Vietnam: 6 tasks of the Internal Audit Department

Specifically, according to Article 26 of Circular No. 06/2020/TT-NHNN of the State Bank of Vietnam (SBV), 6 tasks of the Internal Audit Department are as follows:

1. Formulate annual or unscheduled internal audit plans and submit them to the Governor for approval.

2. Assess the reasonableness, efficiency and effectiveness of the internal control system and compliance and operational efficiency of audited units; propose measures to correct errors and take actions against violations; provide advice on measures to perfect and improve efficiency and effectiveness of the internal control system; supervise and inspect the implementation of propositions and recommendations given by internal auditors.

3. Develop, add and perfect methods for internal audit of SBV with the aim of increasing quality and audit effectiveness and satisfy management and administration requirements laid down by the SBV’s management board.

4. Advise heads of units affiliated to SBV on completing the internal control system and risk assessment and management process in a manner which is suitable for their functions and tasks.

5. Cooperate with relevant units affiliated to SBV in establishing a competency framework for bank controllers to form the basis for recruitment, employment and training of internal controllers and auditors.

6. Establish and maintain a mechanism for professional exchange with the State Audit Office of Vietnam, Banking Supervision Agency and relevant audit authorities and units in order to provide professional advice and establish effective cooperation; act as a unit in charge and cooperate with relevant authorities and units in handling issues related to functions and tasks of internal auditors.

View more details at Circular No. 06/2020/TT-NHNN of the State Bank of Vietnam, effective from August 15, 2020.

Le Vy

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