04 Authorities That Internal Auditors Need to Know

04 rights that internal auditors should be aware of (Illustration)

According to Clause 2 Article 13 of the model regulation issued together with Circular 67/2020/TT-BTC, the 04 rights of internal auditors are stipulated as follows:

1. Have independent rights in making remarks, assessments, conclusions, and recommendations regarding the audited contents during the audit process.
2. Have the right to request the audited departments/units to promptly and fully provide documents and information related to the audit content.
3. Retain opinions in writing regarding audit results within the scope assigned.
4. Exercise other rights as prescribed by law and internal audit regulations.

Additionally, the model regulation issued with this Circular also clearly defines the responsibilities of internal auditors as follows:

- Implement the audit plan that has been approved;- Determine complete, reliable, relevant, and useful information for achieving audit objectives;- Base conclusions and audit results on appropriate analyses and assessments independently and objectively;- Retain related information to support conclusions and provide audit results;- Be accountable for the audit results that are assigned;- Maintain confidentiality of information in accordance with the law;- Continuously improve professional competence and uphold professional ethics;- Fulfil other responsibilities as prescribed by law and internal audit regulations.

Note: Internal auditors will have no responsibility or authority to directly engage in any activities being audited. Internal auditors will not perform internal controls, develop processes, install systems, prepare records, or participate in any other activities that could impair their judgment.

For more details, see Circular 67/2020/TT-BTC which takes effect on September 1, 2020.

Ty Na

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