Vietnam: Objectives and principles of internal audit activities from August 15, 2020

16:09, 28/07/2020

The State Bank of Vietnam issued Circular No. 06/2020/TT-NHNN on internal control and internal audit of the State Bank of Vietnam, effective from August 15, 2020.

Mục tiêu và nguyên tắc hoạt động kiểm toán nội bộ, Thông tư 06/2020/TT-NHNN

According to Article 13 of Circular No. 06/2020/TT-NHNN of the State Bank of Vietnam (SBV), from August 15, 2020, objectives of internal audit activities include:

1. Assess the conformity, effectiveness and efficiency of the internal control system and effectiveness in internal control activities of audited units.

2. Assess the compliance with laws and SBV’s regulations and business processes regarding information on finance and assets, management information and operational efficiency of audited units.

3. Through auditing, request or advise audited units to take measures to correct deficiencies and improve effectiveness in internal control activities, ensuring asset safety, lawful operation and achievement of objectives.

Concurrently, Article 14 of Circular No. 06/2020/TT-NHNN also specifies principles of internal audit activities as follows:

1. Ensure independence, truthfulness, objectivity, publicity and transparency.

2. Comply with laws, SBV’s regulations and business processes; adhere to audit programs and plans approved by the Governor.

3. Do not interfere in or obstruct the normal operation of audited units; protect state secrets and secrets of audited units.

4. The Governor shall make a final decision on controversial issues concerning internal audit activities of SBV.

View detailed full text at Circular No. 06/2020/TT-NHNN of the State Bank of Vietnam, effective from August 15, 2020.

Le Vy

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