How many years of experience in the accounting can I become an internal auditor in Vietnam?

How many years of experience in the accounting can I become an internal auditor in Vietnam?

Pursuant to Article 11 of Decree 05/2019/ND-CP stipulating eligibility standards of internal auditors as follows:

1. Hold undergraduate degrees in majors meeting audit requirements, acquire sufficient and updated knowledge about assigned internal audit sectors.  

2. Have at least 5 years’ working experience in the industries relevant to their training majors or at least 3 years’ experience in working for their current employer or at least 3 years' experience in working in the audit, accounting or inspection field.

3. Acquire general knowledge and understanding about laws and business operations of audited units; have competence in collecting, analyzing, assessing and consolidating information; have knowledge and skills related to the internal audit.

4. Have not yet been subject to any discipline in a warning or severer form that is likely to be imposed on any violation arising from economic or financial administration or accounting activities or, at present, be not subject to disciplinary actions.

5. Meet other standards prescribed by audited units.

Thus, according to the above regulations, you need to have at least 3 years' experience in working in the accounting to be able to meet the standards of an internal auditor in Vietnam.

What are duties of internal audit departments in Vietnam?

Pursuant to Article 20 of Decree 05/2019/ND-CP, duties of internal audit departments are as follows:

1. Design internal audit processes at their units and submit them to intermediate superiors to request their consideration and approval.

2. Prepare annual internal audit plans for submission to competent authorities to request their approval and implement internal audits according to approved audit plans.

3. Implement internal audit policies, processes and procedures which have already been approved and assure quality and effectiveness thereof.

4. Carry out unscheduled audits and offer counsels after receipt of requests from those specified in clause 4 of Article 12 herein.

5. Give recommendations about measures to correct and remedy errors; propose measures to improve and increase efficiency and performance of internal audit systems.

6. Prepare audit reports.

7. Inform and send internal audit results on time in accordance with regulations in force.

8. Develop, modify, supplement and perfect internal audit approaches and scope of internal audit in order to keep abreast of the growth of their units.

9. Provide agencies, units and enterprises with counseling for selection and control of independent audit services so that they use these services in a cost-efficient and effective manner.

10. Present internal audit opinions upon request so that those referred to in clause 4 of Article 12 herein can consider issuing their decisions on budget estimates, distribution and allocation of the estimated budget, final budget accounts, financial and managerial reporting. 

11. Maintain effective rapports between units and independent audit bodies. 

12. Perform other tasks assigned by those specified in clause 4 of Article 12 herein or under legislative regulations.

Best Regards!