Auditing in parallel means the auditor comes in during construction, in tranches, rather than once at the end. Each tranche closes a stage or a package; the final tranche consolidates. It is not a different standard of audit — it is the same work, placed where the evidence still exists.
A metro line runs eight to fifteen years. Wait until completion and the vouchers from the early years have faded, the signatories have moved on, subcontractors have been wound up. The auditor cannot find evidence — and without evidence there is no opinion.
Reinforcement before the concrete pour, tunnel support before the lining goes on — these can be seen exactly once, at the moment of construction. Afterwards they cannot be measured again however much anyone wants to. An auditor arriving later has nothing but the file.
A cost lacking a decision of the competent authority can be regularised if it is found in the year it arises. Found seven years later, the person who held that authority has retired, and their successor will not sign for something they did not oversee.
A project of several thousand billion has tens of thousands of vouchers. Put them all into one final audit and simply sorting the file takes months before any checking begins. Split by stage, each tranche is manageable and later tranches inherit the earlier work.
This is the greatest value. Auditing in parallel is not only about detection; it is so the investor can change how files are prepared from the very next package. A note raised in year two saves months in year ten.
| Audit after completion | Audit in parallel | |
|---|---|---|
| Starting point | After the works are complete | From the construction stage, in tranches |
| How the work divides | A single pass over the whole project | Several tranches by stage or by package, with a consolidating final tranche |
| Audit evidence | Paper records only; concealed work cannot be checked | Direct observation of work about to be covered up, and physical counts on site |
| When an error is found | Usually too late to complete the file | Time remains for the investor to regularise it or seek a ruling |
| Settlement duration | Long, because records from years back must be reconstructed | Shorter, because most of it has already been checked and agreed |
| Audit cost | Lower on a single engagement, but a higher risk of the file being suspended | Higher in total, in exchange for less risk and a shorter settlement |
| Suits | Small projects running under two years | Group A projects, projects of national importance, multi-package projects, ODA projects |
The index follows the VACPA model audit file for settlement reports of completed projects (QĐ 314-2016/QĐ-VACPA). The numbering is the file index, not the working order.
Client acceptance and engagement risk assessment · understanding the project and its internal control · preliminary analysis of the settlement report · setting materiality and the sampling method · the overall audit plan.
Reconciling the legal file against what the rules require · checking approval authority · assessing compliance with the investment and construction sequence, the contractor selection sequence and contract signing.
Checking balances and movements of each source · reconciling capital paid between the investor and the paying authority · checking increases, decreases and how they were recorded.
Reconciling against the approved compensation plan · checking through to the compensation decision of the competent authority · the payment summary · payment vouchers and recipients’ confirmations.
Reconciling the A–B settlement against the settlement report · checking quantities and unit rates according to the actual form of contract price · reconciling acceptance records and quality management files · checking settlement of variations.
Reconciling the contract settlement · checking the list, type, origin, quality and configuration of equipment against the estimate and the contract · checking settlement of variations.
Consolidating receipts, issues and stock · checking receipts for quantity, certificates of origin and quality, and unit rates · checking issues to each contractor for installation.
Reconciling against the approved total estimate · checking costs the investor carried out itself, including procurement and project management unit payroll · checking costs incurred by consultants.
Two groups: losses from force majeure that may be excluded, and costs that create no asset. Checking the nature and amount of the loss against the decision of the competent authority, and that authority’s competence.
Consolidating long-term and short-term assets · the policy for allocating common costs · classification by funding source and by user · transfer decisions and handover records · residual value of the project management unit’s own assets.
Checking receivable and payable balances by contractor · confirming balances by circularisation controlled by the auditor · checking cash and bank balances · checking receipts, issues and stock of surplus materials and equipment.
Reviewing compliance with investment and construction rules · compliance with accounting and settlement requirements · and implementation of the conclusions of inspections and the State Audit.
Consolidating results and checking the balance of figures · consolidating proposed adjustments · listing matters not agreed · the investor’s representation · the closing meeting record · review at each level · approval to issue.
These two checks run on the same set of figures. If they do not balance, the report is not issued.
Total investment capital (4000) ≈ Total investment cost proposed for settlement (5000)
A difference means either capital has not been recognised, or a cost has no source behind it.
Investment cost (5000) − Not chargeable to asset value (6000) − Surplus materials and equipment (8200) = Value of assets formed (7000)
This is the last check before issue. A difference of one dong still has to be traced.
Preparing a file and then checking the file you prepared destroys independence. This is a prohibition; no safeguard cures it.
The auditor points out what is missing, but the investor must prepare and sign the file. Doing it for them erases the boundary of responsibility.
Where evidence is lacking we say so and state the effect, rather than inferring a figure to make the report look complete.
Under Nghị định 193/2026/NĐ-CP, Article 20, in force from 1 July 2026. Enter the value to be audited and the fee appears.
These rates are unchanged from Nghị định 254/2025/NĐ-CP Article 45 — we checked every figure. The new decree only renumbers the article.
| Value (billion VND) | ≤ 5 | 10 | 50 | 100 | 500 | 1,000 | ≥ 10,000 |
|---|---|---|---|---|---|---|---|
| Independent audit (%) | 0.96 | 0.645 | 0.45 | 0.345 | 0.195 | 0.129 | 0.069 |
| Verification (%) | 0.57 | 0.39 | 0.285 | 0.225 | 0.135 | 0.09 | 0.048 |
A value between two thresholds is interpolated linearly under point a, clause 1, Article 20: Ki = Kb − (Kb − Ka) × (Gi − Gb) ÷ (Ga − Gb). The calculator above already does this.
One — this is a maximum, not the price you must pay. A package price may be lower, and in competitive tendering usually is.
Two — the minimum audit fee is 1 million VND plus tax; the minimum verification fee is 500 thousand VND.
Three — the audit fee carries value added tax; the verification fee does not.
Four — this figure is a basis for estimating a package. The fee on an actual engagement also depends on the volume of records, the number of packages, the location and the time available.
The rate applies to the value to be audited for the project as a whole, not to the sum of the tranches. Splitting the work into tranches is a way of organising it, not a way of multiplying the fee.
In practice the total cost of a parallel engagement is higher than a single-tranche rate, because the work genuinely is greater — more site visits, more working minutes. That difference is agreed in the contract and must be accepted by the competent authority.
Whether to audit after completion or in parallel depends on the size of the project, its duration and the number of packages. Send the details through the Advice page and we will give our view on the approach and the likely volume of work.