Regulations on independent audit results for commercial banks in Vietnam from January 15, 2025

Regulations on independent audit results for commercial banks in Vietnam from January 15, 2025​ (Image from Internet)

On November 29, 2024, the Governor of the State Bank of Vietnam issued Circular 51/2024/TT-NHNN regulating independent audits for commercial banks, non-bank credit institutions, microfinance institutions, and foreign bank branches.

Regulations on independent audit results for commercial banks in Vietnam from January 15, 2025

According to Article 9 of Circular 51/2024/TT-NHNN, the independent audit results for commercial banks in Vietnam are as follows:

- Independent audit results for credit institutions, foreign bank branches include:

+ Audit report on financial statements;

+ Assurance service report on the operations of the internal control system in preparing and presenting financial statements;

+ Management letter and related documents and evidence.

- The audit report on financial statements and the assurance service report on the operations of the internal control system in preparing and presenting financial statements of credit institutions, foreign bank branches must comply with legal regulations on independent audits, accounting standards, Vietnamese auditing standards, and other relevant legal regulations.

- The management letter must reflect specific issues and events during the audit process, including: the current situation, risk potential, recommendations of the auditor, and the opinions of the management and executives of the credit institutions, foreign bank branches concerning the event. The management letter must at least include the following contents:

+ The general approach, scope of the audit, and additional requirements;

+ Evaluation of changes in policies and important practices affecting the financial statements, the operations of the internal control system in preparing and presenting financial statements of credit institutions, foreign bank branches;

+ Risks that may significantly affect the financial statements, the operations of the internal control system in preparing and presenting financial statements of credit institutions, foreign bank branches;

+ Proposed adjustments by independent audit organizations and practicing auditors for incidents and events that have impacted or may significantly impact the financial statements, the operations of the internal control system in preparing and presenting financial statements of credit institutions, foreign bank branches;

+ Disagreements with the management and executives of credit institutions, foreign bank branches on issues that may significantly affect the financial statements, the operations of the internal control system in preparing and presenting financial statements of credit institutions, foreign bank branches or the opinions of the practicing auditors and independent audit organizations. The practicing auditors and independent audit organizations must clearly state the resolution status of these disagreements and the impact level of the issue;

+ Other issues agreed upon in the audit contract.

Refer to the Circular 51/2024/TT-NHNN effective from January 15, 2025.

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