How to calculate audit costs according to Circular 09/2016/TT-BTC - Viet Australia Audit.

With the development of the economy, there are more and more small and medium enterprises, so how can the company's managers and policy makers check the company's financial position, plan? fraudulent accounting, fake records,... The best solution is an audit - an indispensable financial activity for every business. So what is the cost of the audit? How to manage and use expenses? Please refer to the following article on how to calculate audit costs to better understand how to calculate audit costs.

How to calculate audit costs according to Circular No. 09/2016/TT-BTC

1. Determine cost:

The cost norm for verifying, approving the final settlement and the cost norm for auditing the final settlement report of the completed project is determined based on the total approved (or adjusted) investment for each specific project and listing rate. Approving cost standards for finalization; Audit fees are as follows:

2. The formula for calculating the cost of verifying and approving the settlement; cost audit:

As follows:

Maximum cost of verification and approval of final settlement = Ki-TTPD % x Total investment

Maximum audit cost = Ki-KT % x total investment + VAT

Note:

The cost of verifying and approving the final settlement is at least VND 500,000

Audit cost is at least 1,000,000 VND + VAT.

3. How to calculate the cost of verifying, approving the final settlement and the audit cost of a bidding package or work item in the project?

Package cost = Cost of the whole project x (HMCT's estimate/Total investment of the project)

4. Cost norms for verification and approval of settlement; audit costs are equal to 70% of the norm specified in Clause 1, Article 21 of this Circular in case the total investment in a project with the capital structure of equipment accounts for 51% or more.
5. The cost norm for verification and approval of the final settlement is equal to 50% of the norm specified in Clause 1, Article 21 of this Circular in case the project has audited the final settlement report.
6. Expenses for verification and approval of settlement; audit costs are calculated as an independent project in case the project belongs to a project of national importance, a group A project, a component project that determines its own investment, or a project program with sub-projects.
7. The audit cost norm is calculated up to 70% of the norm specified in Clause 1, Article 21 of this Circular for independent compensation, support and resettlement projects and sub-projects.

How to manage and use expenses for verification and approval of settlement?

Firstly, during the verification process, the verifying agency shall request in writing the investor to pay the verification and approval fee at the rate specified in Clause 1, Article 21 of this Notice.

Expenses include:

Payment of remuneration based on the contracted rate or over time for members to verify and approve the settlement.

if the approving agency responsible for finalization signs the contract with the expert from time to time, the consulting organization will pay the expert or the consulting organization to verify and finalize the project.

Travel expenses, translation, printing, stationery, conference and seminar expenses, clothing costs and computer costs for settlement and approval.

Expenses for other expenses related to settlement activities

Second, the agency in charge of verification and finalization may use expenses according to the ratio specified in Clause 1, Article 21 of this Article. Funds for verification and approval of settlements already paid by competent authorities according to regulations will be carried over to next year if this year has not been used up

Viet Australia
Viet Australia Auditing Company is an independent auditing organization licensed and established in 2007 in the Socialist Republic of Vietnam.