11 authority of internal audit departments applicable for enterprises in Vietnam

According to the sample Regulations issued together with Circular No. 66/2020/TT-BTC of the Ministry of Finance of Vietnam, 11 authority of internal audit departments includes:

1. Actively perform tasks specified in approved audit plans.

2. Receive resources necessary to carry out their work according to the approved plans.

3. Fully and promptly receive all the necessary information, documents and records for internal audit activities.

4. Have access to and review all professional processes and assets during the process of internal audit.

5. Meet and interview all staff members of audited units to collect their opinions about issues related to the subject matters of the internal audit.

6. Receive documents, records and meeting minutes from the Governing Board/Board of Trustees/Company’s President and other subordinate departments involved in the internal audit work.

7. Attend internal meetings in accordance with laws and (enterprise’s name)’s statutes or internal rules. The audited unit details a number of meetings that internal auditors can attend to ensure they can duly perform their functions and duties.

8. Oversee, assess and monitor correction, remedial or improvement actions taken by leaderships of audited units and departments with respect to issues that internal audit practitioners have recorded and given recommendations on.

9. Have access to protection against refusal of collaboration of audited departments/units.

10. Have access to training in improving competencies of internal audit practitioners of internal audit departments.

11. All officers, employees and management at all levels within (enterprise’s name) shall be responsible for providing adequate and timely documentation, giving explanations, fully and promptly cooperating and assisting internal audit departments in performing their roles and responsibilities.

Moreover, the sample Regulations issued together with Circular No. 66/2020/TT-BTC also stipulates responsibilities of internal audit departments as follows:

- Protect confidentiality of records, documents and information in accordance with regulations in force and rules (enterprise’s name).

- Bear responsibility to the Governing Board/Board of Trustees/Company’s President for internal audit results, assessments, conclusions, recommendations and proposals included in internal audit reports.

- Promptly monitor, facilitate and inspect the results of implementation of post-audit recommendations of subordinate and affiliated departments/units of the enterprise.

- Organize regular training sessions in order to improve and assure professional competences of internal audit practitioners.

- Assume other responsibilities prescribed by laws and internal audit rules of the enterprise.

Note: The internal audit team shall not be tampered with by any factors within an organization, including those related to audit options, scope, procedures, frequency, timing or content of the reporting, in order to allow the maintenance of the necessary independent and objective mental attitude.

View more details at the Circular No. 66/2020/TT-BTC of the Ministry of Finance of Vietnam, effective from September 01, 2020.

Ty Na

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