Vietnam: Professional virtue rules of internal auditors

Specifically, according to Article 22 of Circular No. 44/2011/TT-NHNN of the State Bank of Vietnam: “The credit institution, foreign bank's branch shall draw up a set of rules on professional virtue and ensure the maintenance of those rules in order to develop culture of professional virtue within the credit institution in general, and in the implementation of the internal audit work in particular. Internal auditors shall be required to comply with the rules on professional virtue in the performance of the internal audit and consultancy work.”

An internal auditor shall be obliged to implement and maintain at least the following professional virtue rules:

1. To be truthful: An internal auditor must carry out their work truthfully, carefully and responsibly; comply with laws and perform all works publicly in accordance with provisions of applicable laws and of the profession; shall not deliberately involve in any illegal activity, or take part in activities that may result in the loss of prestige for the internal audit profession or for the credit institution; always respect and strive to make efficient contribution to proper and lawful objectives of the credit institution, foreign bank's branch;

2. To be objective: An internal auditor must express their professional objectiveness as best as he can during the collection, assessment and communication of information about activities or processes, systems that have been or are being audited. An internal auditor should give their fair assessment for all related issues and not be affected by private objectives, interests or by any person when giving their comment, assessment.

3. To be confidential: An internal auditor should respect the value and the ownership of received information, shall not be permitted to disclose the information without the valid authorization unless they are obliged to disclose the information in accordance with provisions of applicable laws and internal regulations of the credit institution, foreign bank's branch.

4. To be responsible: An internal auditor must always be highly responsible, strive to learn, continuously develop his professional capacity, apply all the gained knowledge, skills and experiences to perform the internal audit in the most efficient manner;

5. To be cautious: An internal auditor must always be careful and have necessary skills of a cautious auditor by paying more attention to the followings:

- Necessary time limit for finishing the proposed targets;

- The complexity, necessity or importance of the issues so as to apply the proper process;

- The conformity and efficiency of management and operation processes;

- Probability of serious mistake, illegal acts;

- Expense on operation in relation to potential benefits.

Note: The Chief of Internal Audit shall, apart from ensuring professional virtue rules as stipulated above, take measures for following up, assessment, management in order to ensure the compliance with the rules on professional virtue by internal auditors.

View details at Circular No. 44/2011/TT-NHNN of the State Bank of Vietnam, effective from February 12, 2012.

Thuy Tram

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