the problem under investigation. Due to the importance of the subject, research topics related to the audit of account payable for creditor in financial statements auditing, from various perspectives such as: "Auditing process of payables selling in auditing financial statements performed by XYZ auditing company" or "Completing the process of auditing account payable for creditor in auditing financial statements performed by XYZ auditing company”. As a result, one of the most common topics in the thesis - graduation subject of accounting and auditing majors is "Auditing the Account Payable for Creditor in Auditing Financial Statements by KPMG Company Limited”.
Some examples include: - Student Nguyen Thi Tu Quynh from the Banking Academy completed the task of auditing the accounts payable in the financial statement audit conducted by Kreston Auditing and Consulting Co. In that report, the author introduced and examined the current state of the Kreson account payable for creditor’s audit mechanism before commenting on the benefits and drawbacks of the regulation. From the audit preparation point, the author demonstrates that the method of auditing Kreson accounts payable to creditors is very strict: accepting clients, assembling the audit team, and collecting details; a client control checks are conducted in detail and fully by the auditor during the audit implementation stage, with thorough testing procedures designed for each account and the rationale of the test process. business math; auditing's final stage: The audit reports are summarized and thoroughly examined.
The author also points out the following shortcomings in the account's audit process: The materiality has not been properly distributed because auditors do not insist on collecting essential details and information about the accounts payable. The explanation for this is that the method of selecting comprehensive test samples is still limited because auditors usually choose only representative samples of high value,. The author concludes the article with advice and solutions for completing the testing process. The account payable for creditor are paid by the company.
- Subject: "Audit method of account payable for creditor in financial statement audit conducted by Thang Long Auditing and Valuation Co., TDK-Dong Nai" (2017) by Ho Chi Minh City University of Economics student Pham Tran Hanh Hoang Thuy Linh 2 Class: K20CLCI Banking Academy Graduation Thesis Nhung. The author has highlighted the very detailed and straightforward audit process for the account payable for creditor. However, this topic's drawback is that it does not discuss the level review stage after the audit in general, or for this account in particular. Furthermore, the advantages and disadvantages of each stage of the audit have not been explicitly specified.
As a result, at each point, the proposed solutions are still lacking in detail. - "Completing the task of auditing account payable for creditor during ACC Vietnam Auditing and Consulting Co., Ltd's audit of financial statements. Nguyen Thi Thanh Hoai, a student at the Finance Academy. The author has highlighted the strengths and weaknesses of the audit process in general, as well as the account payable in particular, in this topic.
However, the author's suggested solutions to improve the above method are still macro, in general, and not unique to the shortcomings in the current state of the ACC Vietnam business. - Comparing student Nguyen Thi Ha Trang of Real Banking Academy to the subject "Completing the process of auditing account payable for creditor in the financial statement audit conducted by KPMG Vietnam Co. The author discussed the advantages and disadvantages of auditing account payable for creditor at KPMG Vietnam Co. and offered some solutions, but the recommendations were minimal and the author concentrated on analysis.
For the fiscal year ending on December 31, 2018, the audit procedure for account payable for creditor at customer ABC, whose primary business is the manufacture of toys and children's games. In addition, a number of other research projects go into a number of fields such as real estate, companies operating in the field of toys and confectionery. However, at present, there is no author doing research in the field of manufacturing spare parts and auxiliary parts for motor vehicles and vehicle engines. - Furthermore, there is no knowledge about any doctoral dissertations or master theses on the subject I am studying, according to analysis and information gathered from one's own sources.