Ensuring and Enhancing the Quality of Internal Audit

Ensuring and enhancing internal audit quality as stipulated in Article 21 of the Regulation issued with Circular 66/2020/TT-BTC. To be specific:

- The internal audit department shall maintain a quality assurance and enhancement program that encompasses all aspects of the internal audit department.

- The program will include an assessment of the internal audit department's compliance with regulations and internal audit standards; an evaluation of adherence to the Code of Ethics for internal audit personnel. The program will also assess the efficiency and effectiveness of the internal audit department and identify opportunities for improvement.

- Re-assessment of internal audit activities shall be conducted at the end of the audit and an annual self-assessment of overall internal audit activities shall be performed by the internal audit department itself to ensure the quality of internal audit activities. If necessary, a qualified audit firm may be hired to conduct an independent external evaluation at least once every… years (e.g., every 5 years).

- The head of internal audit shall report to the Board of Directors/Board of Members/Company President and simultaneously submit to the Audit Committee (or an authorized agency/department (if any) designated by the Board of Directors/Board of Members/Company President) regarding the quality assurance and enhancement program of the internal audit department, including the annual internal assessment results and external evaluation results (if any).

Respectfully.