Service audit of final project accounts This is the most important link in helping investors transparently disclose actual costs incurred. According to Decree No. 99/2021/ND-CP, Group A, B, and C projects using public investment capital are required to undergo auditing before approval. This is not only a legal obligation but also a tool to protect investors from the risk of capital loss or construction violations.
Statistics show that project completion audit services help detect and reduce unreasonable costs by an average of 31 TP3T to 81 TP3T. This proves that independent auditing is a smart financial solution, ensuring strict compliance. Circular 96/2021/TT-BTCLet's explore the professional process for perfecting your project proposal below.
What is a project completion audit service?
Project completion audit services involve examining and verifying the accuracy of investment capital settlement reports. After the project is completed and accepted, an independent auditing firm will review the documentation from the investment preparation phase to the project's completion.
The core objective of project completion audit services is to assess the appropriateness of costs compared to estimates and standards. The ultimate result is the Audit Report – a crucial legal document enabling authorities to make swift decisions on project completion.
Legal basis governing the auditing of final accounts
In the field of accounting and auditing, the auditing of final project accounts must be based on a strict legal framework. This ensures that the report has legal validity before inspection agencies and the banking system.
| No. | Legal documents | Main adjustments |
| 1 | Construction Law No. 50/2014/QH13 | General regulations on project management and construction settlement. |
| 2 | Decree 99/2021/ND-CP | Detailed regulations on project management, payment, and settlement. |
| 3 | Circular 96/2021/TT-BTC | System of forms and procedures for preparing and verifying final settlement reports. |
| 4 | Vietnamese Auditing Standard 1000 | Auditing of the final investment capital settlement report. |
Project owners should note that misapplying legal documents can lead to the disallowance of significant expenses. Therefore, project completion audit services play a crucial role in thoroughly reviewing and minimizing such errors.
Why do businesses need project completion audit services?
Utilizing project completion audit services offers significant benefits, helping businesses effectively manage financial risks.
Verify the reasonableness and validity of the expenses.
Auditors will review each invoice and document to ensure there is no inflated volume or incorrect application of unit prices. Final project audit services help eliminate calculation errors between different project components.
Expedite the disbursement and approval process.
Audited project documents always have a high level of credibility with the auditing agencies of the Ministry of Finance or the Department of Finance. With accompanying project completion audit services, the time required to settle accounts with contractors will be significantly shortened.
Improve the internal control system.
The audit process helps identify gaps in project management, from bidding to construction supervision. The recommendations from the final project audit are valuable lessons for businesses to improve their processes for future projects.
Latest price list for project completion audit services.
The service fee for auditing the final accounts of completed projects is based on the total investment cost of the project as stipulated by the Ministry of Finance. At MAN, we apply the most competitive and transparent fee schedule to optimize costs for investors.
| Total project investment capital (V) | Formula for calculating project audit fees (VND) | Note |
| V ≤ 10 billion VND | Fee = V x 0.65% | Minimum fee varies depending on size. |
| 10 < V ≤ 100 billion VND | Fee = 65 million + (V – 10) x 0.45% | Applicable to general construction projects. |
| 100 < V ≤ 500 billion VND | Fee = 470 million + (V – 100) x 0.25% | Special offers for large-scale projects. |
| V > 500 billion VND | Direct agreement | Optimization by complexity |
Note: The quoted price for project completion audit services does not include VAT. Actual fees may vary depending on the type of project and the completion status of the documentation.
Detailed content of the project completion audit service.
Standardized project completion audit procedures typically include key areas that cover the entire project lifecycle.
Check legal documents and procedures.
Auditors focus on reviewing the legality of documents such as construction permits and design approval decisions. Final project audit services assess the investor's compliance with basic construction procedures.
Check the project's investment funding sources.
This process involves comparing the actual capital disbursed and loaned against the initially approved total investment. The project completion audit service helps clarify financial responsibilities and the structure of funding sources (budgetary funds, borrowed funds).
Check construction investment costs
This is the most important part of the project completion audit service. Auditors review the volume of construction work accepted, equipment procurement documents, and project management costs to ensure they comply with established regulations.
Check the value of assets and liabilities.
Project completion audit services help determine the handover of fixed assets and accurately allocate costs. Simultaneously, reviewing unrecovered advances helps clean up the balance sheet after project completion.
Professional process for conducting final project audit services.
MAN's project completion audit services typically follow four rigorous steps to ensure the highest quality for our clients.
- Prepare: Conduct project surveys, gather documentation, and develop detailed audit plans.
- Perform: Auditors cross-check records and conduct on-site inspections of items.
- Draft: Discuss with the investor to clarify any discrepancies in the data before drawing any conclusions.
- Release: Finalize and release the official project completion audit report.
Common mistakes when not using audit services early.
Many project owners only seek project completion audit services long after the project has finished, leading to serious document loss. Errors in outdated cost estimates or the application of incorrect unit prices often result in billions of dong being disallowed during inspections.
| Comparative index | There is an independent audit. | No independent audit |
| Profile reliability | Very high, standardized according to law. | Low quality, prone to form errors. |
| Approval time | Fast (3-6 months) | Lasting (possibly many years) |
| Legal risks | Early warning and response | Easily subject to penalties during inspections. |
Criteria for selecting a service provider for final project audit
To choose a reputable project completion audit service like MAN, Viet Tin, or AASC, you need to check their operating license at the Ministry of Finance. The audit team must have CPA certification and a deep understanding of construction engineering techniques.
Conclude
Project completion audit services are the optimal solution to help investors overcome cost and legal bottlenecks. Conducting audits early helps affirm professionalism and transparency in the eyes of partners and regulatory agencies.
If you are looking for a reputable project completion audit service, contact MAN – Master Accountant Network immediately. We are committed to providing dedicated and accurate service, helping our clients optimize the settlement process and effectively minimize legal risks.
Service contact information at MAN – Master Accountant Network
- Address: No. 19A, Street 43, Tan Thuan Ward, Ho Chi Minh City
- Mobile/Zalo: 0903 963 163 – 0903 428 622
- Email: man@man.net.vn
Content production by: Mr. Le Hoang Tuyen – Founder & CEO MAN – Master Accountant Network, Vietnamese CPA Auditor with over 30 years of experience in Accounting, Auditing and Financial Consulting.
Frequently Asked Questions about Final Project Audit Services
What is the deadline for submitting the project final settlement report?
According to Decree 99/2021/ND-CP, the timeframe is from 3 to 9 months, depending on the project scale, from the date of signing the handover minutes.
Are private businesses required to have projects audited?
Although the law primarily mandates auditing of public funds, private businesses still prioritize using project completion audit services to ensure financial transparency.
What documents need to be prepared for a final audit?
The investor needs to prepare legal documents, economic contracts, minutes of work acceptance, as-built drawings, and related payment documents for the project's final settlement audit service provider to complete the verification process.
Can the final audit report change the final approved value?
Yes, the results from the final project audit are an important basis for competent authorities to review and approve the actual settlement value, helping to eliminate invalid expenses before finalizing the figures.
