Assessment of the quality of the audits of Vietnamese commercial banks’ financial statements

Abstract

The aim of the research is to assess the quality of the audits of Vietnamese commercial banks’ financial statements in
recent years. Two audit quality indicators are used in the assessment: firstly, the quality of the audit reports and the
audited financial statements; and secondly, the quality of the factors affecting audit quality such as audit methodology
and procedures, auditors’ independence, experience and industry-expertise, audit quality control procedures… The
result of the research indicates that the audits of Vietnamese commercial banks’ financial statements have basically met
the quality required by the current auditing standards. However, there are still some shortcomings in audit methodology
and procedures, audit reports and audited financial statements, as well as in environment factors such as audit quality
control, communication between banking supervisors and auditors and the current Vietnamese accounting and auditing
standards. The author also suggests some measures to the audit firms and government bodies to improve the audit quality