Independent audit serving banking inspection and supervision in Vietnam

Independent audit in banking inspection and supervision is one of the important contents of Circular No. 03/2015/TT-NHNN of the State Bank of Vietnam providing guidelines for some articles of the Decree No. 26/2014/NĐ-CP on organizational structure and operation of banking inspection and supervision authorities, issued on March 20, 2015.

Kiểm toán độc lập trong công tác thanh tra và giám sát ngân hàng, Thông tư 03/2015/TT-NHNN

Specifically, according to Article 6 of the Circular No. 03/2015/TT-NHNN of the State Bank of Vietnam, independent audit serving banking inspection and supervision is conducted as follows:

1. The power to request an independent audit:

- The Chief Inspector shall request the inspected and supervised entities to undergo an independent audit as prescribed in Clause 1, Article 4, Clause 1, Article 5 of Circular No. 03/2015/TT-NHNN;

- The Chief Inspector of the provincial banking inspection and supervision authority shall request the inspected and supervised entities to undergo an independent audit as prescribed in Clause 2, Article 4, Clause 2, Article 5 of Circular No. 03/2015/TT-NHNN.

2. Procedures for request for an independent audit:

- In case of request for an independent audit of Chief Inspector:

+ The Chief Inspector shall submit a written request to the Governor of the State Bank for approval for the proposal of inspected and supervised entities that need to undergo an independent audit.

+ Within 05 days from the day on which the Governor of the State Bank approves, the Chief Inspector shall issue a decision on inspected and supervised entities that need to undergo an independent audit in accordance with the contents approved by the Governor of the State Bank.

- In case of request for an independent audit of Chief Inspector Chief Inspector of the provincial banking inspection and supervision authority:

+ The Director of the branch of the State Bank, at the request of the Chief Inspector of the provincial banking inspection and supervision authority, shall request the Governor of the State Bank (through the Central Banking Inspection and Supervision Authority) to consider approving the proposal of inspected and supervised entities that need to undergo an independent audit. 

+ Within 05 days from the day on which the Governor of the State Bank approves, the Central Banking Inspection and Supervision Authority shall inform the Chief Inspector of the provincial banking inspection and supervision authority (through the Director of the branch of the State Bank) thereof. 

+ Within 05 days from the day on which the notice is received, the Director of the branch of the State Bank or the Chief Inspector of provincial banking inspection and supervision authority shall issue a decision on inspected and supervised entities that need to undergo an independent audit in accordance with the contents approved by the Governor of the State Bank.

Within 30 days from the day on which the decision is received, the inspected and supervised entities requested to undergo an independent audit shall hire an independent audit company at the request of the banking inspection and supervision authority.

Within 05 days from the day on which the inspection results are received, the entities requested to undergo the audit shall submit the independent audit results, directly or by post, to the result-receiving unit.

View more details at the Circular No. 03/2015/TT-NHNN of the State Bank of Vietnam, effective from May 07, 2015.

Thuy Tram

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