Vietnam: 05 codes of ethics for internal audit for corporate use

According to the sample Regulations issued together with Circular No. 66/2020/TT-BTC of the Ministry of Finance of Vietnam, 05 codes of ethics for internal audit for corporate use are as follows:

1. Integrity

Internal audit practitioners must perform audit activities in an honest and discreet manner and with a high sense of responsibility; must observe provisions of laws and declare necessary information according to regulatory and professional requirements as to internal auditing; shall be prohibited from participating in illegal acts causing harm to the enterprise’s reputation.

2. Objectivity

Internal audit practitioners must ultimately express their professional objectivity with respect to the collection, assessment and exchange of information about audited activities and processes. Internal audit practitioners may give their objective comments on all of the related circumstances and must not be affected or controlled by personal interests or any person while making their judgements and conclusions.

3. Professional capabilities and discretion

Internal audit practitioners must employ their internal audit knowledge, skills and professional experience in performing internal audit engagements. They must also act in a discreet manner and in conformity with professional and technical standards currently in use.

4. Confidentiality

Internal audit practitioners must respect values and ownership of provided information and shall be banned from revealing such information without permission from competent authorities, except in case disclosure of such information falls into their assigned duties or conform to requirements laid down in laws.

5. Professional conduct

Internal audit practitioners must comply with laws and relevant regulations, and must be prevented from performing any act that may reduce their professional reputation.

Besides, internal audit heads must take monitoring, assessment and management measures in order to ensure that internal audit practitioners comply with the code of ethics for internal audit.

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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