about ey

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1. About EY EY is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality Ernst & Young Vi t Nam là Doanh nghi p 100% v n n ướ c ngoài đ u tiên trong lĩnh v c ki m toán và t ư v n đ ượ c c p gi y phép thành l p t i Vi t Nam năm 1992. EY Vietnam currently has over 860 employees located at 2 offices in Hanoi and Ho Chi Minh City 2. Starting from 1 July 2013, EY announced to adopt Building a better working world as its purpose. As one of the leading global professional organizations, EY understands its obligation to look beyond its self-interest and engage with the world. It believes that in a better working world trust increases, so capital flows smoothly and investors make informed decisions. Businesses grow sustainably, employment rises, consumers spend and businesses invest in their communities. More than just growth, a better working world harnesses and develops talent in all its forms and encourages collaboration. 3. Strengths - Be Proactive: have participated in various extracurricular activities ranging from clubs to enterprises - Good time-management: balance study and work very well - Leadership skill: in charge of many activities (Now I am the President of the English club at NEU) - High-level communication skill: improve it when working with the sponsors and other people 4. Weaknesses: - Enthusiasm is too much => it inspires but sometimes overwhelms others. Eg: when working in a team, people feel inferior - Workload is way too heavy => take up too much work 5. Fit in with audit ? - Handle work, study and personal life => an auditor is gonna work hard and study hard and play hard as well - Like travelling, going here and there - Good teamwork skills

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Page 1: About EY

1. About EYEY is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to qualityErnst & Young Việt Nam là Doanh nghiệp 100% vốn nước ngoài đầu tiên trong lĩnh vực kiểm toán  và tư vấn được cấp giấy phép thành lập tại Việt Nam năm 1992.EY Vietnam currently has over 860 employees located at 2 offices in Hanoi and Ho Chi Minh City

2. Starting from 1 July 2013, EY announced to adopt Building a better working world as its purpose. As one of the leading global professional organizations, EY understands its obligation to look beyond its self-interest and engage with the world. It believes that in a better working world trust increases, so capital flows smoothly and investors make informed decisions. Businesses grow sustainably, employment rises, consumers spend and businesses invest in their communities. More than just growth, a better working world harnesses and develops talent in all its forms and encourages collaboration.

3. Strengths- Be Proactive: have participated in various extracurricular activities

ranging from clubs to enterprises- Good time-management: balance study and work very well- Leadership skill: in charge of many activities (Now I am the President of

the English club at NEU)- High-level communication skill: improve it when working with the sponsors

and other people4. Weaknesses:

- Enthusiasm is too much => it inspires but sometimes overwhelms others. Eg: when working in a team, people feel inferior

- Workload is way too heavy => take up too much work5. Fit in with audit ?

- Handle work, study and personal life => an auditor is gonna work hard and study hard and play hard as well

- Like travelling, going here and there- Good teamwork skills

6. Subject like most and least- English: not a passing fancy => comes easy to me, get high scores- Math: im good at dealing with numbers, impracticable, not applicable

7. Accounting principles1) Economic Entity Assumption

The accountant keeps all of the business transactions of a sole proprietorship separate from the business owner's personal transactions.

Page 2: About EY

For legal purposes, a sole proprietorship and its owner are considered to be one entity, but for accounting purposes they are considered to be two separate entities.

2) Going Concern PrincipleThis accounting principle assumes that a company will continue to exist long enough to carry out its objectives and commitments and will not liquidate in the foreseeable future. If the company's financial situation is such that the accountant believes the company will not be able to continue on, the accountant is required to disclose this assessment. The going concern principle allows the company to defer some of its prepaid expenses until future accounting periods

3) Monetary Unit AssumptionIn accounting we can communicate only those business transactions and other events which can be expressed in monetary units. One aspect of the monetary unit assumption is that currencies lose their purchasing power over time due to inflation, but in accounting we assume that the currency units are stable in value. This is alternatively called stable dollar assumption.

4) Time Period AssumptionThis accounting principle assumes that it is possible to report the complex and ongoing activities of a business in relatively short, distinct time intervals such as the five months ended May 31, 2013, or the 5 weeks ended May 1, 2013. The shorter the time interval, the more likely the need for the accountant to estimate amounts relevant to that period. For example, the property tax bill is received on December 15 of each year. On the income statement for the year ended December 31, 2012, the amount is known; but for the income statement for the three months ended March 31, 2013, the amount was not known and an estimate had to be used.

5) Relevance and reliabilityRelevance requires that the financial accounting information should be such that the users need it and it is expected to affect their decisions.Reliability requires that the information should be accurate and true and fair.Relevance and reliability are both critical for the quality of the financial information, but both are related such that an emphasis on one will hurt the other and vice versa. Hence, we have to trade-off between them. Accounting information is relevant when it is provided in time, but at early stages information is uncertain and hence less reliable. But if we wait to gain while the information gains reliability, its relevance is lost.

6) Cost principleFrom an accountant's point of view, the term "cost" refers to the amount spent (cash or the cash equivalent) when an item was originally obtained, whether that purchase happened last year or

Page 3: About EY

thirty years ago. For this reason, the amounts shown on financial statements are referred to as historical cost amounts.

7) Revenue Recognition PrincipleUnder the accrual basis of accounting (as opposed to the cash basis of accounting), revenues are recognized as soon as a product has been sold or a service has been performed, regardless of when the money is actually received. 

8) Matching PrincipleThis accounting principle requires companies to use the accrual basis of accounting. The matching principle requires that expenses be matched with revenues.

9) Consistency conceptaccounting methods once adopted must be applied consistently in future. Also same methods and techniques must be used for similar situations.It implies that a business must refrain from changing its accounting policy unless on reasonable grounds.

10) Full Disclosure PrincipleIt requires that all material information has to be disclosed in the financial statements either on the face of the financial statements or in the notes to the financial statements.

11) Prudence ConceptAccounting transactions and other events are sometimes uncertain but in order to be relevant we have to report them in time. We have to make estimates requiring judgment to counter the uncertainty. While making judgment we need to be cautious and prudent. Prudence is a key accounting principle which makes sure that assets and income are not overstated and liabilities and expenses are not understated.

12) MaterialityBecause of this basic accounting principle or guideline, an accountant might be allowed to violate another accounting principle if an amount is insignificant. Professional judgement is needed to decide whether an amount is insignificant or immaterial.