GIC Vietnam performs verification/validation activities using a risk- and evidence-based approach, ensuring impartiality, competence and confidentiality. The specific sequence may be adjusted according to the applicable programme, but generally includes the following main steps:
The client or responsible party provides information on the statement to be verified/validated, its intended use, intended users and other necessary information. GIC Vietnam communicates with the client to clarify and agree on the subject matter, objectives, scope, criteria, applicable programme, reporting period, locations, timing, responsibilities and access to information; the level of assurance and materiality are determined where applicable.
Before accepting the engagement, GIC Vietnam reviews competence, personnel, resources, time, access to data, records, locations and other necessary conditions, and assesses risks and conflicts of interest that may affect impartiality. When the conditions for undertaking the engagement are satisfied, the agreed requirements are documented in a contract, agreement or other service acceptance document.
GIC Vietnam selects a team with competence appropriate to the programme, technical sector and assigned scope; performs strategic analysis and risk assessment where applicable; and develops the verification/validation plan, including the evidence-gathering plan.
The team performs verification/validation on-site, remotely or through a combination of both, using methods such as interviews, document review, observation, analysis, tracing and recalculation to obtain sufficient and appropriate evidence. The plan is updated when new information becomes available or significant changes occur, and such changes are appropriately documented.
GIC Vietnam communicates misstatements, nonconformities or matters requiring clarification. The client or responsible party makes adjustments, provides explanations, takes corrective action where applicable and submits additional evidence. GIC Vietnam evaluates the responses and the impact of any remaining misstatements or evidence deficiencies, and prepares the draft conclusion, Report and Verification/Validation Statement in accordance with the applicable programme.
A competent person who has not been directly involved in performing the verification/validation activities for the engagement reviews the process, evidence, findings, proposed conclusion and draft Statement. Any requests for additional information or clarification must be addressed before the engagement is submitted for decision.
An authorized person who has not directly performed the verification/validation activities for the engagement reviews the engagement file and the results of the independent review to decide whether or not to issue the Verification/Validation Statement. The Report and Statement are issued only after completion of the independent review and decision. Where issuance is declined, GIC Vietnam informs the client and provides the reason for the decision.
When new information or events are identified that could materially affect the issued result, GIC Vietnam reviews and evaluates the impact and communicates with the client or relevant parties where necessary. Based on the outcome of the review, GIC Vietnam takes the necessary actions and may maintain, amend, reissue, replace or withdraw the Verification/Validation Statement in accordance with the applicable programme.
Responsibility for the Information Being Evaluated
The client or responsible party is responsible for ensuring the completeness, accuracy and integrity of the statement, data, records and information provided.
GIC Vietnam is responsible for the verification/validation conclusion reached on the basis of objective, sufficient and appropriate evidence.
