11 authorities of the Internal audit division of credit institutions in Vietnam

According to Article 19 of Circular No. 44/2011/TT-NHNN of the State Bank of Vietnam, 11 authorities of the Internal audit division include:

1. To be fully equipped with necessary resources (human resource, financial resource and other necessary facilities).

2. To be entitled to take the initiative in performing their assignment under the approved auditing plan.

3. To be fully, timely supplied with all information, documents, files which are necessary for the internal audit activity.

4. To be entitled to access, review all operational processes, assets in the performance of audit activity.

5. To be entitled to approach, interview all officers, staff of the credit institution, foreign bank's branch for issues relating to the audited contents.

6. To be entitled to receive materials, documents and meeting minutes of the Board of Directors, Board of Members, Controllers' Committee, Managers, Executive Officers relating to the internal audit activity.

7. To be entitled to attend internal meetings in line with provisions of applicable laws, or in conformity with regulations in the Charter, internal regulations of the credit institution, foreign bank's branch.

8. To be entitled to supervise, evaluate and follow up the correction, overcoming, completion by the leaders of units, divisions in respect of issues which are recognized and recommended by the internal auditors.

9. To be protected from any acts of non-cooperation of the audited unit.

10. Internal auditors shall be entitled to regular training as to operational knowledge in order to be qualifiable and professional in performance of the assigned duties.

11. Other authorities in accordance with provisions of applicable laws.

Thus, internal auditors - persons who perform internal audit work of credit institutions and foreign bank branches based on the above powers to carry out internal audit responsibilities.

View details at Circular No. 44/2011/TT-NHNN of the State Bank of Vietnam, effective from February 12, 2012.

Thuy Tram

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